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FIB - Scams 101
Re: Uhmmm.... I take it you don't own any GPSes?
Posted By: Jim G In Response To: Re: Uhmmm.... I take it you don't own any GPSes? (Gary)
Date: Friday, February 15, 2008, at 6:31 a.m.(pst)
In Response To: Re: Uhmmm.... I take it you don't own any GPSes? (Gary)
Step One: Take a look at your amortization table. If you didn't get one, call or write your mortgage holder and ask for one. You'll notice that each monthly
payment is broken down by PRINCIPAL and INTEREST.
Step Two: On your next mortgage payment, look down one space to see the amount
of the principal owed on the following payment.
Step Three: pay that NOW along with your current payment. This erases the
interest due that is recorded right beside it.
Step Four: Keep doing that as long as you can afford the extra PRINCIPAL PAYMENTS. You'll see that these keep going up as time goes by, making it
difficult for some people to keep doing it.
Continuing this way, making one (or more) additional PRINCIPAL payments each
month, can result in paying off the mortgage in half the time.
Of course, I could be wrong. I suggest this only because I DID IT.
It should be noted that making the extra principal payments does NOT allow
one to skip any mortgage payments. Ya still gotta remit every month...or
whatever your original payment schedule states.
Common sense should dictate that borrowing money at compound interest to
repay a debt that charges only simple interest is really not a good idea.
Have a nice weekend.
>> Can I add something here? If this is so simple, would someone please
>> tell me right here, right now, how to do it for free so I don't have to
>> spend $3500? I'm a simple guy with a $155K 1st (with 27 years to go) and a
>> $20K 2nd and about $15K in credit debt. I have been offered by my credit
>> union a HELOC to pay off the 2nd and all the debt (including the $3500
>> cost of this software), after which I will be able to pay my 1st (and
>> HELOC) off in 10.5 years, simply by using the HELOC as my checking account
>> and depositing my monthly income of around $4000 into it. And the
>> software, which I DID see in action, will clue me in as to when to make
>> extra principal payments on my mortgage.
>> Now I use a lot of expensive software on my computer (have you
>> purchased MS Office lately?) and $3500 is a little steep but if it works I
>> won't worry about it. My only concern is the push to have me become an
>> agent, which I have no desire to do, but it isn't a "must" as
>> other MLM schemes are.
>> SO - if all you financial gurus out there say that anyone can do this
>> with little knowledge of the market, why not just post your methods up
>> here and blow UFF out of the water? I'd love to do this for free - I
>> already have the approval of several banks for both conventional equity
>> and HELOC loans, and I have excellent credit, so I can walk into any bank
>> and get a loan. C'mon, guys...give us the secret and save us that $3500.
>> Or does the software work?
>> This should be a no-brainer.
>> -= Gary =-
Messages In This Thread
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