By Neil Venketramen

If you have a mortgage do you use your checking account to do your monthly banking?
If you do you, then you are not alone. Millions of homeowners just like you are making this one mistake which could save you tens of thousands of dollars.

One of the biggest weapons available to homeowners is the use of a mortgage checking account.

Using a mortgage checking account is the same as taking a hand grenade to a knife fight.

Why?

A mortgage checking account is a smart alternative to saving money and slashing years off your mortgage. Originating from Australia in the early to mid 80's, these financial products have spread to other countries including a few bank institutions in the United States.

These accounts combines a traditional checking account with a mortgage account to help consumers pay down their mortgages much faster through savings on daily compounded interest.

Before the invention of the mortgage checking account, Australian consumers moved around, signing new, traditional mortgages which cost them a huge amount of money in fees and interest while never allowing them to get ahead.

In recognition of this financial burden, a major bank decided to offer Australians daily interest calculations and no penalties for paying in lump sums or increasing payments.

Through these decisions, the bank created a new type of financial account, helping consumers to benefit from otherwise overlooked loopholes in the mortgage lending practices.

Let's suppose for a moment that you owe $200,000 on your mortgage.

Let's also suppose that you receive $5,000 per month in wages or from other sources of income. If you were to deposit this check into a traditional checking account, you would earn between 0% and 1% in interest.

If this $5,000 were deposited into a mortgage checking account, the paycheck would be placed in a HELOC and then against the mortgage balance, dropping it to $195,000.

As you make withdrawals throughout the month, the balance returns to near $200,000 in the mortgage and HELOC.

However, between the time of the initial deposit and the final withdrawal, money has been saved on the daily interest on the mortgage.

Over the course of the mortgage, the mortgage checking account can literally save tens of thousands of your hard-earned dollars in interest as well as helping you to cut years off of the life of your mortgage. Your mortgage will be paid off in a record-setting amount of time!

The primary advantage of a mortgage checking account is, obviously, the savings in interest.

These accounts allows a homeowner who qualifies to gain an upper hand on their loans. You will save a remarkable amount of money, learn some payment secrets, and help your mortgage to get paid off quicker than anticipated.

As the savings begin to pile up, your mortgage checking account will automatically transfer those savings to the debt principal in an efficient manner.

Educated consumers today find that a mortgage checking account provides them with benefits that they never dreamed possible. You literally save thousands of dollars every year on their mortgage interest.

You are not required to make any extra payments, nor do you experience any increase in their monthly payments. You never experience any changes to their standard way of living.

Finally, since this is not a debt reduction or bi-weekly mortgage program, you enjoy all the benefits of a traditional loan while being rewarded for conducting business as usual!

To find how fast you can eliminate your debt and retire early, please go directly to http://www.eqxl.com enter your information directly into the free mortgage pay off calculator and within 4 seconds you will find out exactly what this system can do for your situation.

And we will give you a valuable guide to help you implement this program so that you can be on your way to being debt free today.

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