MMA on the News Accelerated mortgage payoff Videos

karmicdejavoodoo Says:

Jul 26, 2008 - As for the "Missed Fortune" mindset people. All the Money Merge Account does is get you a lower EFFECTIVE interest rate for your mortgage. If you are into strategic equity leveraging... what would you rather do... leverage equity you paid 6% for... or that you paid 3% for? See the article in MORTGAGE PLANNER magazine (by the Strategic Equity folks) this month Jan/Feb about United First Financial.

PlanningYourFuture Says:

Jul 26, 2008 - Spoken like a person in the mortgage business who gets paid an obscene amount of money to fill out some paperwork. If you are a financial adviser, you need to educate your client and advising them to pay as little interest as possible instead of just keep paying the banks for 30 years. BTW, you have a vested interest in selling a mortgage don't you? In fact, you want to refinance as many times as possible so you get paid more and more obscene amounts of commission.

PlanningYourFuture Says:

Jul 26, 2008 - A lot of people think they have a 6% interest rate, but their effective rate is a lot more. In fact, if you refinance or sell your home in the five years, which is average over the past few years, you will pay over 90% effective interest rate. Don't be fooled by the interest rate of your loan. Your payment is based upon the rate. It is not the effective interest rate. If you know that your interest rate if nearly 100%, would you want to pay off your mortgage ASAP?

ebloomy Says:

Jul 26, 2008 - "This is because the line of credit can be called in at any time by the bank."What?! Are you kidding?What about the contract that states a 5,10, or 15 year draw time?Can they "call" your 1st mortgage at any time as well and demand payment for the remaining balance?

nobodybidness Says:

Jul 26, 2008 - No, I'm not kidding. I have developed these lines of credit for 20 years. Read your line of credit agreement. The draw time can be forever, it doesn't matter. The renewal 6 mos or one year in 90% of cases, which is when the call is. But the line can be FROZEN even without being at an anniversary date, and without cause. NEVER PUT MONEY YOU NEED TO PAY BILLS INTO A LINE OF CREDIT.

nobodybidness Says:

Jul 26, 2008 - No, I'm not kidding. I have developed lines of credit for financial institutions for over 20 years. Typical first mortgages are not lines of credit, and therefore are not callable. The Austalian mortgage system is not the same at all, and does not carry the risk of the line of credit being called.NEVER PUT MONEY TO PAY BILLS INTO A LINE OF CREDIT.

nobodybidness Says:

Jul 26, 2008 - THIS IS VERY RISKY.This program uses a revolving line of credit to pay off a part of your existing mortgage, then keeps you checking account in the line of credit instead of in the bank account. The line of credit becomes your checking account. The problem is that LINES OF CREDIT CAN BE CALLED IN OR FROZEN at any time by the issuing bank. The most often do this as Indymac did today in Las Vegas, when VALUES ARE DECLINING. NEVER KEEP YOUR MONEY IN A LINE OF CREDIT! IT CAN BE FROZEN!

jnsncn Says:

Jul 26, 2008 - I want to hear an opion from somebody who actually used an MMA?

scott4byu Says:

Jul 26, 2008 - I use it! I know 7 other people who use it and we all love it. I went through my heloc agreement with the vice president of our local bank and they said they would never call our loan if I was alive and made the payments. what is a real SCAM is that the bank makes me pay for two+ homes.

scott4byu Says:

Jul 26, 2008 - You can't,the headway you gained is yours. We will gain 5 years in the first year. I know they are out there but I have not seen a negative post from someone using the program. Yes, I may be foolish but my home will be paid in 11.2 years and I will foolishly burn the remainder of my mortgage book with a foolish grin.

nobodybidness Says:

Jul 26, 2008 - You lose because the way this works is to keep the money you would be keeping in your checking account in a line of credit instead. Lines are getting frozen right when paychecks go in them. You can't get that money out. If you wrote checks against it, they bounce. Your line of credit is not a bank account and shouldn't be treated as one.

nobodybidness Says:

Jul 26, 2008 - The woman who introduced this to me just had her line of credit frozen by Indymac, one of the largest HELOC providers, despite her 700+ credit scroe. They froze it for declining values. Another friend of hers just had her Wells Fargo HELOC frozen for the same reason, right after she paid $20k into her HELOC. Now she can't get that money for her bills, and is trying to refi to save her credit. There goes her headway! Your line of credit isn't a bank account. Don't use it like one.

