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Posted by Allen Greenspan on September 20, 2006, 9:32 pm
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I'm just curious if anyone has seen a mortgage product that allows one to
deposit their checking and savings balances into their mortgage and have a
lower mortgage balance that is accruing less interest charges. This would
mean paying off the mortgage years sooner without changing current spending.
Furthermore, if that product allowed the borrower to draw money out without
fees or charges, thus, unlocking the equity in the house. No more need to
refinance if the credit cards get maxed out, or if you need to buy the kid a
car or pay for college, and when life circumstance changes and now there
will be no need to refinance every couple years.
On top of that, by using this strategy, one would pay off the mortgage
balance 7-12 years sooner than if they had a low rate 30 year fixed
mortgage. And I mean if your mortgage is over 3.5% or 4% on a 30 year
fixed rate mortgage, then this product would cost less and offer more
flexibility and pay off quicker. Keep in mind this only works with folks
that are in control financially and have credit and assets.
Someone pinch me, this thing is on fire--my phone is going off and I've not
spent a dime on advertising, ok enough about me.
Has anyone heard of any company offering such a loan?
Thanks for listening,,,,,,,,,
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Posted by Jeff Strickland on September 21, 2006, 11:01 pm
Please log in for more thread options
Yes, this is a new product in the USA, but the Brits and the Aussies (New
Zeland too, I think) have been using this product for going on 20 years.
It's a HELOC 1st Trust Deed. You must have a high FICO score (I recall the
requirement as 740, or maybe 720) to qualify. All of your income gets
deposited into the HELOC account and reduces the principle from the first
day. Then, as the bills come in, you write HELOC checks to pay them, raising
the balance again, but your income exceeds your outflow so the program works
very well. If a property comes along that you want to buy, and you have
enough equity in your mortgage balance, then you simply write a check.
The beauty of the program is that you do not need to continually qualify for
your equity dollars that are burried in your standard mortgage, your equity
is always available to you in your checking account.
There are obvious pitfalls of such a mortgage program, but the hige FICO
scores tend to qualify only those that understand how to use money.
I went to a seminar in California about a year ago, and I recall the company
offering the program as GNC Mortgage. I can hook you up if you want ...
</top post, no snippage>
> I'm just curious if anyone has seen a mortgage product that allows one to
> deposit their checking and savings balances into their mortgage and have a
> lower mortgage balance that is accruing less interest charges. This would
> mean paying off the mortgage years sooner without changing current
> spending.
>
> Furthermore, if that product allowed the borrower to draw money out
> without fees or charges, thus, unlocking the equity in the house. No more
> need to refinance if the credit cards get maxed out, or if you need to buy
> the kid a car or pay for college, and when life circumstance changes and
> now there will be no need to refinance every couple years.
>
> On top of that, by using this strategy, one would pay off the mortgage
> balance 7-12 years sooner than if they had a low rate 30 year fixed
> mortgage. And I mean if your mortgage is over 3.5% or 4% on a 30 year
> fixed rate mortgage, then this product would cost less and offer more
> flexibility and pay off quicker. Keep in mind this only works with folks
> that are in control financially and have credit and assets.
>
> Someone pinch me, this thing is on fire--my phone is going off and I've
> not spent a dime on advertising, ok enough about me.
>
> Has anyone heard of any company offering such a loan?
>
> Thanks for listening,,,,,,,,,
>
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Posted by Allen Greenspan on September 22, 2006, 1:28 pm
Please log in for more thread options Indeed you are very well informed.
I just funded my first loan on this product and have 5 more in the
pipeline--all referred by the first client.
The credit score needed is 680 and there is a Stated option, max LTV is 90%
but it works best at 80% LTV
This is the first loan product that has attractive terms, flexibility, and
kills the debt quickly. Usually in 17-22 years for the same payement as a
30 year fixed loan. In other words someone would have to have a 30 year
fixed rate at 3.5% in order to beat this program.
Thanks for listening......
> Yes, this is a new product in the USA, but the Brits and the Aussies (New
> Zeland too, I think) have been using this product for going on 20 years.
