mortgage007

The site "growyourequitytoday.com" is up and running. It is good explaination of the concept. Please understand that the interest rate on the equity line, even if it is sustantiall more than the first mortgage, has very little effect on the process becasue you are going to keep the balance down to a small daily balance. In the example they use, i.e. first mortgage $200000 a 6% 30 yr am and the equity line at 8.6% the loan gets paid in 10 years following the process. Obviously, if you have more disposable income after bills and expenses, it works better. It will work with as little as $50.00/month disposable income but would take longer to pay down first mortgage. The site is for United First Financial and the concept is called "Money Merge". They have the best program although there are others. Go to the site and review the 18 minute clip. Choose the center box. As a mortgage professional, you should see how this can benefit clients. It only works if you have more income than debt. I have been in the mortgage business for 30 years and am skeptical of almost all programs I have seen of any kind. This one has me sold and I am using it!. If you talk with people who ae doing this, you will find that nearly all of them are satisfied. Go Google and put in Money Merge. Read the blogs and see what they have to say. The only people who are critical of the program are those who have not studied the program. Most common response is dealing with the difference in rate between the first mortgage and the equity line when it actually makes almost no difference. You wil see in their example that the borrower paid only a little over $800 the first year anc cancelled out over $100,000 in interest and reduce the term by 7.7 years. After 10 years the loan was paid and borrower save over $330000 in interest.