(Abstract) Can you really
save big bucks on interest payments without paying
higher payments?
(Body) "Most definitely",
says Dr Lisa Rosenberger, PhD., author of the book
titled, "The Secret That Banks Fear". She calls the
process a "High speed equity builder". Her book outlines
the process of a "do it yourself, do it by hand" method
for a homeowner to track their idle money and use it to
pay down the average daily balance of the principal owed
on the mortgage. Given that the mortgage is likely to be
a homeowner’s biggest expense any legitimate method that
can help to pay off the principal faster which in turn
saves on the amount of interest paid out would be a
welcome thing for a homeowner to have.
The method outlined expounds on what is commonly
referred to as, "Accelerated Payments". Whereby, a
homeowner takes the agreed monthly payment and splits it
into two payments. The net effect is, it pays down the
average daily principal that interest is calculated by
and saves the homeowner some measure of the interest
payments each month. Banks actually encourage homeowners
to take advantage of this provision if they have the
cash flow to split their monthly payment in two.
So then, why all of a sudden is the concept of paying
down principal and saving money on interest payments
becoming such a big deal? Because some smart Chaps from
Australia have written an ingenious software program.
The program monitors virtually all of a person’s average
daily balance on all of their borrowed money and creates
a payment schedule that saves a homeowner not just a few
thousand dollars but in most cases the savings will be a
few hundred thousand dollars over the life of the loans.
And, the loans life itself will likely be cut in half or
even by 2/3’s of the original time. And, this program
reports to the homeowner their interest savings on a
daily basis. That’s why!
Is there a catch? No. However, there is a criterion if
the software program is to work for you. Jim Snyder, a
reporter for KVBC TV Las Vegas Nevada did an article on
this subject titled, "Own Your Home Years Sooner" and
reported that the main criterion for successfully using
the software is, 1) Your income needs to be able to meet
the existing payments. 2) You need to qualify for a
"Home Equity Line of Credit" called a HELOC (HEE-LOCK).
3) Have the $3500.00 necessary to purchase the software.
Why the HELOC? It’s the vehicle used to both actually
pay down the principal using idle money (such as the
deposit of a paycheck) and to borrow out the money to
pay the loan and the other bills when they come due. The
software monitors all of the activity, calculates an
optimum time to make payments, and sends a daily savings
report to the homeowner.
Why the $3500.00? I interviewed "Honchos" from two
different companies and they both said, "support". The
software necessary to monitor, make payments and
adjustments as things change, is not the type to simply
be down loaded, installed and then put to use right out
of a box. It needs human "hands on" support. And, at
this point in time a homeowner can not expect any help
from the bank. Which brings me to this,
Are the bankers happy about this process? Currently, no
is a polite way of putting it. I shared all of this
information with Cindy, a friend and the manager of my
bank who said, "I doubt any bank would like this". But
then I posed the question, "doesn’t this just mean, by
people paying off their loan fast, that the money to re
loan to someone else will be freed up faster"? Cindy
said, "possibly". The point here is, no one is likely to
get hurt from people paying down their loan faster
because banks are notorious for their reluctance to loan
money long term. They would much rather deal in short
term loans anyway. Seems more like a win-win scenario
eh?
Meanwhile, soon, I have coming to my radio show as my
special guest, Mr. Cory Weaver, founder of a company
that created and supports a top notch software program
that helps pay down mortgage principal very fast and
thus saves their clients thousands and even hundreds of
thousands of dollars. To tune in or even ask questions,
go to
www.garyjamesradioshow.com click on "schedule" for
the shows date & time. You can also gather further
information by going to
www.themortgagebuster.com Tell them that Gary James
sent you and receive a gift from me.
Cincinnati, Oh 45232, U.S.A.