| Community Members Opinion |
Niicss
Joined: 03 Oct 2005
Posts: 3227
Location: New Jersey
509.11 Dollars($)
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 Posted: Thu Jul 30, 2009 3:47 am Post subject: |
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Thanks Brian for sharing this news!  It seems that this product would be of great use in this present market where a large number of people are working hard to save their property. The best part of the program is that it would not lead to any additional costs for the borrowers. Also, this mortgage product would help to build equity in the property.
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Good is the Enemy of Great. |
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livinginnky
Joined: 08 Sep 2007
Moderator
Posts: 637
29.96 Dollars($)
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| Posted: Wed Aug 05, 2009 10:39 am Post subject: Are we ever going to get any details? |
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Are you simply swapping debt from the 1st mortgage to the heloc? Because if so that would be completely pointless. If your not paying down both mortgages you are still in debt only at a higher and adjustable rate. Let me know if I am wrong in my speculation.
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Eric Matthews
Mortgage Refinance and Home Loan Guide |
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BrianDelaCruz
Joined: 17 Apr 2006
Marketing Dept
Posts: 248
Location: CALIFORNIA
30.83 Dollars($)
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| Posted: Wed Aug 05, 2009 11:58 pm Post subject: |
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As far as I can understand, Alternative Mortgage Fund (AMF) has certain benefits.
- This mortgage product is structured in such a way that it would help borrowers to pay off their mortgage principal faster.
- When compared to a 30 year FRM, this product earns the same overall loan interest on the full term of mortgage. The monthly payments are identical to the conventional loan.
- Also, this product is designed in such a way that it would protect the lender as he will be able to share the financial benefit along with the borrower in case the rates go down.
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livinginnky
Joined: 08 Sep 2007
Moderator
Posts: 637
29.96 Dollars($)
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| Posted: Mon Aug 10, 2009 11:50 am Post subject: |
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There is an awful lot of speculation here. If nobody really knows what this thing is why is everyone so excited about it. Could we get some details of how the program actually works. And don't say you can't because of the patent pending if you have already submitted for the patent then nobody else can steal it from you. I am highly skeptical of anything that promises what you are promising. This sounds so much like all the other accelerated mortgage schemes... you even throw in the "it's working in other places" pitch. I haven't heard one thing different from UFF's product or the others. P.S. if it is working in other places, that means you are doing it there and you should be able to give the details of the program.
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Eric Matthews
Mortgage Refinance and Home Loan Guide |
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gmakerley
Joined: 09 Nov 2007
Community Mentor
Posts: 9749
Location: bloomfield, ct
35.02 Dollars($)
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| Posted: Mon Sep 21, 2009 9:32 am Post subject: |
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i, like eric, count myself as skeptical about this sort of product. and, like him, i wonder why it takes so long to get on the market if it is already out there available. do we really need to prep people to buy into something this wonderful before it can be rolled out?
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George M. Akerley
Loan Consultant
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kenl314
Joined: 12 Apr 2006
Ranked Lender
Posts: 53
Location: Brentwood, NH
21.38 Dollars($)
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| Posted: Sat Oct 10, 2009 4:25 pm Post subject: from KLME, on KLME.... |
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Good evening to all- I apologize for not posting/ responding sooner. I was unaware of this Post from Brian until just now.
I am the President of KLME, and developer of this new mortgage loan product, the AMF.
Correct, it is Patented and Copyrighted. However, the product name is not Trademark protected; I had an application in on that, but to no avail...
A (generic) website is at www.homequitybuilder.com
A more defined AMF loan comparison tool can be found at-
www.commercialequitybuilder.com/calc/calc.php
You can enter in different inputs, etc. Please make sure that the initial Index Rate is at least 1.90 less than the mortgage rate. Note that this online software tool is still in its beta stage.
The AMF is nothing like the MMA from UFF. The MMA is a software program only. It is not a mortgage loan. The AMF is (will be) an actual mortgage option for consumers. Currently we are in initial talks with some lenders who would consider funding and servicing these unique equity-accelerating mortgages.
Our aim at KLME is to have this in some markets in the next 3-6 months. But right now, it is not commercially available.
If anyone on MF would like more info, or may be interested in some form of professional strategic alliance with KLME, please contact me via our website.
Thanks to everyone. Have a great week.
-Ken Lambert
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