97% Of American Homeowners Overpay Their Lender In Mortgage
Interest Every Month

If you own a home, have just re-financed or are shopping for
a mortgage, you’ll be outraged
Housing: Americans across the country were shocked to hear of a
new poll that states 97% of homeowners here in America are
overpaying millions of dollars each month in mortgage interest
The National poll was conducted last month to determine how many
homeowners take advantage of the prepayment loophole in our
mortgage system, which eliminates costly interest overpayments
The shocking results showed only 3% of America’s homeowner
population utilize this loophole and take advantage of the
valuable benefits created by it
When Sean Drover, a Chicago businessman and homeowner found out
he was overpaying $217 in mortgage interest every month, he was
appalled
“Honestly, I was sick to my stomach when I thought back on all
the monthly payments I’d made If I would have known about the
pre-payment loophole when I first bought my home I could have
put all that money into equity instead of my lenders pocket”
The problem lies with what the banking industry calls “front
loading” This is when the majority of a homeowner’s payment is
applied towards the interest on the loan instead of the original
amount borrowed
The disturbing fact about front loading is it ensures you’ll pay
over three times the original amount borrowed Thus, resulting
in enormous profits coming straight out of your pocket and
directly into your lenders
Most people (97%) never stop and take a good look at how
damaging the system really is Unfortunately, it’s just the way
conventional mortgages are structured here in America
Average Homeowner overpays $60,000
In fact, the average homeowner in America is overpaying $2000 in
mortgage interest every year, or $60,000 over the life of the
mortgage
“That’s an enormous amount of money” Says top mortgage analyst,
Craig Romero “This is money that homeowners are needlessly
giving away each year Imagine what a person could do with an
extra $60,000
While gaining back thousands of dollars from these overpayments
is a huge benefit, it’s not the only one Cutting up to 10 years
from the term of a traditional mortgage is also another major
advantage
“I’ve been using the prepayment loophole for years” Says Denver
homeowner, Curtis Landau “I’ve actually been able to remodel my
home and pocket about $25,000all from the equity that was
built so quickly”
Americans must understand this prepayment loophole isn’t
something lenders are eager to share with their customers If
they did, they would risk taking a huge cut in profits
With over 50 million mortgages in force, it’s estimated
Americans overpay their lenders in excess of $12 billion every
year It’s no wonder this loophole is kept secretlenders are
undoubtedly getting rich off these interest overpayments
Written by Craig Romero
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