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ABOUT THE AUTHOR
HTTP://INSURANCE.JIMDO.COM
Fatima graduated with a Bachelor's degree in Economics from ColumbiaUniversity and received a Masters in Economics from Singapore NationalUniversity. Fatima comes from a political background, her father Mir MurtazaBhutto - an elected member of Pakistan's parliament - was assassinated bystate police in 1996. His sister, Benazir Bhutto, was Prime Minister at thetime of his killing. Fatima is the author of two books, understanding thefinancial system published when she was 15 years old and basics of debtmanagement. Both were published by Oxford University Press.Fatima currently writes a weekly column for Pakistan's largest Urdudaily newspaper, Daily Jang, and its English sister paper, The NewsInternational. Recently She has completed her MBA in Finance from HarvardUniversity in 2006. Her diary from Tehran is the second the papersprinted; Fatima also wrote a weekly diary from Lebanon .
 
 The Newest, Latest, Greatest, Fastest,Cheapest, Most Revolutionary MortgageFATIMA BHUTTO There's a new kind of mortgage, and it'staking the refinance world by storm. Thepromoters of this new kind of loan claimthat you can pay it off in full in eightyears without changing your budget atall! This sounds like it would be ideal forany homeowner. Let's take a look at thismortgage and see if we can figure out if itis really all its cracked up to be. This new kind of mortgage is commonlyreferred to by many different names, butbecause its purpose is to accelerate thepaying off of a mortgage, we will refer toit as an accelerating mortgage. Thisaccelerating mortgage makes use of compounded daily interest, instead of,
 
monthly interest. It also makes use of thefact that the borrower and co-borrowerdeposit their entire paychecks into amortgage account each time they getpaid. Then, they actually use theirmortgage account as their checkingaccount and pay their regular monthlyexpenses by writing checks against themortgage account. The process of depositing money into the mortgageaccount before using it for everydayexpenses saves interest because of thedaily compounding used by theaccelerating plan.What the advertisers for this mortgagedon't mention is, in order to pay off themortgage very quickly, like in 8 years orso, each month you need to leave moremoney in the mortgage account than theamount the regular 30-year mortgage
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