Mortgage Question

[NorthernStar]

you should consider a new loan program just being introduced to the states by a company call CMG, but it is backed by GMAC. It is hugely popular in Australia and becoming so here also. I have a link to the videos and calculator at my office and I will post them here tomorrow, but in short it lets you pay off your house in less then ten years, without changing your spending habits at all.

Is this the great rip off where you buy a $3,500 piece of software (rip off signal one), sold in a multi level marketing scheme (signal two) and have a line of credit where they kind of forget the interest due in the sales pitch. The only way to pay a mortgage off in ten years is to pay extra principal which you don't need a software package to do. Why not invest in your 401k or ira instead of paying your mortgage off?.

 

[aceduecetrey]

Here is the link to the program...

I have done a fair bit of research and I know it is hugely popular in other countries....

short one....

http://www.cmgfs.com/partner/index.html

more indepth......

http://www.cmgfs.com/business_services/marketing_material.htm

 

[NorthernStar]

Here is the link to the program...

I have done a fair bit of research and I know it is hugely popular in other countries....

short one....

http://www.cmgfs.com/partner/index.html

more indepth......

http://www.cmgfs.com/business_services/marketing_material.htm

Thats the dumb mortgage I was talking about with the expensive software to help manage your money. Don't do it. You can accomplish the same things in a different manner. This is not a good idea, the person who talks people into it makes alot of money and the buyer wasted his money.

 

[TTinCO]

Just to clarify...IN NY there is a 2% mortage tax...house is aprox 875K...So I will be mortaging about 400K.that's about 10Kin mortage tax..Then you have title insur. for me AND the bank thats another 4K...Lawyers.....inspection...etc.....so about 17K...but with ING its about 13K......

ALSO considering 5/1 arm at 5.50 and I can relock that ARM at any time for just $500 dollars.....

ANYONE have advice??

Jesus, yeah-get the F outta NY. I thought it was steep here(yes I came from a smaller city, but FUCK, I'd want to puke over those fees.

 

[aceduecetrey]

Thats the dumb mortgage I was talking about with the expensive software to help manage your money. Don't do it. You can accomplish the same things in a different manner. This is not a good idea, the person who talks people into it makes alot of money and the buyer wasted his money.

Just to clarify, I am not trying to sell anything to anyone here. I am a Mortgage Broker in FL and I have put people in this loan before. There is no expensive software that you get, so you must be thinking of a different loan. As far as making a lot of money by putting people in this loan, it is no different than any other loan. You can make as much as you want up to 7% on any loan you sell people here in Florida. Whatever you make on the back end from the bank is included in that and must be disclosed to the client.