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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......
> "Jeff Strickland" <crwlr@yahoo.com> wrote in message
> news:BuSdnb1zc6XM_I7YnZ2dnUVZ_sadnZ2d@ez2.net...
> > 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 don't 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>
> >
> >
> >
> > "Allen Greenspan" <allengreenspan@juno.com> wrote in message
> > news:WYlQg.69$BC6.16@fed1read01...
> >> I am 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 have
> >> 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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Re: Marriage of Checking/Savings and Mortgage?
