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FIB - Scams 101
Re: $3500 for software to pay extra on your mortgage?
Posted By: Jim G In Response To: Re: $3500 for software to pay extra on your mortgage? (Sue Copening)
Date: Thursday, September 20, 2007, at 1:09 p.m.(pst)
Why in the world would anyone spend big bucks for software when they can do it for free with a hard look at their amortization schedule?
Most people, in fact, already know how it works:Example: Loan= $100,000. Rate: = just under 6 percent. Term: 30 years. Mortgage payment(principle and interest only for the sake of example) = $662.62/Month.(Numbers vary, of course, as loan amt, term, and interest rate change)
Early on in the mortgage, most of that is Interest: $580. Principle amounts to just $82.62.
All by yourself, without the help of banks, math professors, or people who want your money, you simply make one or more extra principle payments every time you make a mortgage payment.
It gets a bit harder on you budget in the later stages of the mortgage, of course, as the amount of the principle increases.Also, as you know, mortgage interest in “SIMPLE interest.” Why pray tell, would you take out a loan at COMPOUND interest to pay it off? Especially a home equity line of credit...the most costly loan on the books.
Unless, of course, your brain dead:o)
>> I did not even bother to read your resonse all the way through as I
>> saw right away you have missed some basic elements of how this works. You
>> are like every other person that I have encountered that thinks this is a
>> scam... you saw one presentation, missunderstood it, did not gather all
>> the facts and made a snap judgement. You also seemed to have added some
>> hostility in the mix which confuses me.>> We just had an announcement that several NATIONALLY RECOGNIZED names
>> in the finance world are going to be publicly endorsing this program and
>> announcements will be made in next couple of weeks as to who they are. We
>> have had TWO major banks try to BUY our company and/or privately license
>> the software for their own use.>> However... I am sure that YOU are much smarter than these folks that
>> offered millions of dollars for this, right?>> I was initially skeptical, like yourself. Unlike you though, I
>> actually did the math... about 6 ways from Sunday... and EVERY time I did
>> that I discovered that this program beats any other way you could try to
>> do this. It also beat savings accounts and most other investment
>> strategies too... many of which carry more risk and fees than the safe
>> strategy of saving interest and paying off debt.>> You have missed a couple of VERY BASIC things about this program... I
>> suggest you do some more research before you damage your credibility even
>> further.>> Just a few of the things you missed/misunderstood... that most of the
>> savings IS in your own discretionary income (of course!), you do not
>> understand the concept of EFFECTIVE interest on the heloc (and how the
>> interest cancellation effect handles that), so you have not recognized the
>> interest differential you get with each transfer from HELOC to primary and
>> you have not run the numbers on ADVANCE payment of the principle of the
>> mortgage up against the cost on the heloc. I am sure you missed some other
>> things (like tax implications) but I quit reading half way through.>> Most folks have to look at this 2 or 3 times before it clicks in
>> completely... even a retired math professor I have as an agent looked at
>> it 3 times before he grasped it. The edge edge the math gets you is
>> created by some very small margins. If it was EASY to do this math... you
>> would not need the software.>> But... bottom line... the extra edge in the precise math that the
>> software gets you only has to be enough of an edge to pay for the program
>> to make this an excellent deal... then you have a FREE TOOL that becomes
>> your own PERSONAL TRAINER... your personal FINANCIAL trainer that is.>> You may think you are smart enough to do this on your own... GREAT FOR
>> YOU! Are you doing it already? YES? Even better. NO? Why not?>> I have never found anyone so far who says... I can do this myself...
>> that actually IS doing it themselves. Not one in 6 months of marketing
>> this. I even offered a PRIZE on another blog for anyone that could prove
>> our math wrong or show me that they WERE doing it themselves. I did not
>> have even one response to that.>> The thing is... our market is not math geeks who think devoting their
>> weekends to playing with spreadsheets is a fantastic form of entertainment
>> (though some of them are our customers also). Our market is the Average
>> Joe American family and business person who considers their time valuable
>> and best spent elsewhere.>> There are lots of things you can do yourself... do you wash your
>> clothes in a bathtub or a washing machine? Does the washing machine pay
>> for itself or did it cost you money to buy it? Why did you buy it? Just to
>> save time, right? How about your power lawn mower... you know you could
>> use one of the whirly blade things or a scythe, don't you?>> You are being UNKIND and UNFAIR to call this a scam. This is simply a
>> product, like any other. Some folks will see the value and buy it...
>> others will continue doing things the same way they have always done them.
>> Do you call the MAYTAG company a scam because you could wash your clothes
>> in the bathtub instead?>> You think you are as smart, or smarter, than a software program. Good
>> for you. However that does not make this a scam. It simply makes it
>> something you choose not to buy.>> United First Financial has sold more than 12,000 of these Money Merge
>> Account software programs so far... they have ZERO complaints in the
>> Better Business Bureau and our sales increased 65% last month alone! In
>> the past six months we grew over 30% each month in sales... and last month
>> we doubled that. The agents in our company include CPA's, Attorneys, Math
>> Teachers, Mortgage Brokers, Financial Planners and regular folks who
>> simply see the value in taking a different approach to get out from under
>> their mortgage and debts.>> You keep on doing what you are doing, and best wishes to you. ME? I am
>> paying off my mortgage in 6 years. It was supposed to be 7.4, but like
>> most folks, I am getting a better result than my initial Analysis showed,
>> now that I am using it. Could I have done the math myself and done this?
>> Maybe I could have... but I doubt it... and I have better things to do
>> with my time. This only takes me about 15 minutes a month and I have
>> enough discipline to stick to that.>> I am going out to the pool now. Ciao for now!
>> Sue :)
>> PS: You have not even done enough research to know that most banks
>> offer HELOCS at no charge or set up cost. Come on, Dude... are you Chicken
>> Little? Do not be running around telling folks the sky is falling... look
>> up! Or, in this case... look it up. Do some research and gain some
>> knowledge before you form an opinion... it makes you look better. You even
>> say... "I did not get far enough into the pitch..." REALLY?
>> Then... shouldn't you be embarrassed to be opening your mouth at all? My
>> Dad, genius IQ, Aerospace engineer, used to say that the reason that
>> people who are prejudiced are stupid people... is because an intelligent
>> person does not PRE-judge. They gather all the facts BEFORE they form an
>> opinion. They look at all the angles... not just the first angle they see.
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