Close

See current mortgage rates on Zillow Mortgage Marketplace

Profile picture for Mrs. Carr

What about a Mortgage Acceleration Loan like they have in Australia and UK?

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2009 - Ellet
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (8)

Profile picture for newmildew
...which made it un-American...

Thumbs up to that! You are sooooo right with what you say Hamp!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2009
I don't want to be misconstrued as endorsing a hokey "accelerator". (Because my endorsement is sooooo valuable.)

The product I was referring to was just a purchase money first equity line, that was compounded differently than normal HELOCs, and slightly more flexible. (This was many brain cells ago so details are long gone.) This product was not high LTV per se, which made it un-American. Not an accelerator refi magic loan.

I was pitched the hokey things repeatedly, and found them lacking, particularly for the typical American house boom mindset.

Macquarie is an Australian bank that did Australian style purchase money products.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2009

Now THAT should be posted on every one of those ads as a disclaimer no one has to read.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2009
 You called Mr. Branch?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2009
Anything that advertises pay off your mortgage in half the time with no change in spending habit is BS, no matter how much lipstick they put on that pig.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2009

Robert,

A product like this is what Mrs. Carr was referring to. http://www.homeownershipaccelerator.com/

All,

CMG is reintroducing this product after dropping it about a year ago when HELOCs went south. There were about four lenders offering a similar product in addition to several firms offering a software product for this purpose

As Hamp said, for the right person this is a great product. The right person must have good cash flow with an adequate amount of funds leftover after all monthly expense. Plus,be super disciplined!

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2009
Macquarie Mortage USA used to originate this kind of loan in the US. They stopped in early 08. I don't think they ever really caught on, even though they are a great product for the right person. They only work with larger down payments than the US market was accustomed to making in 2005.

Robert Benham was talking about MMA, a different thing, based on a similar principle.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2009
From what I know about this, it's not a "Lender" program. It's a 3rd party debt payment system. My Uncle tried to sell me on this gimmick. Basically you take all your expendable cash (like for going out to dinner, buying new cloth's, having a drink or two, etc.) and use that money to pay down your mortgage.

They actually charge about $3000 for this program/info!!! They sell you a fancy looking database with a bunch of bells and whistles. They tell you, "you pay ONLY $3000 but you save $200,000 in term savings."

There is no voodoo magic to pay down your home faster. The more you apply to your principle balance, the faster you own your home.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 15 2009
 
Related Questions
What about a Mortgage Acceleration Loan like they have in Australia and UK?
Profile picture for newmildew
Latest answer by newmildew
September 15 2009 | 8 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 568 Stetler Ave, Akron, OH Home For Sale
    568 Stetler Ave, Akron, OH 44312

     For Sale: $69,900

    • Beds: 2
    • Sqft: 912
    • Baths: 1.0
    • Lot: 3998
  2. 2611 Robindale Ave, Akron, OH Home For Sale
    2611 Robindale Ave, Akron, OH 44312

     For Sale: $127,000

    • Beds: 3
    • Sqft: 1270
    • Baths: 2.0
    • Lot: 8632
  3. 2045 Oakes Drive Ext, Akron, OH Home For Sale
    2045 Oakes Drive Ext, Akron, OH 44312

     For Sale: N/A

    • Beds: 2
    • Sqft: 1080
    • Baths: 1.0
    • Lot: 34099