How To Ask Principal To Be Put In Accelerated Math Beware of Claims – Paying Off Your Mortgage Early With MMA Accounts!

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Beware of Claims – Paying Off Your Mortgage Early With MMA Accounts!

A mortgage professional recently put me in touch with a new program that claimed, “The average MMA customer will pay off 100% of their 30-year mortgage within 8 to 11 years, with little change in their spending habits. daily expense and without increasing your monthly mortgage payments.”

Now I’ve had a couple of messages about the show and had put them aside until I came across several ads for this show on Craigslist. My initial reaction was that something with this program isn’t quite right, but as much as I’m seeing it, I think my customers and clients are seeing it too, so I better look into it more.

Let’s look at the main claim first: “The average MMA customer will pay off 100% of their 30-year mortgage within 8 to 11 years, with little change in their daily spending habits and no increase in their monthly mortgage payments. “Sounds too good to be true. I’ve done the math several times and it just doesn’t add up. Many others have too. The following is an analysis of DLM on Scam.com:

If my home mortgage is a 30 year mortgage with 6% interest, how exactly could I pay off my home in 6-12 years without increasing my monthly mortgage payment? Even if my mortgage was at 0% interest and 100% of my payment was on principal, it would still take me almost 14 years to pay it off without increasing my mortgage payment.

Interest is interest, whether it’s a first mortgage or a HELOC. If I have a $100,000 6% mortgage and take $20,000 out of a 6% HELOC to pay off my first mortgage, I still have $100,000 of debt at 6%. Now it’s just split between two loans. So let’s separate the facts from the hype. FACT: You can save some interest if your HELOC interest rate is very close to your first mortgage interest rate. However, the interest savings only amount to an average of $10-15 per month using the above example of $5,000 per month income. What does this mean? About 1.5 to 2 years off your mortgage term (paying off your 30-year mortgage in 28 years). This is a little different from what they are promoting.

At the presentation, they handed out a sample report of the software. I crunched the numbers they gave (paying off a 30 year mortgage of $150,000 at 6.5% interest in 8.4 years). The mortgage payment was listed at $850 a month (which should have actually been closer to $950). They even make the reports hard to read, but here’s how they managed to pay off that mortgage in 8.4 years: they took $5,000 of monthly income and applied $2,845 a month to the “system” (have considering that the amount is three times the original 30). – annual amortized payment). My first question is, how exactly do you triple your mortgage payment “without altering your current standard of living” and “without increasing your monthly mortgage payment”?

Now here’s the good part: Let’s take the original loan amount of $150,000 with 6.5% interest. The MMA program would pay it off in 8.4 years by applying $2845 per month to the first mortgage and/or HELOC. Now what if we didn’t use the MMA program and only paid $2,845 a month on the $150,000 first mortgage at 6.5%? Ready for it?… 5.2 years! That’s 3 years faster than using the MMA program, simply paying the same amount directly into your first mortgage. But how many people can afford to triple their mortgage payment anyway?

The bottom line is that UFF is in the software business. This system was created from a simple concept (accelerated mortgage reduction) and made extremely complex so that the average person could not understand how the numbers actually work. Then they make it look like they’ll save you $100,000 or more in interest without affecting your lifestyle, so $3500 for software that’s actually worth a fraction of that seems like a bargain. DO THE MATH! They are complicating a simple concept to make you think you have to give them $3500 for a piece of software. Think about it.

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