Interested in paying off your mortgage loan sooner? For many borrowers, the problem is having a long-term mortgage, for which they pay huge amounts of interest to banking institutions.

>>> However, with Barry Kloogh’s Debt Breaker software, mortgagees can pay off their debt in only a few years!

pay-down-mortgageMany systems currently on the market have a system in which borrowers accelerates their payoffs by making double payments, effectively paying off the debt in half the time. However, Kloogh’s Debt Breaker is different.

One of the first steps in the program is to obtain the right kind of mortgage. For those who already have one, this could mean transferring or assigning the mortgage. For many homeowners or potential homeowners, the best place to start is with their own bank, where they already have a cheque, savings, and debit account. Many banks offer a preferred interest rate to valued customers, especially those who have been long-time customers.

Another important tip for determining the right kind of mortgage is by knowing if the rate is adjustable or fixed. An adjustable-rate mortgage (ARM) has an interest rate which adjusts according to an index rate or market conditions. These rates tend to be lower than those in a fixed and are adjusted about every six to twelve months. The disadvantage to an ARM could occur when market conditions elevate, causing an interest rate to increase to 10 or 12 percent or sometimes even higher.

A mortgage with a fixed interest rate means that the interest is set through certain periods of the loan and cannot change. The interest rate is often determined by the life of the loan. For example, a 25 year loan may have a fixed rate for 2 or three year or more years.

Over the years, Barry Kloogh has worked with hundreds of clients to assist in debt relief and accelerated loan payoffs. He found the banks and other lenders didn’t offer much assistance to their borrowers. Rather, they seemed interested in keeping their customers as maxed out as possible in debt.

So Kloogh developed a system that would assist his clients to accelerate paying off these debts. He would educate them to make them savvier consumers. For example, a recent client has a mortgage that is going to be paid off in about 26 years. If he uses the Debt Breaker system without changing his lifestyle, he’ll save close to $115,000 in interest. Now, he’s actually going to pay the mortgage off in eight years, rather than 26.

For nearly thirty years in financial services, Kloogh worked to get his clients excited about achieving their goals and if his clients share their experience with other borrowers, then larger borrowers will be paying off their loans at lower interest rates, and will be free to keep their money rather than pay it to the banks.