Posted on: 16th Sep, 2007 09:21 pm
I was wondering if anyone had experience using United First Financial's Money Merge account program. The program is designed to pay the mortgage off more quickly by depositing your paycheck into an equity line of credit account then using the equity line to pay your bills. Is it a ligitimate program? Does it work? Any concerns with using the program? Thanks for your time...
I forgot to log in that was my post as Guest above.
I would also like to add why would it take 2 years running scenarios to see if this works. Scenarios are something mortgage bankers run everyday. It is easy to do and if you don't do it for your customers you are doing them a disservice.
It doesn't take 2 years to enter a couple numbers into Calyx and get your answers. Do your jobs Loan Officers and never stop educating yourselves.
I would also like to add why would it take 2 years running scenarios to see if this works. Scenarios are something mortgage bankers run everyday. It is easy to do and if you don't do it for your customers you are doing them a disservice.
It doesn't take 2 years to enter a couple numbers into Calyx and get your answers. Do your jobs Loan Officers and never stop educating yourselves.
I wondered how long it would take for my phone to ring and this company be on the other end.
Well today was the day. I haven't laughed so hard in a long time. I haven't had time to call them back. And I probably won't.
Well today was the day. I haven't laughed so hard in a long time. I haven't had time to call them back. And I probably won't.
But Eric how did you come to know of their scams?
"But Eric how did you come to know of their scams?"
Actually I had never heard of them until this post. What do you mean?
Actually I had never heard of them until this post. What do you mean?
Oops! i think i misunderstood you. i 've read about the scams you mentioned and i thought you were somewhere speaking about the company itself.
Eric,
I know several people currently using the MMA. I would say more than half are using the program correctly and are really seeing results. The other portion are using the HELOC for impulse items and are therefore not doing quite so well.
Although on the surface your numbers look correct, they are actual quite wrong as the HELOC interest is paid on ADB - therefore the income going in cancels much of the interest charge as the balance does not remain high all month long.
My major issue with the MMA is not the interest or using debt to pay debt. I take issue with the program itself being web-based. You pay $3500 and what if they shut the site down? At least if you had the software, you could continue to use it even if the company went down. To spend that type of money on a website to me is risky when the company is not yet that established.
Just my 2 lincolns.
I know several people currently using the MMA. I would say more than half are using the program correctly and are really seeing results. The other portion are using the HELOC for impulse items and are therefore not doing quite so well.
Although on the surface your numbers look correct, they are actual quite wrong as the HELOC interest is paid on ADB - therefore the income going in cancels much of the interest charge as the balance does not remain high all month long.
My major issue with the MMA is not the interest or using debt to pay debt. I take issue with the program itself being web-based. You pay $3500 and what if they shut the site down? At least if you had the software, you could continue to use it even if the company went down. To spend that type of money on a website to me is risky when the company is not yet that established.
Just my 2 lincolns.
"Although on the surface your numbers look correct, they are actual quite wrong as the HELOC interest is paid on ADB - therefore the income going in cancels much of the interest charge as the balance does not remain high all month long. "
Prove it. How much interest do you "cancel"? It does remain high all month long as you have charged a large amount to pay the first mortgage.
Prove it. How much interest do you "cancel"? It does remain high all month long as you have charged a large amount to pay the first mortgage.
If you start with a $1500 balance, pay $4000 out for expenses and deposit $5000 of income you've essentially cancelled the interest on the expenses and part of the beginning balance. The interest charges will be higher on the months when it does a principal transfer as it raises the beginning balance for that month, therefore less cancellation. Obviously the amount of interest cancellation will depend on the numbers that actually run through the account and the interest rate. I've seen the actual numbers from a few friends and it really does work. I am not sure, but it does appear that their HELOC's are interest only. To be honest, I saw enough for it to make sense but I did not disect it all and try to break it down.
hello Michelle,
I was thinking of using this MMA but what did you mean by ADB here? I got some details about MMA here. pretty good forums.
I was thinking of using this MMA but what did you mean by ADB here? I got some details about MMA here. pretty good forums.
Welcome to the forum Michael.
ADB = average daily balance.
Definitely do your homework before jumping into the MMA. There are several different programs and costs available. I really do not know which is the best. The only result I have seen were friends using United First's product but I heard Equity Genie is very good and much less expensive.
ADB = average daily balance.
Definitely do your homework before jumping into the MMA. There are several different programs and costs available. I really do not know which is the best. The only result I have seen were friends using United First's product but I heard Equity Genie is very good and much less expensive.
Sorry Michael - the above reply was actually from me. I must not have been logged in.
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Welcome to the forum Michael.
ADB = average daily balance.
Definitely do your homework before jumping into the MMA. There are several different programs and costs available. I really do not know which is the best. The only result I have seen were friends using United First's product but I heard Equity Genie is very good and much less expensive.
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Welcome to the forum Michael.
ADB = average daily balance.
Definitely do your homework before jumping into the MMA. There are several different programs and costs available. I really do not know which is the best. The only result I have seen were friends using United First's product but I heard Equity Genie is very good and much less expensive.
Michelle,
No offense, but from your own admission you say I don't really know how it works just saw a friends program. ONCE AGAIN with the "friends stuff". I do understand how this works and it in fact doesn't.
