I also saw Harj at Millionaire School in 2006 and he was great. One of the previous reviewers called the book deceptive and even pointed out an example from the book:
"The author sets up 2 individuals and claims they are equal. Then he states that one has no mortgage and one does."
He must not have read the book very carefully.
"Then uses the numbers to show how having no mortgage is better."
What the book actually used that example for was to show that the tax deduction for mortgage interest paid alone is not worth maintaining a large balance on your mortgage. The tax deduction will help ease the pain, but it will never make up for the money you spent paying interest. A house is definately a great investment but why pay more more money in interest than you have to?
This is a revolutionary book. In fact, it's already revolutionized the Australian banking industry.
I've implemented this system already. I opened a new HELOC account (no application fee or closing costs required). I have not cut down on my expenses or factored in any increases in my income, nor am I refinancing my current mortgage.
All told, my investment to make this work was the $25 for the book and that was it.
How much will I be saving? $236,445
___________________
The traditional way
Interest rate: 6.250%
Time left on mortgage: 28 years
My current mortgage amount: $285,000
Total cost of interest: $323,996
Total cost of the mortgage: $609,318
______________________
Using Harj's System
Interest rate (same): 6.250%
Time to pay off: 11 years, 5 months
Total cost of interest: $88,943
Total cost of the mortgage: $371,480
________________________________
Total Time Saved:19 years 7 months
Total Interest Saved : $236,445
My only caveat is if you are going to use this system, you need to be disciplined enough to track your expenses monthly and stick to that. If you can do that, you too can easily save thousands of bucks on your mortgage!
Product Description
This is the U.S. edition of the book that took Australia by storm. It changed the entire mortgage industry in that country by exposing how homeowners can take advantage of the banking system to save tens to hundreds of thousands of dollars in interest on their mortgage. The book explains in detail the original "Australian" equity acceleration/ mortgage reduction system that is currently being heavily marketed in the U.S. and Canada by companies like U1st Financial, Equity Genie, and Mortgage Accelerator Plus. These companies are charging innocent homeowners $1000s for something they can do themselves for a fraction of the cost by reading this book. If you are serious about Owning Your Home Years Sooner then you must get this book.
Click Here to see more reviews about: How to Own Your Home Years Sooner - without making extra interest payments (Paperback)
No comments:
Post a Comment