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The concept of mortgage acceleration is just now rapidly gaining popularity.
First of all, understand this: the goal of MORTGAGE ACCELERATION is to utilize mathematical advantages in order to give the big banks less interest and to give yourself more of that money to pay down your house. Understandably, banks do not want to promote something that decreases their interest revenues. Big banks would like to see you in debt for as long as possible. That's how they make money. As such, banks, and their subsidiaries are not eager to promote this. Even so, we anticipate larger institutions will begin to promote this as they will be forced to cater to increasing market demand.
MORTGAGE ACCELERATION concepts actually HAVE been used for about 20 years in other countries. A large percentage of the population in Australia uses MORTGAGE ACCELERATION concepts to finance their homes. Some experts hypothesize that the general attitude regarding mortgage debt in those countries is more mature than that of Americans. Statistically, Americans do not have strong savings habits or predispositions to pay down debts. In other words, as a country, we have not been "ready to hear" the message of MORTGAGE ACCELERATION until it becomes too loud to ignore.
Only in the last several years have certain companies begun to make that message louder. We applaud the MORTGAGE ACCELERATION pioneers for their efforts. Now there is momentum in the MORTGAGE ACCELERATION industry. This creates familiarity, which is the first step in trust.
Finally, consider the birth of any unprecedented invention, such as hybrid cars, internet commerce sites, or the electric razor. It took some time, but the value of these items was recognized, even if a decent percentage of the population does not use them. From that stage, the inventions grow to a level of national awareness. For MORTGAGE ACCELERATION, it's not a matter of if, but when.
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