- This topic has 40 replies, 14 voices, and was last updated 16 years, 6 months ago by Deal Hunter.
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January 30, 2007 at 4:26 PM #44432April 9, 2008 at 8:21 PM #184014AnonymousGuest
Re: United First Financial’s Money Management Account
I am not an agent for them, but I did check them out.
For $3,500.00, they will sell you access to a website that uses a program similar to MS Money. You use it as an electronic checkbook.
They promote the use of a US Bank HELOC, an arrangement they made with US Bank ($). Their advertised example is as follows: $200k 30 yr mortgage at 6%, $1,199/mo.
The example assumes an immediate $5k prepayment ( HELOC monies )against the mortgage principal and $1,000/mo ( 100% of the owner’s discretionary income ) prepayment which reduces a 30 yr mortgage down to 11.33 years.
Problem is – no one is going to commit 100% of their discretionary income to principal prepayment for 11.33 years.
Simple principal prepayment concept that a home owner can do for themselves. UFF refuses to talk about the net interest benefit. They only advertise the gross interest savings to cover the cost of their program.
Does MMA work? Yes. Can the home owner do better w/o the MMA program by prepaying only $200/mo? YES!
Every single one of these “wealth creation” and “debt reduction” programs promote the best gross benefits. If you back out the cost to get to the benefit, you can always do better by prepaying the principal yourself.
April 9, 2008 at 8:21 PM #184072AnonymousGuestRe: United First Financial’s Money Management Account
I am not an agent for them, but I did check them out.
For $3,500.00, they will sell you access to a website that uses a program similar to MS Money. You use it as an electronic checkbook.
They promote the use of a US Bank HELOC, an arrangement they made with US Bank ($). Their advertised example is as follows: $200k 30 yr mortgage at 6%, $1,199/mo.
The example assumes an immediate $5k prepayment ( HELOC monies )against the mortgage principal and $1,000/mo ( 100% of the owner’s discretionary income ) prepayment which reduces a 30 yr mortgage down to 11.33 years.
Problem is – no one is going to commit 100% of their discretionary income to principal prepayment for 11.33 years.
Simple principal prepayment concept that a home owner can do for themselves. UFF refuses to talk about the net interest benefit. They only advertise the gross interest savings to cover the cost of their program.
Does MMA work? Yes. Can the home owner do better w/o the MMA program by prepaying only $200/mo? YES!
Every single one of these “wealth creation” and “debt reduction” programs promote the best gross benefits. If you back out the cost to get to the benefit, you can always do better by prepaying the principal yourself.
April 9, 2008 at 8:21 PM #184065AnonymousGuestRe: United First Financial’s Money Management Account
I am not an agent for them, but I did check them out.
For $3,500.00, they will sell you access to a website that uses a program similar to MS Money. You use it as an electronic checkbook.
They promote the use of a US Bank HELOC, an arrangement they made with US Bank ($). Their advertised example is as follows: $200k 30 yr mortgage at 6%, $1,199/mo.
The example assumes an immediate $5k prepayment ( HELOC monies )against the mortgage principal and $1,000/mo ( 100% of the owner’s discretionary income ) prepayment which reduces a 30 yr mortgage down to 11.33 years.
Problem is – no one is going to commit 100% of their discretionary income to principal prepayment for 11.33 years.
Simple principal prepayment concept that a home owner can do for themselves. UFF refuses to talk about the net interest benefit. They only advertise the gross interest savings to cover the cost of their program.
Does MMA work? Yes. Can the home owner do better w/o the MMA program by prepaying only $200/mo? YES!
Every single one of these “wealth creation” and “debt reduction” programs promote the best gross benefits. If you back out the cost to get to the benefit, you can always do better by prepaying the principal yourself.
April 9, 2008 at 8:21 PM #184058AnonymousGuestRe: United First Financial’s Money Management Account
I am not an agent for them, but I did check them out.
For $3,500.00, they will sell you access to a website that uses a program similar to MS Money. You use it as an electronic checkbook.
They promote the use of a US Bank HELOC, an arrangement they made with US Bank ($). Their advertised example is as follows: $200k 30 yr mortgage at 6%, $1,199/mo.
The example assumes an immediate $5k prepayment ( HELOC monies )against the mortgage principal and $1,000/mo ( 100% of the owner’s discretionary income ) prepayment which reduces a 30 yr mortgage down to 11.33 years.
Problem is – no one is going to commit 100% of their discretionary income to principal prepayment for 11.33 years.
Simple principal prepayment concept that a home owner can do for themselves. UFF refuses to talk about the net interest benefit. They only advertise the gross interest savings to cover the cost of their program.
Does MMA work? Yes. Can the home owner do better w/o the MMA program by prepaying only $200/mo? YES!
