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Ive heard of it, but wouldnt trust some silly idea...
Scam. Avoid it. Someone tried to propose it to me to sell, and I threw them out the door.
FIrst rule of mortgage life- simple is cheaper than complex. All complex does is cost more and make it easier to hide risk.
Tom O'Leary
planersmortgage.com
LOL...
Do your homework, these responses are from people who dont know what their saying. As a UFirst agent I can say that tens of thousands of home owners have benefited from this program. They have have seen dramatic results. I personally was able to take my mortgage from 27yrs remaining down to 9yrs saving myself over $160,000 in interest. Like I said do your homework it will be one of the best investments you'll make.
Feel free to contact me if you have questions
Why don't you post the details of your program her so we can all analyize it together.
For what it's worth, I have 30 years industry experience and have taught finance at the college level for almost a decade, so with all due respect I actually DO know what I am saying (usually). Still, I am happy to be proved wrong, so post some nmbers and we will explore it together.
Tom O'Leary
plannersmortgage.com
Ug, we need to be able to sticky posts to slay this dragon once and for all.
The short form sine I’m swamped today.
Yes, due to the daily interest compounding mechanic of a HELOC, you can use one of these “Tools”
To save money. That part is true. Problem is that you’re probably talking about saving 2,-4k in interest on a 400K loan. The “I PAID MY 30 YEAR MORTGAGE OFF IN 17 MINUTES” (/End Sarcasm) talk is because their models always show the borrower with a strong monthly positive cash flow and then putting all of that cash flow toward the HELOC. This you could do your self in the form of a 15Yr mortgage, extra payments, larger payments et. That is where the real savings of “HUNDREDS OF THOUSANDS OF DOLLARS” comes from. No tricks, No Voodoo Math, No Rocket Science Algorithms, just making the equivalent of extra mortgage payments.
I have a standard response when clients askme aboutt programs like this and their close cousin, the bi-weekly mortgage. The simple wayto achieve this result is just to round up. Let's assume you have a 250K, 30 year term loan at 5.75%. Your standard P&I is $1,458.93. Simply rounding up to $1,500 each month drops two years off the loan term, and it's easier to balance your checkbook. $1,800 per month drops the term to 19 years, which you can make sound real nice by saying it's saving you $192,579 (11 years X 12 months X $1,458.97).
Tom O'Leary
planersmortgage.com
The Ufirst program allows you to pay your mortgage down utilizing your money as well as the banks money. It simply helps to eliminate the huge amount of interest you would pay if you carried a 30yr mortgage to term. It's better to use someone else money rather than your own, at least that's how I feel.
Golden-
Claims are nice, but this is the kind of deal where you should be able to give us numbers to prove your point, especially since you are tellling us you can get something for nothing. Why don't you tell us all exactly how it works, instead of big promises and no details. I am perfectly wikking to run the numbers in a public forum, and will be the first to say I'm wrong if that's how the analysis works.
On the other hand, if you are offering some miracle program that will make free money for people, but can't or won't post any detailed information about it in a public forum, maybe we should all assume it's just a scam. Your choice.
Tom O'Leary
plannersmortgage.com
Spam site. No Data. What are you trying to hide?
Sorry to be on this guy's case, folks. It's pretty likely that he doesn't understand the program himself. The guy that tried to sell it to me had a laughable grasp of financial analysis.
What is happening is that a lot of mortgage brokers who can't make a living since we lost the no doc loans and all their client have been forclosed on have taken up this program as a source of easy money. It's a scam.
Remember, simple is almost always better than complex. Complex is just a way to hide risk. Risk, sooner or later, will cost you money.
Tom O'Leary
plannersmortgage.com
Now now Tom, lets be nice, it’s obvious that theses guys have come up with a way to beat the system with their software, and we’re just too dumb to understand it. Just because you, the hedge fund industry, Institutional investors, Nobel Laureates in economics et. don’t get it, doesn’t mean it doesn’t work.
At please stop asking for “Facts” and “Numbers”, who wants facts? Personally when I drop $3,000 on software I don’t want to get confused by Math (what is this College?) , No, not me, I want to have a vague fuzzy feeling that I think this software is working!
Whenever we’d talk about debt in any of my college finance courses my profs we’re truly visionary. They said that calculating values for things like I, PV, NPV, FV, T, N, P, ROI et. was a suckers game, they said the real way to judge a financial instrument is whether or not it makes you fell happy.
So in that spirit Tom, I ask you never to post in these forums again.
PS. If you buy two copies of the software it works twice as good.
Ahh, I see the light! Now, if Bear Sterns would only have been using that software, everything would have been OK! Do you think it's too late for them?
Tom O'Leary
plannersmortgage.com
Maybe our friends here who are "SAVING HUNDREDS OF THOUSANDS OF DOLLARS" can donate a copy to GS. They're loaded now! :)
Everyone needs to do their own homework, look the program up it speaks for itself. Anyone who says other wise likes their clients giving money to the banks rather back into their customers pocket.
OK, goldie. Just how much does someone have to pay you for you to tell them how to make free money? Are you even capable of explaining the program, or are you just a shill?
My e-mail every day is full of nice people from Nigeria trying to send me money. Are you suggesting that I should look them up too? After all, you have given us no more reason to take you seriously than they have.