scott4byu Says:

Jul 26, 2008 - Thanks for your comments. I never would have thought my credit line could be frozen. The program operates ( for me) at the 3 to 6 K range. A freeze in my LOC would be a minor setback. I can easily get a revolving loan for that amount. I also know a lot of people in the banking and mortgage industry. I will be asking around to see what the future holds for the local banks.

nobodybidness Says:

Jul 26, 2008 - Nice to have intelligent conversation! Keep in mind, I cast no dispersions on the price or intent of the product, nor its marketing program. I believe the reps have good intentions and are excited. But lines of credit leave the bank in charge, effecively letting them grab your checking account at any time. Clients are at the mercy of the credit crunch. I have been in banking/finance for 20 years. Don't depend on your ability to get another line or loan. They go away. So do the bankers.

jnsncn Says:

Jul 26, 2008 - To follow up with the topic of lenders freezing HELOC's my research finds that there have been situations in which an existing HELOC was frozen. BUT the only lender I found that froze an acct was COUNTRY WIDE and they took such action do to thier (the lenders) financial problems. If you want a great lender who provides great service contact me

1Longshadow Says:

Jul 26, 2008 - Wow, those stories below could make someone very concerned. I will simple tell you waht I was ablt to do and let you judge for yourself. Cash out my 401k that was making maybe 1.2% anuualy, made to schuled payments using Sydneys MCA and I have cut 17 years off my Mortgage! Ive been on this program for 6 months and now with the saving EARLY RETIREMENT IS IN SITE! thats right. I have totally checked this out, been to there corp office and I am willing to help anyone that has questions. contact me.

cphansen Says:

Jul 26, 2008 - Another fake news report. Search "United First Financial" in Google and in particular, the threads at Fatwallet include mathematical analysis that shows this MMA is nothing but a shell game. You will pay off your mortgage, but no faster than if you saved your $3500 and applied all extra income against your mortgage. It's that simple.Also, the UFF agent commission is $2500 of the $3500 cost.

1Longshadow Says:

Jul 26, 2008 - Ok, lets look at your way and just guess at what we should do... Throw extra money at our home (If we have it?) wonder what it will do for us... still keep our emergancy fund in our saving and not working for us 24/7, hope that there will be social securty left when we retire.....and the list goes on... Financail IQ = those who know interest earn it, those who don't pay it! Let me know if you want more info.

1Longshadow Says:

Jul 26, 2008 - One more thing to look at....$3500 is an investment not an expense! I personally will save over $130,000, be debt free in under 8 years and retire (Job dropping income) at 51. The sydney financial group system debtfree dot com is by far a better system. Financial coaching, software orientation, help with your credit or loans, free website and be part of the biggest team at Wexl. we XL that is! debtfree dot com

cphansen Says:

Jul 26, 2008 - The $3500 is exactly an expense. You are going to pocket it and provide dubious software for it, not pay interest to your client. The $3500 is lost.Now, about your claims - back them up. I need the money movements you will make to "save over $130,000, be debt free in under 8 years and retire". Not a summary - a detailed list of transactions. Even for the first year.

ataligamal1 Says:

Jul 26, 2008 - best - ptc . about . tcdelete space*

cphansen Says:

Jul 26, 2008 - Finally, a mention of UFF in a serious financial publication. From the May 2008 issue of Kiplinger's Magazine:Don't Fall for This Mortgage Pitch"With or without expensive software, the fact is that the more discretionary income you can commit to prepayment, the quicker the mortgage becomes history. We suggest you keep your $3,500 and do it yourself without having to fend off a pushy salesperson."

womencarswatches Says:

Jul 26, 2008 - im not a user of the program. but this isnt a fake news report. this is a real news program out of las vegas. just google jim snyder.

truefunnel Says:

Jul 26, 2008 - Obviously you are uneducated. If the program was a fraud would it have gotten the covers of 4 major financial magazines? Also...would Forbes be currently working on a story as well as the Wall Street Journal. You may be right in the fact that the program is not for you but what about the other 98% of our country? If the US didn't need this pgm would we have a -3%savings rate? Think about it....

FutureReport Says:

Jul 26, 2008 - If you'd like to see how well the MMA can work for your mortgage based on your individual finances, send me an email at neanja@lycos. The report does not require sensitive information and its free.