Mortgage My Home Strategy Doubles Your Savings Instantly
Real-World Application
Consider a homeowner named Sarah, who has a $400,000 mortgage at a 4.5% interest rate. By refinancing to a 3.5% rate, she reduces her monthly payment by $200. Sarah also decides to pay an additional $100 monthly and deposits her savings into an offset account, maintaining an average balance of $20,000. By implementing these strategies, Sarah could save over $70,000 in interest over the life of her loan and pay off her mortgage 5 years earlier4.