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chess419 · Joined: 02 May 2007 Posts: 1 1.30 Dollars($)

I saw a presentation on paying down your mortgage using a mortgage checking account Can anyone tell me if Mortgage Checking accounts work or is it a scam. Are their any banks that offer this kind of mortgage?

Guest

Hello- I'm not an expert at this, but I have done some research as these products pertain to my new mortgage product. They claim to pay down loan principal much faster than a conventional repayment.
There's a company in CAL that offers this, and also there is another company out of Utah that just SELLS THE SOFTWARE PROGRAM to enable you- the homeowner- to do this all on your own. They do not actually do anything or make any payments for you, etc.
To buy the program, it costs about $3000 or something like that. And the mortgage plan offered by CMG in CALIF. costs an initial fee (maybe $400 or so), and basically is not going to work well unless you have a lot of extra savings just sitting there on a monthly basis in your bank account (combo savings and checking account).
I wouldn't say that they are "scams" though. Just read the fine print.
Thanks,
Ken

Guest

I don't see having such account would provide any benefit or could help in paying down the mortgage faster. How it actually works Ken.

sara · Posted: Wed May 02, 2007 10:30 pm Post subject: RE: Mortgage accelerator program

Hi Chess,

Welcome to the forums.

Paying off mortgages using a checking account does work. Such a program has been launched last year in the US after having been quite popular in Australia and the UK. The loan program that works on this principle is called Mortgage Accelerator Program.

You can refer to a discussion on Mortgage Accelerator Program started by the community.

Take Care

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