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mortgage acceleration: Money Merge Accounts: More Misleading Information - 05/20/09 10:12 AM
It is hard to believe that I have been talking about these programs for more than two years now, bringing to light the misleading, even false, information presented by the Money Merge Account sellers. Don’t get me wrong, these bits of misinformation spread out on occasion to other mortgage acceleration product sellers, but the United First Financial (UFF) agents are the worst offenders from what I have seen thus far. The company even encouraged the presentation of skewed realities at the beginning, and I suspect they still do in a “non-public” fashion as they allow agents to continue spreading the crap, … (3 comments)
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mortgage acceleration: Your Mortgage: Liability or Asset? - 01/30/09 05:40 PM
Most of you reading this would answer the above question quickly and label your mortgage as a liability. After all, it is a debt, isn't it? But if there was more to it than that, or even if your mortgage could become one of your greatest assets. You may think I am crazy, but think about the concept for a while, then read on.
Traditional thinking places the mortgage clearly as a liability, a debt that should be paid off. Some even think that financial freedom cannot occur with a mortgage looming overhead, possibly because of the monthly payment required to … (2 comments)
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mortgage acceleration: Money Merge Accounts: Abusing Einstein’s Quotes - 01/28/09 09:27 AM
I have seen this repeatedly in marketing materials from United First Financial (UFirst Financial/UFF) and their agents, another example of the misleading material provided to sell their product, the Money Merge account (MMA). Throughout the history of this company, they have provided nothing but false and/or misleading statements into their advertisements, many of which I have already exposed here and in my previous ActiveRain blogging.
Now, let's look at another one, this time using a quote by one of the foremost figures of intelligence in history, Albert Einstein. The quote that they use is:
"Insanity means doing the same thing over … (38 comments)
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mortgage acceleration: The Financial Crisis, Your Emotions, and Your Money - 10/06/08 09:34 AM
These days, all you have to do is read the paper or turn on your TV and you will think that your money, especially your investments, are rapidly becoming worthless. Even many of the so-called financial gurus, such as Suze Orman, are telling you to get out of the markets, especially if you "feel" afraid of where they might be headed. Before you act on your emotions, think about it with your emotions removed.
Leaving your emotions out of your decision making, especially when it comes to finances, is very hard to do. However, making financial decisions using your emotions virtually … (4 comments)
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mortgage acceleration: It is With Great Sadness That I am Writing This - 09/17/08 08:21 AM
If you have been reading the Florida Mortgage Report for a while, you undoubtedly have read some of the posts about home equity and how easily it can be wiped out in a disaster. Every year as hurricane season approaches, I inform readers to make sure their home equity is prepared and protected, something that is not on any other emergency preparedness list out there.
Yesterday, just prior to jumping on the airplane to return to Miami, Florida, I learned that a Captain I flew with last month lost his home to Hurricane Ike. His home WAS located in Galveston, Texas. … (3 comments)
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mortgage acceleration: Emotions and Finances (Including Mortgages) Should Not be Mixed - 08/25/08 03:30 PM
Hopefully, you have not learned this rule the hard way. The bottom line is whenever you make any financial decisions allowing your emotions to enter into those decisions, you will lose money, and usually lots of it.
I know that all of you are likely emotional about your finances. Those of you whom have been divorced were likely separated due to your emotions over your finances. The problem is that emotions cloud your judgement and lead to mistakes, and that fact reigns true in your finances.
If you are currently looking at the stock market being down for a long period … (3 comments)
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mortgage acceleration: Just How Hard Is It to Make Money? - 06/06/08 04:35 PM
You know I am an advocate of investing versus paying off your mortgage, at least until you have your entire financial and investment plans fulfilled. You know that the reasons come down to liquidity, safety and rate of return, the latter being the point I am going to target today.
Most Americans, and especially those falling prey to the glamour of a paid off mortgage through mortgage acceleration programs such as the Money Merge AccountTM from United First Financial, do not realize the true cost of their financial decisions. They fail to realize that Everything is 100% Financed!!! Yes, even when … (4 comments)
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mortgage acceleration: Mortgage Acceleration: Is the Latest Fad Right for You? - 04/19/08 01:37 PM
Many of you know that I contribute over at Agent Genius, and that is what this particular post is about. I added a post with the above title over at AG and rather than repeating the same content, I decided to just inform you about it and supply this link. Take a moment and go read it, you find it worthwhile.
… (5 comments)
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mortgage acceleration: Money Merge Accounts: My Sincerest Apologies to Those With MMAs - 01/15/08 10:24 AM
I have some regret that I have to admit to about these programs. I feel like I failed consumers by allowing them to be misled for far too long. The truth of the matter is that I have done some more calculations, many of which I should have done back before I even posted my first blog about the subject way back in February 2007. The bottom line is that I have now done those calculations and it is time to let the truth out.
Once again, I have simply taken the information from United First Financial's own presentation on their Money … (19 comments)
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mortgage acceleration: Would You Rather Spend $6 to Save $4 or Spend $4 to Earn $6? - 11/28/07 01:57 PM
When you look at these numbers, it doesn't seem to really matter, does it? After all it is only a difference of a couple of dollars. Yet, look closer and you will see that in the first scenario you are losing $2 while in the second scenario you are gaining $2. OK, still small potatoes, but now it is $4 (a fancy cup of coffee at Starbuck's).
Think it is still no big deal?
OK, let's multiply that by 1,000. Still think it is small potatoes?
Now, let's compound the problem over 30 years. The difference clearly gets magnified over time. … (5 comments)
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mortgage acceleration: I am an Idiot, at Least That is What My Competition Wants You to Think. - 09/14/07 11:07 AM
Below is an email sent to me by someone (most likely a United First Financial Agent who sells the Money Merge Account, or MMA) as a response to my posts from my blog on ActiveRain. It proves that they have little understanding of "mortgage planning" and how beneficial these strategies can be.
