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Scott,
The company is CMG Mortgage and I don't believe this product has been
introduced in the Eastern USA yet.
This isn't 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 isn't another lender that will combine the HELOC with your checking
account.
If you want me to send you some info I'll, or Google "Aussie Mortgage" and
some articles will come up
AG
"$cott" <ezmortgageloanz@aol.com> wrote in message
news:1159915641.412263.95330@b28g2000cwb.googlegroups.com...
> 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?