I recommend doing YOUR homework before posting recommendations to forums such as this.
1. You don't start with $1500.... you start at minimum $3500 in the hole as this is what the software costs.
2. You don't cancel tons of interest. I still have yet to see someone prove a situation where there is any "cancellation" at all.
3. You are simply paying a higher rate on the same money. The few days difference here or there is equal to something like .30 per month. That is right something like 30 cents.
If you would like to prove your case, feel free. If not please don't recommend a bogus products.
No offense, but from your own admission you say I don't really know how it works just saw a friends program. ONCE AGAIN with the "friends stuff". I do understand how this works and it in fact doesn't.
I recommend doing YOUR homework before posting recommendations to forums such as this.
1. You don't start with $1500.... you start at minimum $3500 in the hole as this is what the software costs.
2. You don't cancel tons of interest. I still have yet to see someone prove a situation where there is any "cancellation" at all.
3. You are simply paying a higher rate on the same money. The few days difference here or there is equal to something like .30 per month. That is right something like 30 cents.
If you would like to prove your case, feel free. If not please don't recommend a bogus products.
Eric,
I did not recommend anything. If anything, I urged a poster above to perform some due dilligence before jumping into one of the programs.
I was using the $1500 starting point as an example - yes, I know it costs $3500. And yes, I do know how the program works in generalized terms.
Yes, "FRIENDS". I have several who use the MMA and I have seen their actual numbers. If I recall correctly - the one spent something like $130 dollars in interest in 3 months and reduced his mortgage interest by over $10,000 by using the principal transfers.
Prove it - I have nothing to prove. I have plenty of other things to do besides work numbers for the MMA which I do not use nor plan to use. Gee - as this is a public forum, I guess I felt the right to post my disagreement with you.
I did not recommend anything. If anything, I urged a poster above to perform some due dilligence before jumping into one of the programs.
I was using the $1500 starting point as an example - yes, I know it costs $3500. And yes, I do know how the program works in generalized terms.
Yes, "FRIENDS". I have several who use the MMA and I have seen their actual numbers. If I recall correctly - the one spent something like $130 dollars in interest in 3 months and reduced his mortgage interest by over $10,000 by using the principal transfers.
Prove it - I have nothing to prove. I have plenty of other things to do besides work numbers for the MMA which I do not use nor plan to use. Gee - as this is a public forum, I guess I felt the right to post my disagreement with you.
Sorry - again, I got logged out while typing - that was me above
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Eric,
I did not recommend anything. If anything, I urged a poster above to perform some due dilligence before jumping into one of the programs.
I was using the $1500 starting point as an example - yes, I know it costs $3500. And yes, I do know how the program works in generalized terms.
Yes, "FRIENDS". I have several who use the MMA and I have seen their actual numbers. If I recall correctly - the one spent something like $130 dollars in interest in 3 months and reduced his mortgage interest by over $10,000 by using the principal transfers.
Prove it - I have nothing to prove. I have plenty of other things to do besides work numbers for the MMA which I do not use nor plan to use. Gee - as this is a public forum, I guess I felt the right to post my disagreement with you.
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Eric,
I did not recommend anything. If anything, I urged a poster above to perform some due dilligence before jumping into one of the programs.
I was using the $1500 starting point as an example - yes, I know it costs $3500. And yes, I do know how the program works in generalized terms.
Yes, "FRIENDS". I have several who use the MMA and I have seen their actual numbers. If I recall correctly - the one spent something like $130 dollars in interest in 3 months and reduced his mortgage interest by over $10,000 by using the principal transfers.
Prove it - I have nothing to prove. I have plenty of other things to do besides work numbers for the MMA which I do not use nor plan to use. Gee - as this is a public forum, I guess I felt the right to post my disagreement with you.
Michelle,
You don't have anything to prove? You said and I am quoting directly here...
"Although on the surface your numbers look correct, they are actual quite wrong as the HELOC interest is paid on ADB - therefore the income going in cancels much of the interest charge as the balance does not remain high all month long."
My numbers are correct and are actually based on a best case scenario for the mma people. There is no faster way to pay off the 1st mortgage except paying extra to that 1st mortgage. Not a heloc. The only reason it seems to work as you say is because the 1st mortgage is still being paid off faster than usual. It is directly because of the extra principle payments, not the heloc. I can't say it enough.
Don't take this wrong but you can't attack someone elses credibility and without any proof and not expect them to say something about it. I will never let anyone promote these types of programs here as long as I am around.
You don't have anything to prove? You said and I am quoting directly here...
"Although on the surface your numbers look correct, they are actual quite wrong as the HELOC interest is paid on ADB - therefore the income going in cancels much of the interest charge as the balance does not remain high all month long."
My numbers are correct and are actually based on a best case scenario for the mma people. There is no faster way to pay off the 1st mortgage except paying extra to that 1st mortgage. Not a heloc. The only reason it seems to work as you say is because the 1st mortgage is still being paid off faster than usual. It is directly because of the extra principle payments, not the heloc. I can't say it enough.
Don't take this wrong but you can't attack someone elses credibility and without any proof and not expect them to say something about it. I will never let anyone promote these types of programs here as long as I am around.