>
> It's a HELOC 1st Trust Deed. You must have a high FICO score (I recall the
> requirement as 740, or maybe 720) to qualify. All of your income gets
> deposited into the HELOC account and reduces the principle from the first
> day. Then, as the bills come in, you write HELOC checks to pay them,
> raising the balance again, but your income exceeds your outflow so the
> program works very well. If a property comes along that you want to buy,
> and you have enough equity in your mortgage balance, then you simply write
> a check.
>
> The beauty of the program is that you do not need to continually qualify
> for your equity dollars that are burried in your standard mortgage, your
> equity is always available to you in your checking account.
>
> There are obvious pitfalls of such a mortgage program, but the hige FICO
> scores tend to qualify only those that understand how to use money.
>
> I went to a seminar in California about a year ago, and I recall the
> company offering the program as GNC Mortgage. I can hook you up if you
> want ...
>
>
> </top post, no snippage>
>
>
>
>> I'm just curious if anyone has seen a mortgage product that allows one to
>> deposit their checking and savings balances into their mortgage and have
>> a lower mortgage balance that is accruing less interest charges. This
>> would mean paying off the mortgage years sooner without changing current
>> spending.
>>
>> Furthermore, if that product allowed the borrower to draw money out
>> without fees or charges, thus, unlocking the equity in the house. No
>> more need to refinance if the credit cards get maxed out, or if you need
>> to buy the kid a car or pay for college, and when life circumstance
>> changes and now there will be no need to refinance every couple years.
>>
>> On top of that, by using this strategy, one would pay off the mortgage
>> balance 7-12 years sooner than if they had a low rate 30 year fixed
>> mortgage. And I mean if your mortgage is over 3.5% or 4% on a 30 year
>> fixed rate mortgage, then this product would cost less and offer more
>> flexibility and pay off quicker. Keep in mind this only works with folks
>> that are in control financially and have credit and assets.
>>
>> Someone pinch me, this thing is on fire--my phone is going off and I've
>> not spent a dime on advertising, ok enough about me.
>>
>> Has anyone heard of any company offering such a loan?
>>
>> Thanks for listening,,,,,,,,,
>>
>
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Posted by Jeff Strickland on September 27, 2006, 7:45 pm
Please log in for more thread options I think we get this product through GNC, but I forget. Anyway, they require
a 720+ mid FICO on the lowest borrower.
It should be a great product for this kind of credit profile because it
gives them instant access to their equity at any time, and it pays off in
about 12 years, or 12 years less than a typical mortgage -- one or the
other.
The money in the bank is effectively earning interest at the affective
mortgage rate, which is a pretty good thing.
> Indeed you are very well informed.
>
> I just funded my first loan on this product and have 5 more in the
> pipeline--all referred by the first client.
>
> The credit score needed is 680 and there is a Stated option, max LTV is
> 90% but it works best at 80% LTV
>
> This is the first loan product that has attractive terms, flexibility, and
> kills the debt quickly. Usually in 17-22 years for the same payement as a
> 30 year fixed loan. In other words someone would have to have a 30 year
> fixed rate at 3.5% in order to beat this program.
>
> Thanks for listening......
>> Yes, this is a new product in the USA, but the Brits and the Aussies (New
>> Zeland too, I think) have been using this product for going on 20 years.
>>
>> It's a HELOC 1st Trust Deed. You must have a high FICO score (I recall
>> the requirement as 740, or maybe 720) to qualify. All of your income gets
>> deposited into the HELOC account and reduces the principle from the first
>> day. Then, as the bills come in, you write HELOC checks to pay them,
>> raising the balance again, but your income exceeds your outflow so the
>> program works very well. If a property comes along that you want to buy,
>> and you have enough equity in your mortgage balance, then you simply
>> write a check.
>>
>> The beauty of the program is that you do not need to continually qualify
>> for your equity dollars that are burried in your standard mortgage, your
>> equity is always available to you in your checking account.
>>
>> There are obvious pitfalls of such a mortgage program, but the hige FICO
>> scores tend to qualify only those that understand how to use money.
>>
>> I went to a seminar in California about a year ago, and I recall the
>> company offering the program as GNC Mortgage. I can hook you up if you
>> want ...
>>
>>
>> </top post, no snippage>
>>
>>
>>
>>> I'm just curious if anyone has seen a mortgage product that allows one
>>> to deposit their checking and savings balances into their mortgage and
>>> have a lower mortgage balance that is accruing less interest charges.
