Over the years as a mortgage adviser I’ve seen advertisements and articles about “the mortgage trick” … that there is some magical trick or secret that the banks are hiding from you.
But as you may have already learned, there is really no trick.
It is disappointing but not surprising!
You may have seen these same advertisements and articles about “the mortgage trick” and claiming that they can show you how to save you thousands or more on your mortgage by using this secret trick.
The Mortgage Trick Explained
Google defines a trick as “a cunning or skillful act or scheme intended to deceive or outwit someone,” or “a peculiar or characteristic habit or mannerism.”
Tricks are used by magicians to entertain and provide intrigue to their audience – think the quintessential magician pulling the rabbit out of the hat, making a dove appear out of nowhere or pulling those cards from your sleeve.
Do you really think mortgages are like magic, or anywhere close to it?
Furthermore; a mortgage is hardly entertaining or even very interesting – it’s actually a huge debt that may be terrifying to some people.
But there are some “methods” to paying your mortgage off faster.
So How Can You Pay Your Mortgage Off Faster?
- Switch banks and pay your mortgage off faster
- Get lower interest rates and pay your mortgage off faster
- Change your repayments to pay your mortgage off faster
- Use a revolving credit account to pay your mortgage off faster
There are a number of methods that people use to pay your mortgage off faster, but they are not “tricks.”
While it’s not a “trick” the mortgage reduction system known as Eat My Mortgage provides ideas each month that you can apply that will all help you pay your mortgage off faster.
You may even think it’s magic when you see how much you could save!
Why Call It a Mortgage Trick Then?
I guess it just sounds a lot more enticing to refer to it as a “trick” rather than a boring old refinance or mortgage repayment system.
In New Zealand one of the biggest problems is people go to the bank for advice on their mortgage and it’s normally not in the banks best interests to show you how to pay your mortgage or any loans off faster as that erodes their profits.
At the end of the day, there is no silver bullet to paying your mortgage faster.
Yes, you can pay off your mortgage a lot faster and save yourself a lot of money but it’s not magic and it’s not a trick rather it is just about having a plan and sticking to it.
Eat My Mortgage is a mortgage reduction system and it may be the best way to formulate a plan and stick to it.