Comments on: Equity Acceleration Programs - Are they better for the borrower or the bank? http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/ Bite Me! Mon, 13 Oct 2008 15:19:26 +0000 http://wordpress.org/?v=2.6 By: Kuvashan http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-10229 Kuvashan Mon, 26 Nov 2007 04:08:09 +0000 http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-10229 <strong>Kuvashan...</strong> I could not believe the amount of quality material on this site. The site is extremely eyecatching and pulls the reader straight it, the articles are great quality and are very professionally written. I have seen too many of these sites where it looks... Kuvashan…

I could not believe the amount of quality material on this site. The site is extremely eyecatching and pulls the reader straight it, the articles are great quality and are very professionally written. I have seen too many of these sites where it looks…

]]> By: Jim Lee http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-5755 Jim Lee Fri, 31 Aug 2007 13:58:08 +0000 http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-5755 Here's a free mortgage acceleration program you can easily do yourself and pay your 30 year mortgage off in 15 years saving 180 payments and thousands of dollars in interest charges. 1. Get a copy of your mortgage amoritization schedule (this is the breakdown that shows how much goes to interest and how much to principal each month) 2. Whenever you write your normal mortgage payment check, write a second check for the principal amount of the following month's payment, i.e. if you are paying your June payment, prepay the July principal payment at the same time. This simple and easy trick will cut your mortgage repayment time in half and get your 30 year mortgage paid off in half the time. You can also pay a lump sum towards your principal at any time. I always advocate writing a separate check for any prepayments so the lender won't get confused and simply apply it towards your next regular payment. Here’s a free mortgage acceleration program you can easily do yourself and pay your 30 year mortgage off in 15 years saving 180 payments and thousands of dollars in interest charges.

1. Get a copy of your mortgage amoritization schedule (this is the breakdown that shows how much goes to interest and how much to principal each month)

2. Whenever you write your normal mortgage payment check, write a second check for the principal amount of the following month’s payment, i.e. if you are paying your June payment, prepay the July principal payment at the same time.

This simple and easy trick will cut your mortgage repayment time in half and get your 30 year mortgage paid off in half the time.

You can also pay a lump sum towards your principal at any time.

I always advocate writing a separate check for any prepayments so the lender won’t get confused and simply apply it towards your next regular payment.

]]> By: Rhonda Porter CMPS http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-4425 Rhonda Porter CMPS Thu, 19 Jul 2007 14:19:43 +0000 http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-4425 Outstanding post! I've been having reps swarm all over trying to present this program to me and my office as well. I just can't wrap my arms around it and I know many Americans will be easily sold on it. It's the type of product where reps call on LOs with hopes of "churning" their client-list/database. I'm never a fan of a AE who calls on me saying "Don't you want more refis?"...my answer (I'm sure your answer would be similar) is "if I provided them the right mortgage in the first place, they don't need to refi". Unless a person has needs or life changing events, hopefully their first mortgage continues to perform for them. I see this mortgage just as a vehicle that some LOs will use to drum up refi's. In addition, paying off your mortgage may not be what's in your best interest. The consumer needs to understand the value of their tax benefits they receive from their acquistion mortgage. Outstanding post! I’ve been having reps swarm all over trying to present this program to me and my office as well. I just can’t wrap my arms around it and I know many Americans will be easily sold on it. It’s the type of product where reps call on LOs with hopes of “churning” their client-list/database. I’m never a fan of a AE who calls on me saying “Don’t you want more refis?”…my answer (I’m sure your answer would be similar) is “if I provided them the right mortgage in the first place, they don’t need to refi”. Unless a person has needs or life changing events, hopefully their first mortgage continues to perform for them. I see this mortgage just as a vehicle that some LOs will use to drum up refi’s.

In addition, paying off your mortgage may not be what’s in your best interest. The consumer needs to understand the value of their tax benefits they receive from their acquistion mortgage.

