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NO, is used bankrate.com. It was around midnight, I was tired and so I wrote, "the payoff is AROUND 10.4 years"
So, how many people do you know who send ALL of their discretionary money to their mortgage EVERY single month? I bet you can't find one person who does that.
OK, so your math was wrong in the first example. How "around 10.4 years" was the MMA result in the second example? Was it really 10.4, or were you just using whatever numbers that made both examples the same? Have you gone back and checked for math errors in your other examples?
And you have to send all of your discretionary income to the mortgage in either case if you want to pay it off in the time you've listed. It's not like the MMA stuff magically reduces your mortgage without you having to pay. The MMA does try to hide what you're doing by using the HELOC (losing money on interest in the process), but aside from the extra money you have to pay to buy the software, the result is the same.
This is the part the most people don't understand. We are using the heloc as an "Interest Cancellation Account" We don't actually pay 8% or 18% because it is a daily adjustable rate. If you take the 8% apr and divide by 12 and then divide by 30 that is what we are paying as a daily average rate. The lower the balance the lower the monthly payment that the bank is looking for.
The interest rate doesn't change. You have an 8% loan that you're paying 8% interest on. The rate doesn't change based on the balance. And considering that you pay more using the HELOC than without it, shouldn't it be an "Interest Enlargement Account"?
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It is all just math, the math doesn't lie.
Kind of ironic posting this after getting the math wrong in a simple early payoff calculation.
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You have nothing to lose except your mortgage because when you buy the MMA it comes with a money back guarantee.
You mean it guarantees that I'll pay more to pay off the mortgage using the MMA plan?
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You don't read things very carefully do you KC? If you go back and read what I wrote in the last post you are paying more in interest on the 18% loan versus the 8% loan, although it is only a hundred bucks difference or so.
AND LIKE I SAID, "NO ONE IS GOING TO DO #1"!!
If no one can put all their discretionary income towards the mortgage, then the number for the MMA is going to change as well. There's no difference in what the plans are doing - they're both just dumping all the extra money each month into the mortgage. The only difference is that you're losing a few hundred floating cash in HELOC interest and 7500 or so in paying off the $3500 loan you have to take to buy the software.
It is funny to watch you resort to personal attacks, though. It just proves you can't present any facts (at least ones which actually match math in real life) which back up your case and instead have to try and distract people from your lack of argument. It's just an extension of ignoring simple math questions and trying to distract with unrelated marketing fluff.
Here is the bottom line. More and more people every day are buying the MMA. When a person sees an honest presentation of what the MMA does they buy it. So far all of my analyses that I have run for my clients has beaten what they were currently doing to own their homes by years and in some cases decades.
They see the value in a program that uses ALL of their discretionary income to help them pay off their mortgage in record time while still having 24/7 access to their equity in case of an emergency.
They see the value in a tool that will tell them exactly what will happen to their payoff date if they spend more money than they budgeted for. (How many months or years will spending this money ADD to my payoff date, what does it really cost me)
I have a client, who before they bought the MMA were living paycheck to paycheck, they had a motorcycle payment and a house payment that is all. They had 2 vehicles that were ready to totally die. The only way that they would have been able to afford a new car would have been to find the cheapest car possible and finance it for 5 years or more so that they could afford the monthly payment.
After I showed them the MMA and they saw for themselves that they could spend up to $13,000 on a new vehicle AND add only 3 years to the payoff of their home they were so excited. After being on the program for one week they paid off their motorcycle, over $6,000, and they now own their motorcycle. They went out last week and bought an 06 mazda, the newest car that they have ever owned, ever.
That guy calls me almost everyday and thanks me for introducing them to this product. I am sorry that for what ever reason you don't get it, you don't see the bigger picture here. We have 10's of thousands of people on track to owning their homes all across the nation. How is our economy going to be affected by having thousands if not millions of homeowner's over the next 5 - 10 years?
The MMA is 2 1/2 years old and some of the first people to buy and test the MMA now own their homes after just 2 1/2 years! More people are on track to owning their homes then ever before! I will even bet that more than 90% of the people that bought the MMA had no plans on paying their homes off early, now they do.
Out here in the west we have banks falling all over themselves to try to set up helocs that will work with the MMA. I had a branch manager from one of our local banks call ME and want to know what he had to do to get their helocs in line for us to use them!
US Bank has spent $2,000,000 of their own dollars to set up special branches in 4 states just to take care of UFirst agents and their clients. And now they are opening these branches up in 6 additional states.
Do you realize that you can get a 40!!!! year mortgage and they are working on a 50 year mortgage!!!???!??!?!?! And did you also know that if you live in Japan you can get a 99 YEAR MORTGAGE?!?!?!? That is 3 generations of debt! 99 year mortgage coming to America soon, I am sure.
So what if someone wants to pay $3,500 to get a guaranteed pay off date and save 10's of thousands if not 100's of thousands of dollars of mortgage interest, why do you really care what someone else does with their money???
The reason that I am so successful is because it is easier to show people the presentation and then answer all of their questions in person.
I make sure that my clients have all of their questions answered before they buy the program.
I make sure that they understand funds transfers and how they work.
They know how much combined interest they are going to pay before they buy the program and they also know how much total interest that they are going to save by being on the MMA.
The money back guarantee is this: If your free analysis says that you will payoff your mortgage in 12 years and if you follow ALL of the prompts to do funds transfers and you do them and you don't own your house after 12 years then you get your $3,500 back.
Nothing to lose but your mortgage.
It is rather hard to convince someone on the web that the MMA is a better way to own your home. Every person needs to be given the opportunity to see an honest presentation and then decide for themselves if the MMA is the best thing for them or not.
