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FIB - Scams 101

Re: An open Challenge to the United First Financial

Posted By: Calvin
Date: Wednesday, June 18, 2008, at 2:47 p.m.(pst)

In Response To: Re: An open Challenge to the United First Financial (Scott)

>> Mr. Bob

>> I am a United First Financial agent, it took me a long time to
>> actually buy the program and to become an agent because like yourself,
>> when I first started hearing about priceless algorithms, I was t
>> urned off. I think that UFF agents hurt themselves and the product by
>> using terms like this.

Absolutely Agreed. I don't like the product, but it is what it is. However, it isn't what most agents say it is.

>>I have done all the math and it is true that if you
>> send every last dime you have left over each month to your mortgage you
>> will come out slightly ahead of the MMA program. This sounds great in a
>> perfect world but everyone that I know would never do this. One you would
>> never have any money if you needed it. The only way to get it would be to
>> refinance and pull the money back out.

See, here you've fallen back with the typical agents you just scolded above. Anyone that qualifies for MMA can get their money out the same way MMAers can. A HELOC. If they couldnt, the MMA approach wouldn't exist. As for "having no money", well that's right. But guess what, they would ALWAYS have more money than any MMAer. Why, if you take your checking account to zero, you still have more money than an MMAer. MMAers checking balance is always NEGATIVE. Their HELOC always has a balance, so they literally have no liquid cash account. Only debt. Please understand the product you sell.

>> If the reason you needed the money
>> is because someone lost a job or got sick. You would not be able to
>> qualify for an equity loan even though it's really your money.

Um, no, they can get a HELOC NOW and not touch it unless an emergency arises. This is exactly what I did. Got a HELOC, never touched it for the 6 years it took me to payoff my 30 year loan.

>> This program allows people to achieve virtually the same results without this risk.

No, it lets them prepay their mortgage with MORE risk. This is a critical factor that agents just NEVER seem to understand. MMA is more risky than prepayments, especially the UFF's ineffecient MMA. Say you make you and your spouse make $3000 a month each, and total expenses (including mortgage) are $3000. UFF will have you carry 1-3 times your income on your HELOC at some points in time. Say when you have $7000 on your HELOC, one spouse loses their job, eliminating every penny of discretionary income. You can now only cancel $3000 of HELOC balance, AND, you can not chip away at the balance each month. Interest accrues every month, and each month, the balance grows. (and now with banks freezing HELOCs, they are recommending the use of credit cards, imagine this scenario with 20% interest....it would kill a family rather quickly).

but now look at the same scenario with the prepayer....they can stop prepaying ANY TIME. as soon as the spouse loses their job, they can continue on without prepayments and afford their bills. no interest accruing. and if they use a bank that pays interest, they can actually still come out a few bucks ahead each month.

Then there is the obvious risk of frozen HELOCs these days. The UFF's product carries MORE risk, not less.

>> Also it gives people a real time view at the true cost of everything
>> they spend. Which naturally makes people think of spending in different
>> terms.

As does any free mortgage calculator.

>> I am aware that you could do something similar on your own. But
>> when you look at closing cost and the amount of interest people pay on
>> mortgages 3500 for a program that I am sure you will agree will more than
>> pay for itself.

I surely do NOT agree whatsoever. It's a waste of more than $3500 depending on your income/expenses/mortgage. $3500 in software fee and usually more than $3500 in added interest expense.

>> You should make mortage companys your target. This program
>> is a good thing and has made huge differences in a lot of peoples lives.

No, a mortgage company provides a service that people need (try buying a home for cash). You provide a service that costs money for something they already have the ability to do better on their own.

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