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IMPORTANT!!! I took over 6 months...
and did lots of research before I signed on the dotted line. Now, I am in position to help others who believe the same philosophy: That is, if you can increase the equity position in your home quickly and with little to no change in your current spending patterns, why would you not want to do this? For me, I just wanted to be sure the numbers worked and when I found out that there was not a single complaint against them in the Better Business Bureau, I knew I had picked a winner!
Original Mortgage Amount: $151,199.23 for 30 years
Currently owe $143,176.20 with 331 months left.
From the current payment of $1,111.10, $942.58 or 85% goes to interest.
I also wanted to cancel over $34,000 in consumer loans.
Including the cost of the Money Merge Account (tm) software, this brought my Home Equity Line of Credit (HELOC) to $39,883.24.
Here's How it Works:
The algorithms that have been built into the program track the comparative interest balances between the HELOC and the 1st mortgage and will produce action points on specific dates to make payments and maximize the net gain. As long as I follow the prompts, United First Financial guarantees the result that I have been issued. Of the over 50,000 people who are using this software, many are doing better, some even 15 to 25% better than the estimate.
It is as if my mortgage broker called and...
said he wanted to refinance me for another 30 year mortgage at 2.174%.
Yea, that's right. Based on the end result, it's as if the rate was 2.174%!
Some of the Benefits:
1. It promises to reduce mortgage debt and of the people I personally know who are using it, 100% say it is working for them.
2. It provides an easy track to follow without having to be proficient in financial models and Excel spreadsheets.
3. It provides a method of tracking current expenditures and visualizing the profound effect they have on long-term net worth, thus providing a stimulus for thriftiness.
4. It costs nothing because the savings realized from the interest float in the HELOC more than covers the initial investment.
5. 95% of those who know about mortgage acceleration do not take advantage of it in spite of their ability to do so. For myself, I expect the Money Merge Account to be a stimulus to that process.
Follow along with my progress...
Each month, I will be updating an area of this website so that anyone who desires can see exactly what the program is telling me to do and what I am actually doing. I plan on taking screen shots of the software in action. I will place them into a slide show so that anyone can see the process from the beginning to the present.
Jan 10th, 2008
Page 3 - The 1st MortgageMar 1th, 2008 (for the month of February)
The decision has been made to make larger payments than normal to BB&T and BofA. While the years left will vary, sooner than later all the consumer debt will be paid down first. This also allowed for a 100,000 mile car expanse including new tires and other things (AutoAdvisors).
Page 3 - The 1st Mortgage