B.A Bi-Weekly Mortgage can be set-up so that a payment is due every 2 weeks instead of every month (hence, coined term, Bi-Weekly Mortgage), which ultimately amounts to 1 extra payment at end of year...Hardly noticeable in pocket-book, by way.

C.Another similar structure, is to just pay one extra payment, like in December.

D.Another similar structure, is to calculate 13 payments a year, divide by 12, and then pay that amount.

E: Choose one of above. It doesn't matter which. They all are Bi-Weekly Mortgages. They are incredibly affordable. Pull out your trusty calculator and figure it out. Let's say your payment is normally $1000 a month for your mortgage. With added 13th payment combined to prior 12, your payment would only be $1083 a month!

F: So, if you just add that $83, using example above, on each payment, and you just leave your loan way it is...A 30 year, fixed rate loan...Your principle, will be paid down much faster...Your loan will be paid off in 23 year. You will have shaved 7 years off your servitude.

5. ON THE 15 YEAR MORTGAGE:

A: Now, there's more that can be done! There are other options as well. How about paying your loan off in 15 Years, instead of 23 years, or instead of 30 years?

B:The 15 year Mortgage is highly under-rated, and unfortunately, under-used by wealth-building Benjamins, such as yourself.

C:They are surprisingly affordable. If you can commit to idea of paying a little more each month, then you will be committing to independence, freedom, and financial release from lender:

D:As an added plus, this program usually carries an interest rate that's about 1/2% lower than a 30 year fixed.

E:Because you'll be paying this loan off faster, your savings on Interest are HUGE! Example: A $300,000 loan, on a 15 year fixed, at 5.5% APR, will save you $206,289! Is that a smile I see, Mr. Franklin?

F: Your loan is paid off in 15 years...Heck, that's just around corner.

G: Now 15 year loan is not for everybody, and I would say that if you can't afford a 15 year fixed right now, then consider this as a part of your wealth building strategy down road. It is, however, an essential part of your strategy, and something to work towards.

6. CONCLUSIONS:

A: You must get into a loan, in order to work towards getting out of it. This is a necessary evil, that must be reckoned with, if you are going to utilize power of leverage to build passive wealth.

B: And so once you're in this predicament, you must get out. You must speed up your payments, through either an "Accelerated Payments" program, or through a "15 year fixed" program. If you can move towards this, then you are inching even closer to reaching your goal.

C: The bottom line is this: If you are going to be a millionaire, if you are going to be like Benjamin Franklin, then you must “disdain chain”, and you also must become independent and free. You must work towards removing bonds of servitude, and no longer living your life, as a “Slave to Lender”, while at same time, using power of Home Ownership to reach your 21st century goals, and achieve that level of financial freedom that we all strive for.

We’ve enjoyed providing this information to you, and we wish you best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense. Publisher’s Directions: This article may be freely distributed so long as copyright, author’s information, disclaimer, and an active link (where possible) are included.

Disclaimer: Statements and opinions expressed in articles, reviews and other materials herein are those of authors. While every care has been taken in compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.