Accelerating Mortgage Payments Accelerating your mortgage payment is the quickest way to pay off your home faster. Most people have had the opposite approach to their homes, using them like an ATM. Flooding the market with cheap credit has driven up the price of homes which then has encouraged the same wealth effect that people saw with their stock portfolios with their homes. Needless to say the tables have turned and people begun to look to pay off their debt faster.

Accelerating your mortgage payment is easy. First pay off any seconds or home equity lines of credit first. The interest there is far higher. Then simply include additional payments toward principal. Simply including one additional payment a year will shave 5 years off a 30 year mortage.

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Average Mortgage Payment for California is $1,934 "The typical mortgage payment that California home buyers committed to paying last month was $1,934, up from $1,899 in May, and up from $1,814 in June 2004. Adjusted for inflation, the June mortgage payment figure is about 6 percent below the 1989 peak."

Since the figure is just below the peak in monthly mortgage costs. It's interesting to note that,"Demand and attractive mortgage rates helped push the median price for a single-family home in the nine San Francisco Bay area counties to a record $644,000 in June, up 18.2 percent from June 2004.

Sales of all dwellings in the region reached 13,014, the second-highest tally for any month since 1988, DataQuick said."

The article concludes that much of the market is ready to cool. That seems reasonable give the percentage of income it take to support a mortgage of $600,000.

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