Any principal reduction plan that charges a fee is an unnecessary expense. You can easily accomplish the same result with a copy of your amortization schedule and the discipline and financial capability of making additional principle payments on a regular basis. There is no magic in principal reduction,just mathematics.The fact it is a .com and not a .org should provide some insight as to their mission to "help"
RE/MAX 100 INC.
It's less efficient to just make an extra principle payment every month, but it doesn't cost anything up front and you're not dependent on someone else for "the magic formula."
Hope that helps.
There is no reason to pay a fee to gain equity in your home. Here are 3 things a person can do in order to gain equity in their home:
1. Make extra payments towards the principal of your home as often as possible. You can view the results of making monthly, quarterly, or yearly payments by building an amortization schedule. Even though the terms of your mortgage might be a 30 year, make your own 15 or 20 year term. Less interest paid and you build equity.
2. Keep your home maintained
3. Do not make extreme renovations that will overprice your home in your neighborhood.
Thank you for your question.
YOUR REALTOR FOR ALL SEASONS
CHERRY CREEK PROPERTIES, LLC