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Never mind....It's PGM...
$cott wrote:
> Jeff...I cannot 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......
> > > "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?