]]> By: Real Estate » Blog Archive » Real Estate July 4, 2007 7:59 am http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3310 Real Estate » Blog Archive » Real Estate July 4, 2007 7:59 am Sat, 07 Jul 2007 16:14:18 +0000 http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3310 [...] Equity Acceleration Programs - Are they better for the borrower or … Tags: Bites of Buckwheat, bremerton-mortgage, kingston wa mortgage, kitsap-mortgage, lender-washington, port-orchard-mortgage, poulsbo-mortgage, seabeck-mortgage, seattle-real-estate-blog, soundbiteblog.com, washington-real-estate-blog, … [...] [...] Equity Acceleration Programs - Are they better for the borrower or … Tags: Bites of Buckwheat, bremerton-mortgage, kingston wa mortgage, kitsap-mortgage, lender-washington, port-orchard-mortgage, poulsbo-mortgage, seabeck-mortgage, seattle-real-estate-blog, soundbiteblog.com, washington-real-estate-blog, … [...]

]]> By: Mark Bustamonte http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3208 Mark Bustamonte Thu, 05 Jul 2007 04:44:27 +0000 http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3208 Although I agree with you regarding the Adjustable Rate Mortgage there are programs that can apply the same strategy and allow you to keep your existing mortgage. This program teaches you financial principles of interest cancellation accounts and making power payments to your existing 30 year fixed mortgage. And reviewing several of these programs to market Tri-Star Consulting Group, LLC choose to partner with Financial Freedom International, Inc. Through FFII the client maintains there existing mortgage works with a financial coach (1year) to help them implement the Mortgage Elimination strategy. The program also includes acceleration of all interest bearing personal debt. Many of the principles are tried and true sound financial principles that we have all heard of for years. The fact that you receiving financial coaching, we feel makes a huge difference in a client decision and success in the program. Although I agree with you regarding the Adjustable Rate Mortgage there are programs that can apply the same strategy and allow you to keep your existing mortgage. This program teaches you financial principles of interest cancellation accounts and making power payments to your existing 30 year fixed mortgage. And reviewing several of these programs to market Tri-Star Consulting Group, LLC choose to partner with Financial Freedom International, Inc. Through FFII the client maintains there existing mortgage works with a financial coach (1year) to help them implement the Mortgage Elimination strategy. The program also includes acceleration of all interest bearing personal debt. Many of the principles are tried and true sound financial principles that we have all heard of for years. The fact that you receiving financial coaching, we feel makes a huge difference in a client decision and success in the program.

]]> By: Sparky http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3199 Sparky Wed, 04 Jul 2007 17:23:04 +0000 http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3199 Buckwheat - you have a knack for making really technical aspects of home financing strategies extremely practical and easy to understand. Another excellent contribution! Buckwheat - you have a knack for making really technical aspects of home financing strategies extremely practical and easy to understand. Another excellent contribution!

]]> By: Linda Davis http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3198 Linda Davis Wed, 04 Jul 2007 16:51:16 +0000 http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3198 Outstanding article. I was so entrenched while reading it, I almost missed the naked guy. Almost. Outstanding article. I was so entrenched while reading it, I almost missed the naked guy. Almost.

]]> By: Tony Gallegos http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3197 Tony Gallegos Wed, 04 Jul 2007 14:58:04 +0000 http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3197 Mark - Really enjoyed your article. Boy, you are right, you must have gotten in the zone when writing....very comprehensive. Mark - Really enjoyed your article. Boy, you are right, you must have gotten in the zone when writing….very comprehensive.

]]> By: Payday Loans » Payday Loans July 4, 2007 7:40 am http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3193 Payday Loans » Payday Loans July 4, 2007 7:40 am Wed, 04 Jul 2007 11:44:35 +0000 http://soundbiteblog.com/2007/07/04/equity-acceleration-programs-are-they-better-for-the-borrower-or-the-bank/#comment-3193 [...] Equity Acceleration Programs - Are they better for the borrower or … The market has gotten very difficult for Loan Originators and many are looking for new, creative ways to generate new loans. Lenders are rolling out ?new? creative loan programs and dusting off old ones. … [...] [...] Equity Acceleration Programs - Are they better for the borrower or … The market has gotten very difficult for Loan Originators and many are looking for new, creative ways to generate new loans. Lenders are rolling out ?new? creative loan programs and dusting off old ones. … [...]

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