Tom O'Leary
plannersmortgage.com
It doesn't cost anything to do a little investigating. The program does actually cost $3500, but to save thousands and in some cases hundreds of thousands in interest it's worth it. It's also obvious you dont understand the program so feel free to e-mail me and I'll explain it to you. Also how much are you making to post here.
Me too, goldy, and while you're at it why don't you post your real name and contact information, too. I will of course feel free to accurately repost anything you send me here, along with my comments and calculations, and let people judge for themselves if you have discovered a way to make money for free.
By the way, you might want to learn how to use a financial calculator, and google the term "opportunity cost", before you go to much further with this. Or maybe take up honest work somewhere, and stop trying to rip people off.
I don't get paid a thing for exposing scams like this, which I can see is hard for someone like you to understand. Mortgage brokers in general have gotten a terrible reputation, some of it deserved, some not, and I like to think that the honest ones in the industry need to step up when we see abuses like this.
Tom O'Leary
plannersmortgage.com
Can we at least see a hypothetical example?
Lets say the following scenario
Home price 400,000
20% down
Loan 320,000 30 year fixed 5.75% Interest
Heloc 7.5% ( you can set the amount)
Gross Income 10,000 per month.
1000 per month in deductions and taxes.
Leaving 9,000/month take home paid 4,500 on the 1st and 4,500 on the 15th of each month.
Assume free monthly Cash flow after all expenses $500/month.
Now you can run this through your software and let us know how long it would take pay off this mortgage, and how much would be need to spend on P+I for the mortgage and the HELOC.
Running this example will not require you to divulge any of the mechanics of the software or any proprietary information.
Lets see it.
As I recall from the time some crook tried to sell me this program a year or so ago, one of the things they leave out of their phony demonstration is the opportiunity cost of the free cash flow. I'm doing this from memory from a phone call from over a year ago, so I reserve the right to amend these comments if goldy ever put up some real numbers, but as I remember the so called savings they are pushing comes from L/C's compounding daily versus mortgages compounding monthly, so you can claim to get more bang from your buck by prepaying l/c's early in the month and then pulling the money out to make the mortgage payment just before it's delinquent. It's not much, but over 30 years even marginal prepayments can add up to significant savings, especially if you ignore all time value issues and talk about gross numbers.
What they conveniently leave out is the opportunity cost of prepaying the L/C early. In other words, they count the investment gain of prepaying the L/C, but don't count the loss of earnings that would have happened if you had left that money in the bank. There's more, but that's all I remember.
In short, there's no free lunch in finance, and you have to assume that anyone that's trying to sell you one is not looking out for your best interests.
Tom O'Leary
planenrsmortgage.com
you can do it yourself without paying someone. go to debtfreepartners.com
It’s time for mortgage brokers to get educated on this stuff. I just closed on a HOA (Home Ownership Accelerator) in January, and I think this is the smartest move I've ever made. I compared this product with the financial software very carefully before deciding which way to go. I went with the HOA because my ARM was adjusting and I needed to refinance anyway.
I tried to submit a detailed message about it but I keep getting an error message when I hit the submit button. Is there a word limit?
If you want to e-mail me the detailed information, I will analyize it and post the results here.
I have had the same problem with some of my longer posts, and resorted to breaking htem up into smaller ones, which seems to work.
Tom O'Leary
plannersmortgage.com
Just a quick word about "Accelerated" mortgages. Please remember that whether you pay your mortgage down with "your money" or "someone else's money" as Goldie alluded to(have no idea what THAT means...if you are paying down your mortgage ITS ALWAYS YOUR MONEY! Don't confuse this with creating another liability by increasing a credit line...thats just recognizing the asset without recognizing the liability) an accellerated payment is missing out on the time value of money. Yes, you've shortened the amount of interest you will pay. And in doing so, you have also decreased the amount of interest an investment can earn. I have asked for explanations of the HOA and a few other accellerated mortgage programs, and when the questions got too tough, the "seller" said I didn't get the concept. Funny, I traded MBS at some of the top Investment Banks on Wall Street for 15 years. I'm familiar with some pretty complex math...and these mortgages have NEVER made financial sense to me. Just my 2 cents
I am a bit confused regarding these accelerated mortgage programs. I have been looking into the UFirst program and thought it was a good idea until I heard it was $3,500.00. Yikes! Isn't that about as much as a refi? I'm looking at refinancing to a 15 year mortgage and paying a few extra payments a year to reduce the # of years. I have 5/1 ARM that has 1 1/2 years left at 5.5%. I feel like I need to get out now while the rates are on the way down. My principal is $128,000.00 and I'd like to take out an additional $40,000.00 for some remodeling. My home would probably appraise between $250,000 to $260,000.00. I would welcome any advise. By the way, I'm 52 and earned about $120,000.00 last year. I expect to do a little more this year. Thanks
By the way, UFirst has a web site that explains the basics of the program. I just Googled UFirst Financial and the home page was one of the first listings. The main office is located in Draper, Utah. You can add that to the Google. I would like to know what kind of experience anyone has had with this program. Thanks again. : )
Jenna, if it cost $3500, I definetly would walk, refi into a 15yr while you can, Im in the process of refinancing myself... into a 15yr fix....
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Accelerator Loan Programs or Softwares
FLMRTGMAN
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I am interested in hearing feedback from any consumers who have a loan with an Accelerator Program or have purchased and used the Software from UFirst or others. ALSO if you are a mortgage broker and you offer the HOA program, how is that working for you? Are your client's satisfied with the program?
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