If anyone is interested in seeing exactly how the MMA works, so that you can decide for yourself, you can private message me and I will send you the link to a very informative 18 minute video that will explain everything, even monthly interest charges.
Here is the bottom line. More and more people every day are buying the MMA. When a person sees an honest presentation of what the MMA does they buy it.
Do you tell them that the plan will cost them $7500 dollars or more extra and take them longer to pay off their mortgage, as your most recent example in this thread showed?
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They see the value in a program that uses ALL of their discretionary income to help them pay off their mortgage in record time while still having 24/7 access to their equity in case of an emergency.
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Originally Posted by ninja67
So, how many people do you know who send ALL of their discretionary money to their mortgage EVERY single month? I bet you can't find one person who does that.
I think you should focus on getting your sales pitch straight before bringing it out in public. You'd do a lot less damage to yourself that way.
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The MMA is 2 1/2 years old and some of the first people to buy and test the MMA now own their homes after just 2 1/2 years! More people are on track to owning their homes then ever before! I will even bet that more than 90% of the people that bought the MMA had no plans on paying their homes off early, now they do.
Let's see some details on these claims. Initial mortgage balance, rates, how much extra they're paying, and so on.
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Out here in the west we have banks falling all over themselves to try to set up helocs that will work with the MMA. I had a branch manager from one of our local banks call ME and want to know what he had to do to get their helocs in line for us to use them!
US Bank has spent $2,000,000 of their own dollars to set up special branches in 4 states just to take care of UFirst agents and their clients. And now they are opening these branches up in 6 additional states.
I have no doubt this is profitable for banks, just like raising ATM fees and reducing CD rates. That would be one of many clues that I should watch my wallet.
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It is rather hard to convince someone on the web that the MMA is a better way to own your home. Every person needs to be given the opportunity to see an honest presentation and then decide for themselves if the MMA is the best thing for them or not.
I don't see why it would be that hard to post simple math in this forum. I've had no problem doing it to show how your examples have been misleading at best and outright wrong. If you had anything other than marketing fluff, it'd be a snap to show us how good a deal you're giving us.
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If anyone is interested in seeing exactly how the MMA works, so that you can decide for yourself, you can private message me and I will send you the link to a very informative 18 minute video that will explain everything, even monthly interest charges.
Before anyone does this - ask yourself why this sales guy can't convince anyone here on the board in public that what he's shilling for is a good value. Even other mortgage guys are shying away from being associated with it.
I work for a large bank that provides zero cost HELOCs and meets the 14 criteria requirements for the MMA. Many of my realtor referral sources are now marketing this program and have been for well over a year. They have bought the software for themselves and sold it to common clients. When I ask to see their books for the past 12 months to see how the program works for them, not one has come forward. When I offer to pull a credit report to see how the yo-yo balances are impacting them, no one comes forward. I finally had one customer call me privately and tell me that the only thing it did for her was to find herself in far more debt and has hurt her credit score. Chances are she didn't follow the plan to the letter. But how many of us are able to follow a plan to the letter? Life happens. The most disturbing fact is she asked me not to say anything to her real estate agent.
Personally, I see this as a MLM plan and if it is what floats your boat, good luck. But don't berate those that have no interest, do not believe in the integrity of the product, or are cautioning others to think twice about what they are doing. Don't you realize the fanatical support (in my neck of the woods it's almost cult-like) of this product distances the many that could actually help you in some way in the future? Don't you think if this was the savior of our finances it would be heavily endorsed by all the talking heads in the financial world? I believe the biggest problem with this product is the only supporters of the MMA are the ones selling it.
KC,
like a lot of other forums and financial advice columns there are many "dealers" of the MMA program posing as successful clients. You can believe me or not, I am a 50 year old project manager that makes good money, a wife that makes crappy money(school teacher!), two kids in college, our dream house that's worth nearly a million in today's market, and a $200,000 mortgage with 27 years left. If we were going to move in the next 5-10 years I probably wouldn't even give the MMA a glance but we're here for the long run. Next move will be to the mortuary! I can take early retirement at 55-60 and I don't want a house payment! Sure, add money to my principal every month and I payoff when I'm 63 and a half. Try the MMA and cut that to 59. $3500 isn't chump change but I spent that on race tires for my Lotus 7 last year. I'll tell you what, I'll jump into the MMA and give everyone my progress over the next year. Since I am unknown to everyone here I will tell you my every detail, bills, income, etc. I will start a new forum when I start and you all can track my anticipated progress! TJ
Numbers don't lie... this MMA software does nothing for you that a pen and paper can't do.
Why would you want to ammortize consumer debt over 30 years?... I understand the value of adding your unspent money to pay down your 8% mortgage(Even if I don't always agree with paying down your mortgage), but why couldn't you do that at the end of the month anyway, on a mortgage with a lower interest rate.
Cute Sean. My cars are my hobby. Cash for all, no debt. You need a life. What do you do for fun? Seriously, see my previous post on applying my own extra principal. You'll see my honest position. TJ
Cute Sean. My cars are my hobby. Cash for all, no debt. You need a life. What do you do for fun? Seriously, see my previous post on applying my own extra principal. You'll see my honest position. TJ
It's great to have a hobby. Imagine, though, if you applied the money you are spending on your hobby toward your mortgage instead. Imagine having your home paid off that much sooner and having even more money to spend on your hobby after that. By spending the money on fun and games now, you're increasing the amount of interest and the number of years that you're going to have spend paying off that mortgage.
You are in a way borrowing money to enjoy your hobby, because you could have used that money to reduce your debt. Putting that kind of money toward a hobby instead of against your debt is exactly the same thing as borrowing money for your hobby.
I need a life? My life belongs to me - I don't owe anyone a dime, and I own my home. Who does your life belong to? If you're in debt, you're spending your time working toward their bottom line.
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