Have you heard of United 1st Financial?

[Logan]

Have any of you heard of this company offering a web based register software to pay off your mortgage in a third of the time utilizing a HELOC?

I realize this is statutory and from within the current system but it does look practical and easy for the average person looking to rid themselves of their mortgage in a severely decreased time frame.

www.u1stfinancial.com

[charlesa6]

I don't trust them. They always come up with some storyteller, riddle me this riddle me that but they never deliver. The way I see it; they might eat up your equity and leave you with nothing in the long run.

[Logan]

Hey Charlesa6,

As I understand it, these guys have only just come to the U.S. from Australia with this program.

I have been to some of the local meetings and asked a bizillion questions about it and have not found anything impractical or even remotely shady.

I was just curious to know if anyone had heard of this process working with some degree of success. The company here states that it has been successful for years in Australia and Europe.

Apparently, all you do is use the Heloc as your primary checking account and periodically pay large sums toward principle, thereby exchanging open-end simple interest in your Heloc for compound closed end interest in your mortgage.

I found that interesting, assuming the person has some discipline and a little discretionary income.

[charlesa6]

[quote=Logan]Hey Charlesa6,

I found that interesting, assuming the person has some discipline and a little discretionary income.

Definitely!! That is the bottom line. Thanks buddy.

[Bird]

Logan:

I don't understand where the HELOC would come from unless you first refinanced to get one. The website claims that there is no need to refi....

Of course you could get a HELOC in the 2nd lien position behind your mortage, but that doesn't seem like it would be enough to help in any significant way.

[Logan]

As I understand it, the average person only needs about $10K approval in their HELOC for this software to work effectively. Also the HELOC must have an interest only option. You use the HELOC as your checking account.

So the the first month you extend the HELOC significantly to pay bills and lump a payment toward principle. Then you pay down the HELOC over the next couple of months with discretionary income, then the software comes online and tells you when to make another lump sum payment toward principle from the HELOC.

The principle usage of the HELOC with simple interest to cancel compound interest in your amortization schedule seems very sound.

The real product you are buying in this case, is the software. It holds your hand through the entire time and lets you know daily how your pay off time is decreasing. It offers a little visual discipline.

I think it is a good thing.

[Notorial dissent]

This "program" is just a really good way to incur another debt, and possibly lose all your money.

In the alternative, and a good deal safer, you could just make either a 13th payment against principal every year and that will reduce the mortgage amount considerably over it's lifetime, or you can pay every two weeks, but the point is you have to have the extra money free to do it in the first place. Both of which there are companies that will quite gleefully charge for the privilege of setting up for you.

Why pay someone to do something you can do yourself for free.

[Logan]

Originally Posted by Notorial dissent

This "program" is just a really good way to incur another debt, and possibly lose all your money.

In the alternative, and a good deal safer, you could just make either a 13th payment against principal every year and that will reduce the mortgage amount considerably over it's lifetime, or you can pay every two weeks, but the point is you have to have the extra money free to do it in the first place. Both of which there are companies that will quite gleefully charge for the privilege of setting up for you.

Why pay someone to do something you can do yourself for free.

The main downside to a bi-weekly payment is that the bank holds the first 2 week payment in escrow until the other payment is received, then it is posted. A bi-weekly plan only reduces a 30 year mortgage to about 23 because you are essentially paying an extra payment every year.

This program using a HELOC cuts your 30 year to 8-10 years by using simple open-end interest charges on the credit you use in the HELOC to cancel compound closed end interest on your principle, thus reducing the amortization schedule by at least $100,000 dollars in interest.

I think people need a visual aid to help discipline themselves and with this software made from the banks own software, you can see daily how many more years you have on your mortgage.

I think it is a good thing for most people.

[Logan]

Special report by G. Edward Griffin








HOW TO ELIMINATE MORE THAN HALF YOUR MORTGAGE INTEREST

This is not debt-consolidation, debt-cancellation, or something-for-nothing.
It is an ethical way to trim years off your debt and eliminate huge amounts of interest.


Those who are familiar with my book, The Creature from Jekyll Island; A Second Look at the Federal Reserve, know that I am a strong advocate of getting out and staying out of debt. Consumer debt is a trap in which people find themselves working all their lives to make exorbitant interest payments.

Home ownership is different. It is a foundation for financial security even though it may require debt. If we don't have sufficient capital to purchase a home outright, we have no choice but to borrow the balance, but excessive interest payments remain a serious problem.

There are numerous ways to reduce or eliminate interest payments, but the ones I have examined are too complicated, too expensive, or, in some cases, unethical. Now I have found one that has none of these handicaps and, frankly, I feel I have an obligation to tell you about it.

THE MONEY MERGE ACCOUNT (MMA)
Recently, I was introduced to a program that, although not new in concept, was unique in its implementation. The company is United First Financial, formed by two young men from the mortgage-lending business who wanted to help their clients acquire homes without being obligated to 20 or 30 years of debt. They developed a method to borrow money at one cost and use it to eliminate a much higher-cost mortgage. It is similar to rolling over a high-interest loan into a lower-interest loan, but the effect is a hundred times greater – and that is not an exaggeration. They call this unique program the Money Merge Account, or MMA.

I have examined this program closely and am happy to conclude that, not only does it work exactly as the company guarantees, it is entirely ethical as well. So I decided to add the MMA to the Reality Zone. If you are making mortgage payments, I highly recommend that you check it out. You will be amazed at the amount of interest you can eliminate and how much sooner you can achieve true home ownership.

Click here for more information.
https://www.freedomforceinternational.org/dev/mma_intro.cfm
You may also contact us via phone at 800-595-6596 or via mail at 3541 Old Conejo Road #109, Newbury Park, CA 91320.


-----------------------------------------------------

See, I told you it looked like a good thing! If its good enough for G. Edward Griffin, then it's good enough for me.
Logan

P.S. send me an email if you want to run a personal analysis. I have already checked this out thoroughly and I know how it works.

[rentiap]

Thanks for the heads up!
With G. Edward Griffin putting his name to it I will definitely stay as far away from it as I can get.
He's one of the peas in a pod. Ever hear of a Chameleon?
JMHO!