Why Delay Mortgage Acceleration?
Due to refinances and frequent moves, many Americans spend far more than 30 years paying off their home mortgage loans. Why does it take so long to payoff mortgage debt?
Why are Americans so slow to payoff mortgages? Sydney Financial has found that traditional U.S. spending and saving structures make it difficult for consumers to leverage their money.
According to Sydney Financial, American consumers may be able to payoff mortgages more quickly by adopting some of the spending and saving habits practiced in countries such as Australia, the UK, and New Zealand. Homeowners in these countries often payoff their mortgages by opening specialized checking accounts that apply excess money to their home loans.
It certainly seems silly to spend more time than necessary paying off a mortgage loan.
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