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Most American Homeowners Overpay Mortgage Interest Every MonthIf you own a home, have just re-financed or are shopping for a mortgage, youll be outraged. Housing: Americans across the country were shocked to hear of a new poll that states 97% of homeowners here in America are overpaying millions of dollars each month in mortgage interest. The National poll was conducted last month to determine how many homeowners take advantage of the prepayment loophole in our mortgage system, which eliminates costly interest overpayments. The shocking results showed only 3% of Americas homeowner population utilize this loophole and take advantage of the valuable benefits created by it. When Sean Drover, a Chicago businessman and homeowner found out he was overpaying $217 in mortgage interest every month, he was appalled. Honestly, I was sick to my stomach when I thought back on all the monthly payments Id made. If I would have known about the pre-payment loophole when I first bought my home I could have put all that money into equity instead of my lenders pocket. The problem lies with what the banking industry calls front loading. This is when the majority of a homeowners payment is applied towards the interest on the loan instead of the original amount borrowed. The disturbing fact about front loading is it ensures youll pay over three times the original amount borrowed. Thus, resulting in enormous profits coming straight out of your pocket and directly into your lenders. Most people (97%) never stop and take a good look at how damaging the system really is. Unfortunately, its just the way conventional mortgages are structured here in America. Average Homeowner overpays $60,000 In fact, the average homeowner in America is overpaying $2000 in mortgage interest every year, or $60,000 over the life of the mortgage. Thats an enormous amount of money. Says top mortgage analyst, Craig Romero. This is money that homeowners are needlessly giving away each year. Imagine what a person could do with an extra $60,000. While gaining back thousands of dollars from these overpayments is a huge benefit, its not the only one. Cutting up to 10 years from the term of a traditional mortgage is also another major advantage. Ive been using the prepayment loophole for years. Says Denver homeowner, Curtis Landau. Ive actually been able to remodel my home and pocket about $25,000all from the equity that was built so quickly. Americans must understand this prepayment loophole isnt something lenders are eager to share with their customers. If they did, they would risk taking a huge cut in profits. With over 50 million mortgages in force, its estimated Americans overpay their lenders in excess of $12 billion every year. Its no wonder this loophole is kept secretlenders are undoubtedly getting rich off these interest overpayments. About the Author : Written by Kigo kare. Discover how to quickly build a minimum of $40,000 worth of home equity and pay your mortgage off in 10 years or less without making biweekly mortgage payments. Visit: Mortgage Cycling - Second Mortgage http://kv.iwarp.com/mc.html More Useful Resource and Updates on 2nd mortgage home equity loans interest only goldm
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