>>> This would mean paying off the mortgage years sooner without changing
>>> current spending.
>>>
>>> Furthermore, if that product allowed the borrower to draw money out
>>> without fees or charges, thus, unlocking the equity in the house. No
>>> more need to refinance if the credit cards get maxed out, or if you need
>>> to buy the kid a car or pay for college, and when life circumstance
>>> changes and now there will be no need to refinance every couple years.
>>>
>>> On top of that, by using this strategy, one would pay off the mortgage
>>> balance 7-12 years sooner than if they had a low rate 30 year fixed
>>> mortgage. And I mean if your mortgage is over 3.5% or 4% on a 30 year
>>> fixed rate mortgage, then this product would cost less and offer more
>>> flexibility and pay off quicker. Keep in mind this only works with folks
>>> that are in control financially and have credit and assets.
>>>
>>> Someone pinch me, this thing is on fire--my phone is going off and I've
>>> not spent a dime on advertising, ok enough about me.
>>>
>>> Has anyone heard of any company offering such a loan?
>>>
>>> Thanks for listening,,,,,,,,,
>>>
>>
>
>
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Posted by $cott on September 28, 2006, 8:59 am
Please log in for more thread options Fascinating...who is the wholesaler/lender?
Allen Greenspan wrote:
> Indeed you are very well informed.
>
> I just funded my first loan on this product and have 5 more in the
> pipeline--all referred by the first client.
>
> The credit score needed is 680 and there is a Stated option, max LTV is 90%
> but it works best at 80% LTV
>
> This is the first loan product that has attractive terms, flexibility, and
> kills the debt quickly. Usually in 17-22 years for the same payement as a
> 30 year fixed loan. In other words someone would have to have a 30 year
> fixed rate at 3.5% in order to beat this program.
>
> Thanks for listening......
> > Yes, this is a new product in the USA, but the Brits and the Aussies (New
> > Zeland too, I think) have been using this product for going on 20 years.
> >
> > It's a HELOC 1st Trust Deed. You must have a high FICO score (I recall the
> > requirement as 740, or maybe 720) to qualify. All of your income gets
> > deposited into the HELOC account and reduces the principle from the first
> > day. Then, as the bills come in, you write HELOC checks to pay them,
> > raising the balance again, but your income exceeds your outflow so the
> > program works very well. If a property comes along that you want to buy,
> > and you have enough equity in your mortgage balance, then you simply write
> > a check.
> >
> > The beauty of the program is that you do not need to continually qualify
> > for your equity dollars that are burried in your standard mortgage, your
> > equity is always available to you in your checking account.
> >
> > There are obvious pitfalls of such a mortgage program, but the hige FICO
> > scores tend to qualify only those that understand how to use money.
> >
> > I went to a seminar in California about a year ago, and I recall the
> > company offering the program as GNC Mortgage. I can hook you up if you
> > want ...
> >
> >
> > </top post, no snippage>
> >
> >
> >
> >> I'm just curious if anyone has seen a mortgage product that allows one to
> >> deposit their checking and savings balances into their mortgage and have
> >> a lower mortgage balance that is accruing less interest charges. This
> >> would mean paying off the mortgage years sooner without changing current
> >> spending.
> >>
> >> Furthermore, if that product allowed the borrower to draw money out
> >> without fees or charges, thus, unlocking the equity in the house. No
> >> more need to refinance if the credit cards get maxed out, or if you need
> >> to buy the kid a car or pay for college, and when life circumstance
> >> changes and now there will be no need to refinance every couple years.
> >>
> >> On top of that, by using this strategy, one would pay off the mortgage
> >> balance 7-12 years sooner than if they had a low rate 30 year fixed
> >> mortgage. And I mean if your mortgage is over 3.5% or 4% on a 30 year
> >> fixed rate mortgage, then this product would cost less and offer more
> >> flexibility and pay off quicker. Keep in mind this only works with folks
> >> that are in control financially and have credit and assets.
> >>
> >> Someone pinch me, this thing is on fire--my phone is going off and I've
> >> not spent a dime on advertising, ok enough about me.
> >>
> >> Has anyone heard of any company offering such a loan?
> >>
> >> Thanks for listening,,,,,,,,,
> >>
> >
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