It is worth staying in an equity accelerator program for a mortgage?


Quick Answer

While the ideal payment option varies by individual circumstance, an equity accelerator program can help reduce the interest balance on a mortgage loan by enabling faster repayment on the principal amount. This results in overall savings, according to Tiffany C. Wright for Zacks Investment Research.

Continue Reading

Full Answer

Equity accelerator programs can be a simple and effective method for repayment. They typically work by halving the payment amount and doubling the frequency. Quicker repayment results in less accrued interest and a higher proportion of the payment allocated to the principal amount, leading to faster equity. Interested parties must enroll in a formal plan, subject to fees, or send an increase of payments clearly marked principal, explains Wright.

Learn more about Credit & Lending

Related Questions