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Niicss · Posted: Wed May 14, 2008 4:51 am Post subject:

Hey Dave,

I feel these types of programs make people to concentrate to only one particular financial obligation. But that can create some problems as they may have some other obligations too like a car loan or student loan. So do you think a general people with medium income can afford these types of programs?

Guest

Hi Niicss:

Since your home mortgage is likely your largest financial obligation, it makes sense to give it the majority of your attention. To boot, other debt such as car and student loans could be rolled into this program, as money might be saved on interest depending on the rates involved.

Again, if you have positive cash flow each month (i.e. you live within your means), this product can save you thousands in interest over the life of your loan. If you have a problem with credit card debt and live beyond your means, then this is not a good product for you.

Dave

Niicss · Posted: Thu May 15, 2008 2:22 am Post subject:

Hey Dave,

That means your are talking about those people who has lots of money to pay extra each month. But what about the people who are defaulting and facing foreclosure?

Again do you think if people use this product they will not default or can avoid foreclosure in future? The fact is people want to pay minimum and that is why they have taken interest only option or ARM. Is not it?

Guest

Hi Niicss:

The Mortgage accelerator product is not designed as a bailout for people facing foreclosure. It is designed for people with positive cash flow (not necessarily "lots of money to pay extra each month") who would like the interest savings and flexibility it affords.

If you are really interested in finding out more about the product, go to the CMG website, click on the "Consumers" area and then "Find a Certified Agent." A local mortgage professional can then advise you on all the details.

Good luck.

Dave

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Dave,

It seems that you are really knowledgeable and knows how people can pay off their mortgage quickly. There are so many people come here for advise and suggestions. So why don't you share your know with the community Smile

I think your knowledge and experience will realty helpful.

Hope you will enjoy participating here Smile

Best of luck,
Larry

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

This is something you can do yourself and do not need to pay someone to set this up for you. It's just a line of credit that you deposit your paycheck into and pay your bills out of. Many lenders offer lines of credit that allow you to do this. Do not pay someone 3500.00 to tell you how to when you can get the information to do it for free,

Guest

I am considering this HOA. What if you had 50,000 in a savings account erning little if any interist If it were applied to the HOA you would pay that much less interist and still have access to the money. also you would have access to all but 25% of your homes equity for investments like rentals etc.

Guest

I thought I would try to clear some of the missunderstandings that many of you have regarding the CMG HOA. My wife and I have been using this plan for several years. In short, it's far superior to any of the five other "traditional" home loans we have had. There are no processing fees, we make up to ten deposits per month at no cost. There are initial fees just like any home loan that has points. We paid about 10K to reduce the rate which has been at about 0.75 to 1.25 percent for about 2 years now. Do the math, how much did that save us on a 400K loan? Interest for the last year was about 3K and we have reduced the principle by over 100k in about 4 years. All of this while having acces to a credit line of 500k at the same 1.0 percent rate and not having to ask the bank for acces to our equity. Any installment made applies directly to the priciple but the difference here is that you can get it out whenever you need it. In a traditional loan you can make extra payments but once that money is in the banks hands say good-bye. We'll own our home in about 10 years, how about you?

smithsussane · Posted: Thu Mar 31, 2011 12:28 am Post subject:

Thanks for sharing your opinion and experience johnathon! Smile

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