Every single one of these “wealth creation” and “debt reduction” programs promote the best gross benefits. If you back out the cost to get to the benefit, you can always do better by prepaying the principal yourself.
April 9, 2008 at 8:21 PM #184030AnonymousGuestRe: United First Financial’s Money Management Account
I am not an agent for them, but I did check them out.
For $3,500.00, they will sell you access to a website that uses a program similar to MS Money. You use it as an electronic checkbook.
They promote the use of a US Bank HELOC, an arrangement they made with US Bank ($). Their advertised example is as follows: $200k 30 yr mortgage at 6%, $1,199/mo.
The example assumes an immediate $5k prepayment ( HELOC monies )against the mortgage principal and $1,000/mo ( 100% of the owner’s discretionary income ) prepayment which reduces a 30 yr mortgage down to 11.33 years.
Problem is – no one is going to commit 100% of their discretionary income to principal prepayment for 11.33 years.
Simple principal prepayment concept that a home owner can do for themselves. UFF refuses to talk about the net interest benefit. They only advertise the gross interest savings to cover the cost of their program.
Does MMA work? Yes. Can the home owner do better w/o the MMA program by prepaying only $200/mo? YES!
Every single one of these “wealth creation” and “debt reduction” programs promote the best gross benefits. If you back out the cost to get to the benefit, you can always do better by prepaying the principal yourself.
April 10, 2008 at 12:09 AM #184124Deal HunterParticipantYou should NEVER NEVER NEVER convert your traditional, fixed P&I or even an ARM First Trust Deed, that is NON-RECOURSE into a HELOC. HELOCs are RECOURSE loans that can be easily transmuted by the lender into revolving type unsecured notes that may never go away even after you have refinanced or sold the property.
This has been around for 10 years and many unsuspecting homeowners that are foreclosing or trying to short sell are not able to wipe out these loans because they are not closed traditional first mortgages. The HELOC lender will approve a short sale or deed in lieu but still pursue the homeowner for the full balance of the unpaid obligation for up to 25 years!
April 10, 2008 at 12:09 AM #184140Deal HunterParticipantYou should NEVER NEVER NEVER convert your traditional, fixed P&I or even an ARM First Trust Deed, that is NON-RECOURSE into a HELOC. HELOCs are RECOURSE loans that can be easily transmuted by the lender into revolving type unsecured notes that may never go away even after you have refinanced or sold the property.
This has been around for 10 years and many unsuspecting homeowners that are foreclosing or trying to short sell are not able to wipe out these loans because they are not closed traditional first mortgages. The HELOC lender will approve a short sale or deed in lieu but still pursue the homeowner for the full balance of the unpaid obligation for up to 25 years!
April 10, 2008 at 12:09 AM #184168Deal HunterParticipantYou should NEVER NEVER NEVER convert your traditional, fixed P&I or even an ARM First Trust Deed, that is NON-RECOURSE into a HELOC. HELOCs are RECOURSE loans that can be easily transmuted by the lender into revolving type unsecured notes that may never go away even after you have refinanced or sold the property.
This has been around for 10 years and many unsuspecting homeowners that are foreclosing or trying to short sell are not able to wipe out these loans because they are not closed traditional first mortgages. The HELOC lender will approve a short sale or deed in lieu but still pursue the homeowner for the full balance of the unpaid obligation for up to 25 years!
April 10, 2008 at 12:09 AM #184175Deal HunterParticipantYou should NEVER NEVER NEVER convert your traditional, fixed P&I or even an ARM First Trust Deed, that is NON-RECOURSE into a HELOC. HELOCs are RECOURSE loans that can be easily transmuted by the lender into revolving type unsecured notes that may never go away even after you have refinanced or sold the property.
This has been around for 10 years and many unsuspecting homeowners that are foreclosing or trying to short sell are not able to wipe out these loans because they are not closed traditional first mortgages. The HELOC lender will approve a short sale or deed in lieu but still pursue the homeowner for the full balance of the unpaid obligation for up to 25 years!
April 10, 2008 at 12:09 AM #184182Deal HunterParticipantYou should NEVER NEVER NEVER convert your traditional, fixed P&I or even an ARM First Trust Deed, that is NON-RECOURSE into a HELOC. HELOCs are RECOURSE loans that can be easily transmuted by the lender into revolving type unsecured notes that may never go away even after you have refinanced or sold the property.
This has been around for 10 years and many unsuspecting homeowners that are foreclosing or trying to short sell are not able to wipe out these loans because they are not closed traditional first mortgages. The HELOC lender will approve a short sale or deed in lieu but still pursue the homeowner for the full balance of the unpaid obligation for up to 25 years!
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