One of the top goals for many people and families is to be able to own a house and pay the mortgage according to their timeline without having to give up on other goals or make drastic lifestyle changes. While most homeowners are able to pay off their 30-year fixed-rate mortgage on time, is it really possible to pay it all in just a few years? The Kwak Brothers say, yes.
The Kwak Brothers are real estate investors, mentors, entrepreneurs, and authors of several books. The brothers aim to teach homeowners a strategy that would enable them to realistically achieve their mortgage payment goals. This strategy is called Accelerated Banking. The goal behind this method is to help homeowners and property owners alike pay off their mortgages faster while saving money on the mortgage interest. It is a method that is widely practiced in Australia and New Zealand.
The idea works by taking one’s entire income and/or savings and depositing it against the HELOC’s (Home Equity Line of Credit) principal balance. By doing so, the borrower now owes less interest on the HELOC. But because a HELOC is a revolving line of credit, one can withdraw the money out of the HELOC at any time through online banking or an app. By lowering the HELOC principal balance for a long period of time and delaying any withdrawals, the borrower can save money on the interest while simultaneously being able to use the same income for living expenses.
Accelerated Banking not only allows borrowers to save money. They are also able to treat the HELOC as a “savings account” by them to deposit money into the HELOC and withdraw it for emergency use. Leaving one’s savings in the HELOC allows one to save money in the meantime because of its lowered principal balance.
The Kwak Brothers offer a free online seminar to help people better understand the strategy and to help them determine how it can work for them. The real estate mentor brothers have created a software tool to help track the day-by-day steps required to succeed with this strategy. Their free 1 hour online seminar about this topic can be accessed at https://acceleratedbanking.com/free-virtual-class.
For those who wish to see how the method’s math works, a free calculator is also available on The Kwak Brothers’ website. No special software is required to download the calculator. For more information on Accelerated Banking, visit https://acceleratedbanking.com/.