December 08, 2007
Posted by dbigueras1
the program uses a varible equity line of credit to pay off your mortgage sooner according to software you buy that cost 3,500, I guess all of your income goes into this line of crediti which you use to make your mortgage payment to pay off your mortgage faster. It doesn't make sence to have a varible rate when fixed rates are comming down. Is it a good idea? Should I go for it?
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December 09, 2007
Posted by Joshua
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These types of plans have been popular in the United Kingdom for some time and are just recently gaining popularity in the United States.
They system isn't a scam, but can cause more harm than good for some participants.
Unless you meet the following conditions, you should NOT use this type of system:
1. You are fiscally disciplined
2. Earn more money than you spend every paycheck
3. Have an outstanding line of credit
4. Ready to spend $3,500 software package - one program charges this much United First Financial, not all do.
5. Realize that if you fail to be financially disciplined you'll end up hurting your financial future and will even end up paying even more than you would have from the start
When people come into my office and ask about such programs, I tell them stay away. You are better off paying extra payments to the principal.
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December 10, 2007
Posted by zebdale
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Generally speaking, the 3500 investment is drawn from one's Home Equity Line of Credit, making the investment somewhat painless like when we put the closing costs on a refi in the refinanced loan amount. Not a bad investment to save 10s, even 100s of thousands of dollars in interest and payoff a mortgage in 1/3 to 1/2 the regular time.
The Money Merge Account is available from United First Financial independent agents. Already proven to work and widely used in Australia and the UK, the "money merge" concept has been perfected by United First Financial for use here in America. What the MMA system does is combine the use of existing banking instruments with powerful web based software to provide the user with interest cancellation and debt elimination in heretofore unheard of record time.
We have been conditioned by society and the banking system that the first thing we should do when we get paid is give our money to the bank. We park this "spending" money in non-productive accounts like checking and savings accounts, often with little to no return on investment. With the MMA system and software, we turn that poor money management style around and PUT THAT MONEY TO WORK FOR US, not the bank.
Using the MMA system, the homeowner use a traditional Home Equity Line of Credit (HELOC) to create an account into which he "merges" ALL of his money; checking, low return savings, income, liabilities, and expenses. The objective is to deposit as much savings and income as he can into the account and keep it there as long as he can. He uses the account as his primary "spending" account too, paying all of his bills and expenses from it. The bank allows him to do this.
Integral to the success of the MMA program is the MMA web based software. It automatically prompts a user to occasionally transfer money from the HELOC to pre-payment on the prinipal balance on the first mortgage. Each transfer is highly thought out by the software. Each funds transfer trades tens of dollars in "open end" HELOC interest for tens of thousands of dollars in "closed end" first mortgage interest savings. This is very important to understand, it is what makes the MMA program so effective.
These funds transfers force interest cancellation on the user's first mortgage; interest cancellation in phenomenal proportion.
The software knows exactly when to prompt for a funds transfer. The amount and timing of each transfer will vary, based on the user's pattern of deposits and withdrawals from the MMA HELOC. The software knows exactly how much money to the penny to have the user send to the first mortgage for maximum financial benefit. The software NEVER allows the user's HELOC to get out of control; it prompts funds transfers only when it determines that the HELOC will maintain an optimum minimum balance.
For more, or to become a user, contact me. ZebDale.com
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December 30, 2007
Posted by FocusFinancial
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If you are thinking about MMA / Money Merge Account from United First Financial read “Own Your Home Years Sooner” by Harj Gill. The author invented the concept in Australia and United First copied it.
Save $3,300 and buy his book and software. If you use the $3,300 savings to pay down your mortgage the savings will be even greater (depending on you mortgage it could be as much as $10,000 over the life of your loan).
This book brings forward an important discussion: that of paying off your home and owning it free and clear rather than having a lifelong payment relationship with your lender.
I am currently using this system with a 14 unit apartment building, so yes it works on commercial buildings as well.
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