[quote=HLS]I know that you’re intelligent along with many others, but cannot understand why you (and others) don’t see what FLU an AN have done… WAS BRILLIANT.
They have pocketed money tax free every time they refi’d to a lower rate. They had the OPTION of starting over OR the OPTION of staying on track for the same payoff.
FLU was genius in refinancing and pocketing money and then paying off his loan. It’s not illegal and it’s not immoral.
Had he known that’s what he was going to do, he would have been better off taking a rate that was .375-.50% above market on his last ref and pocket a pile of cash.
The credit is cash and it’s up front. The lender hopes to make it back over time but I guarantee you they didnt. FLU & AN are MUCH further ahead than 99.5% of others who don’t get it and don’t want to take the time to get it.
Your attempt to discredit what FLU did is completely off.
As far as making payments to far off lenders, most borrowers do not make payments to lenders, payments are made to SERVICERS and every loan doc package these days includes a disclosure that states Loan servicing can be transferred at any time to any place; Borrower cannot object.
The guaranteed compounding of interest rate savings on a mortgage is a huge secret that most people don’t get INCLUDING LOAN & FINANCIAL PROFESSIONALS.
It’s akin to doubling a penny every day for a month and not realizing what the end result is. It’s HUGE.
The numbers don’t lie. I’ve explained mortgage refinancing analysis to CPA’s, CEO’s CFO’s and other financial ‘experts’ who never really understood what the real benefits were until I showed them.
Plenty of people run around with grocery store coupons to save 25c but wont take the time to understand that they could save $10,000- $100,000 (or more) at NO COST[/quote]HLS, are you certain that these two posters obtained completely no-cost refinancing each and every time they refinanced (cash out?), HELOC’d or took out a 2nd TD??
