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"Allen Greenspan" <allengreenspan@juno.com> wrote in message
news:cvWWg.1244$BC6.428@fed1read01...
> Scott,
>
> The company is CMG Mortgage
Good catch. I knew it was something like that ...
<end>
and I don't believe this product has been
> introduced in the Eastern USA yet.
>
> This isn't the same as a HELOC because with this product the Checking
> account balance gets deposited into the HELOC every day, therefore, you
> carry a lower total mortgage balance, pay less interest, and pay off the
> mortgage years quicker since your payments are now going more torwards
> principal as opposed to interest on lets say a 30 fixed. It is a HELOC,
> but there isn't another lender that will combine the HELOC with your
> checking account.
>
> If you want me to send you some info I'll, or Google "Aussie Mortgage"
> and some articles will come up
>
>
> AG
>
>
> "$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?
