Pay off your mortgage in 8 t0 11 years?

[george]

another thing... . you cant "borrow" your way out of debt, ever. In my book people are always looking to find the easy way out. I think if people worked a little harder, saved more, and did without some stuff they might get somewhere. Lots of people look at the rich and go waaah, everything is so easy for them, they buy whatever they want, when they want. The truth is that approx. 90 % of rich people are first generation rich, and they worked very hard to get there and did without a lot of things to get there. Like living well within their means. And to quote someone famous, "spend less than you make", "who do you think you are, the government?"



matt

I don't really think I'd call this borrowing your way out of debt, it's reducing interest that would have been paid over the length of the loan and as a result, shortening the loan. People have posted saying their home will be paid off in 10 yrs mmmm what if with this program the loan was paid in 3 or 4 yrs instead of 10 with no more money out of pocket? Just a thought.

 

[george]

I too sat through one of these meetings for this same thing about a year ago. After telling them I wanted to pay off my original loan and be 100% debt free and do it by never having to rely on even more credit again by having to take out a second loan. That I wanted to be a cash man and be able to pay cash for thing in the future. After getting several calls from them to meet with them I met breifly with them but didn't get through it all They kept calling but after getting through the sales pitch and telling them my goals

"They never called me back again" Even after I called them and left messages a couple times after to ask questions. That told me what they were all about. It wasn't to help people but to make money off desperate people.

They also pushed real hard for people to put only the minimum amount that the company you work for will match into your 401K then take the money you would be putting in there and load up mutual funds and IRA's ect from them. There reason for this made sense though it was to equal out your taxed and nontaxed income from your retirement accounts. For an example the tax rate for taking out of 401k now is 25% and if taxes go up in the next 20 years you could lose what ever the tax rate for income is in the future "As taxes NEVER go down and ALWAYS go up" so essentially today to retire you lose 25% of your 401k to taxes potentially more in the future.



If you had funds in other nontaxable accounts where you have already paid the taxes on before it went into the account then you pay the taxes only on the interest made on a yearly basis so when you retire off these accounts the taxes are already paid for.

You sat through one of these before? Was it offered by United First Financial?

 

[BILLVO]

You sat through one of these before? Was it offered by United First Financial?

I will have to check the companies name, I can't remember off the top of my head as it was about a year ago already. It was just a one on one meeting not a group thing. I was referred by another of there clients.

 

[daveshoe]

I am a little frustrated trying to explain this,but after carefully watching the video,the example they cited --the couple made 5 grand a month in earnings. They deposited the whole thing into the MMA account. After paying all their bills,including the first mortgage,they had a surplus of 1 grand a month. I want to emphasize that that extra thousand a month went to pay the mortgage. The total that was paid was 2199. 00 a month--not the 1199. 00 that you are stating. This whole MMA account is just a shell game. This guy from U-first financial is using the account to hide what is really happening here. He is making it seem that you are using the MMA account to borrow money to cancel interest. It does exactly that,but the interest is charged right back to you on your credit line--smoke and mirrors. The trick is,when you deposit your entire paycheck in to the MMA,you are paying the MMA the extra grand,which will eventually go to the mortgage. This actually costs you a little MORE than just paying extra on the mortgage.

Notice the first bookeeping entry in the MMA. That's right,it's a big fat 3500. 00 payment to U-First financial. [I really think it should be named Me-first financial]

If you want to know the secret on how to pay down a mortgage,go to your friendly bank and ask for a complete amortization table for your loan. In the example above--a 200 thousand dollar loan a 6% interest,your first payment is 1000. 00 in principal and 199. 10 in interest. Pay an extra 199. 10,and you cancel one 1199. 10 house payment. Do this for a year and save fourteen thousand dollars!

If you want info on any loan that you are paying,or a loan that you are considering,I can work up a custom plan for you--free. The good news is,you keep your 3500 dollars

 

[MEby]

If you want to know the secret on how to pay down a mortgage,go to your friendly bank and ask for a complete amortization table for your loan.

If you want info on any loan that you are paying,or a loan that you are considering,I can work up a custom plan for you--free. The good news is,you keep your 3500 dollars

Go to Compare mortgage rates, home loans, CD rates, auto loans, credit cards, mortgages and more, they have a great mortgage calculator complete with the amortization schedule on their web site. punch in the terms of the loan described. add a thousand dollars a month to pay off the principal, so now your paying $2199. 00 a month from day one. This changes the payoff date from 30 years and $231,000 in interest paid to paying it off in 10 years and two months and only paying $67,408. in interest. Now, take the $3500. 00 you saved by not buying Me-first Financial, and Invest it, your cummins sounds like a good place. :-laf