Americans Slow to Payoff Mortgages Says New Research from Sydney Financial

(PRLEAP.COM) Salt Lake City, UT - According to new research from Sydney Financial, most Americans are slow to payoff mortgages and are overspending on their home loans. While American homeowners struggle, it is not uncommon for Australians to payoff their mortgages in half to two-thirds less time than Americans.

Why are Americans so slow to payoff mortgages? Sydney Financial has found that traditional U.S. spending and saving structures make it difficult for consumers to leverage their money. For example:

• Americans tend to put most of their money into checking accounts that earn little to no interest.

• Americans make mortgage payments that statistically go almost entirely to interest. (In the early years of a traditional 30-year mortgage, more than 80% of the total mortgage payments go towards interest.)

• Americans rarely pay more than the minimum monthly mortgage payment required.

• Americans rely on high-interest credit cards in times of financial crisis, rather than taking out a home equity line of credit at a lower interest rate.

According to Sydney Financial, American consumers may be able to payoff mortgages more quickly by adopting some of the spending and saving habits practiced in countries such as Australia, the UK, and New Zealand. Homeowners in these countries often payoff their mortgages by opening specialized checking accounts that apply excess money to their home loans.


About Sydney Financial Group:

Sydney Financial Group (http://www.sydneyfinancialgroup.com) specializes in helping people payoff mortgages faster using a new technique pioneered in Australia known as a mortgage checking account. A mortgage checking account (MCA) leverages a client’s monthly income by automatically applying it toward their home loan balance until they need for other expenses. This reduces the daily interest that accumulates on their home loan. Using an MCA, people can pay down consumer debt, payoff mortgages faster, and build up retirement funds.

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