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Posted by Regal53 on October 10, 2006, 9:18 pm
Please log in for more thread options I am in south Florida and I hear mortgage broker Eric Wilner offer this
product on 1000 AM radio on his daily talk show at noon, He calls it the
Genius Mortgage.
>
>> Scott,
>>
>> The company is CMG Mortgage
>
>
> Good catch. I knew it was something like that ...
>
>
> <end>
>
>
>
>
> and I do not believe this product has been
>> introduced in the Eastern USA yet.
>>
>> This is not the same as a HELOC because with this product the Checking
>> account balance gets deposited into the HELOC every day, therefore, you
>> carry a lower total mortgage balance, pay less interest, and pay off the
>> mortgage years quicker since your payments are now going more torwards
>> principal as opposed to interest on lets say a 30 fixed. It is a HELOC,
>> but there is not another lender that will combine the HELOC with your
>> checking account.
>>
>> If you want me to send you some info I will, or Google "Aussie Mortgage"
>> and some articles will come up
>>
>>
>> AG
>>
>>
>>> Never mind....It's PGM...
>>> $cott wrote:
>>>> Jeff...I can't find any reference to GNC; do you have a website?
>>>>
>>>> Mr. Greenspan, can part with this tasty tip or at least tell me if
>>>> lender X funds in MA?
>>>>
>>>> Regards,
>>>> $cott wrote:
>>>> > 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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