From: "Regal53"
Newsgroups: alt.org.natl-assn-mortgage-brokers
Subject: Re: Equity Acceleration
Date: Fri, 15 Jun 2007 19:53:36 -0400
Bytes: 5250
I tried to refi my home loan with the home equity accelerator loan and was
turned down because I had 736 midscore...
"Jeff Strickland" wrote in message
news:A3uUh.1737$BS2.1720@trndny01...
>
> "Ashley" wrote in message
> news:vDsUh.910$Qp.207@trnddc07...
>> We do not originate mortgages. We show the property owner how to satisfy
>> them - sooner.
>>
>> Our web based system enables people to accelerate the rate at which they
>> accumulate equity in their properties. We show them how to force changes
>> to the amortization schedule and cancel future interest by aggressively
>> paying down the principal while using the bank's money and not their own.
>> We have customers who are on schedule to pay off 30 year notes in as
>> little as 8 years or less. They do it on current income, without making
>> additional out of pocket principal payments, without refinancing, and
>> without making changes to lifestyle or cash flow.
>>
>> If you would like to learn more about this smart system, please respond
>> and I will show you how it works.
>>
>>
>
> Well, you are lying. One can not pay off a loan early without either
> refinancing to a different loan program -- hence you must originate
> loans -- or the existing loan must have greater amounts sent in as extra
> principle payments.
>
> My question to you is, IF mortgage interest is a deductable expense on
> income taxes AND one has the income with which to pay a mortgage off
> early, then wouldn't that sort of person need as many deductions as they
> could find?
>
> The high dollar people that I know of obtain Interest Only Mortgages that
> let them pay mortgage interest for years, and write off 100% of the
> payments they make.
>
>
>
> PS
> To those that are interested, the program being offered here is a 1st
> Trust Deed that is a HELOC, and requires your paycheck to be deposited
> through automatic deposits. The FICO score that is required is either a
> 720 or 740 -- I forget which. What happens is that your pay is deposited
> and this pulls down the average daily balance from the date of deposit.
> You pay your bills with HELOC checks, that slowly drive the principle
> balance up again, but your next payroll check pulls the balance down again
> and the process starts again. The idea is that if you are a paycheck
> person and have a high FICO, then you can use the power of your deposits
> that exceed expenses to reduce mortgage principle much faster. The affect
> is that your residual income -- income after expenses -- earns interest at
> the effectivej interest rate of your home mortgage.
>
> It is a very good product for the right borrower. Very good. Over time you
> will have much greater equity in your property than you would otherwise
> have. Since your mortgage is essentially a home equity line of credit
> (HELOC), then you have immediate access to upwards of 90% of any equity
> you might have, and no new qualifying to pull out the cash you want. Let's
> say you collect cars, and are driving through the wine country one
> afternoon and see a fabulous '67 Mustang for sale. You can pull to the
> side of the road and simply write the check and take the car home. Cool,
> huh? Another thing that happens under the program is that your daily
> living expenses -- stuff you pay for with the HELOC checks, like
> grocweries and utility bills -- get transferred to mortgage interest, and
> they become a tax deduction. Any thing you buy with a HELOC check is
> repaid through the mortgage, and any interest paid that way is a
> deduction.
>
> There is a a downside to the product, but since it requires a high FICO
> and good income, the people that would be affected by the downside are
> disqualified from the program.
>
> It's a good program, and you should contact the OP for details. But do not
> be fooled by her promises to not write a new loan, or pay stuff off
> without spending a dime.
>
>
>
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