Please keep in mind that there is no "magic bullet" strategy nor is there a "one size fits all" one. Additionally, this individual, much like other opponents, believes that equity harvesting and other mortgage planning strategies are proposed to keep homeowners in debt and make lots of money, showing a … (12 comments)
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mortgage acceleration: Money Merge Accounts: Are You Dealing With a Professional? - 08/07/07 08:35 PM
OK, I was not going to post anything tonight as I need to get some sleep, but this just had me cracking up. Many of you know that I like this type of product (not a big fan of the seller of the Money Merge Account itself, rather utilizing similar products). The reason I started posting "case studies" was to show how these things are being marketed in a very biased and misleading fashion, without comparing it to other possible solutions. Please keep in mind that there is no "magic pill" nor is there any "one size fits all" mortgage program, … (11 comments)
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mortgage acceleration: How to Borrow Money at 4.875% and Fairly Conservatively Earn up to 12.0% - 07/27/07 11:35 PM
Opponents of proper equity management, as well as those who push mortgage acceleration programs, argue about the ability to earn even 6% tax-free in conservative investments. I will show you how spreading your horizons and investing in CDs based on World Currencies can do that and more, with fairly little risk if you know what you are doing.
I have talked a little about the Icelandic Krona and how a 3-month CD based on that currency is yielding over 12%. Since CDs are about as conservative an investment as they come, I doubt many would argue about using this as a … (13 comments)
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mortgage acceleration: The Asher Institute Report: Fact, Fiction, or Distorted Reality? - 07/23/07 11:43 AM
Many of you may have heard about the report titled "Profiting from the Banking Industry's Biggest Secret" released by the Asher Institute for Consumers. If you have, hopefully you saw through some of the so-called facts portrayed in this report and did not succumb to its fallacies.
This report provides an ingenious mix of both fact and fiction to ultimately sell a product. This report has been used by numerous Money Merge Account and other Mortgage Acceleration program agents as a way to get people to buy their products. While there is some truth to it, which we will get into, people … (8 comments)
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mortgage acceleration: Money Merge Accounts: Are They Really Worth It (Another Case) - 07/19/07 04:14 PM
A UFF agent placed the following scenario of a client he was putting into a Money Merge Account on one of my blog posts...
The client had just closed on a $244,000 mortgage at 6.875% Fixed for 30 years, which creates a $1,602.91 monthly payment since it is fully amortizing. I wish I had talked with this client before he closed as I could have saved him thousands. The client makes $4,616 per month, of which $1,000 is said to be discretionary.
The UFF agent goes on to provide a fairly accurate representation of what the client could do on his own versus … (17 comments)
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mortgage acceleration: When Ben Stein Speaks, People, Well They Probably Should Listen - 07/14/07 09:44 AM
Chances are you know who Ben Stein is, but in case you don't..."Bueller...Bueller". That's right, he played the Economics Teacher in Ferris Bueller's Day off. He also ran a game show on Comedy Central called "Win Ben Stein's Money".
You may remember these shows, but his background goes much deeper than just his "humor side". Things you may not know are that he is a lawyer, economist and commentator on finance. He runs a bi-weekly column in the New York Times, has been a longtime contributor to Barron's, and a columnist and editorial writer for the Wall Street Journal. He even has … (10 comments)
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mortgage acceleration: Money Merge Accounts: Good Fairy or Demon? - 06/11/07 10:41 AM
Many of you know that I have talked about these before, and one of my posts even is ranked #2 on this subject. As a proponent of proper mortgage planning, these violate many of the concepts that most Americans don't understand. I will not go through those concepts here, as it will take away from the real intent of this post.
I was reading the Mortgage Professor's website, a well respected mortgage expert who started the Upfront Mortgage Broker concept and mostly looks out for the best interests of the borrower, and I came across his article about these. That is where … (21 comments)
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mortgage acceleration: Money Merge Accounts Vs Equity Harvesting: Harvesting Wins by Over $1.5M - 05/16/07 10:14 AM
This is actually another look at the whole Money Merge Account, Mortgage Acceleration post I did a while ago that spawned a lot of debate. Click the link below to see that post if you have not already read it.
Money Merge Accounts: Are They Really the Best Thing for You?
Now for the real "blow your mind away" data that really proves that Money Merge Accounts (MMAs) and other mortgage acceleration products are going to cost you in the long run. The truth is that Equity Harvesting can generate tremendous wealth for those families that are able to follow the plan. … (43 comments)
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mortgage acceleration: With Foreclosures on the Rise, Is Your Home Really Safe? - 05/15/07 10:20 AM
Well, if you are paying your monthly mortgage payments, your home is safe, for now. Unfortunately, many home buyers have the misconception that paying down their mortgage quickly is the best method of reducing risk of foreclosure on their homes. That's right, even the Money Merge Accounts (MMAs) and other Mortgage Acceleration programs fall into this category.
You see, many people who scrape up every bit of extra money they can to apply against principal often find themselves with no liquidity. Having an ALOC, HELOC or other mortgage product can help, but they can also be expensive.
When tough times come, and they … (11 comments)
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mortgage acceleration: Is Paying Off Your Mortgage Actually Costing You? - 05/14/07 09:00 AM
Many Americans still believe that paying off your mortgage is the best thing you can do. After all, it is a guaranteed savings, right? Well, let's take a look at it further.
Right now, there is a new craze in the mortgage industry, one that is being marketed heavily and is being presented as the best solution for you to pay off your mortgage in as little as 7 years. But is this the best thing for you, or could it actually be costing you more money?
Those that offer these programs have different names for them, Money Merge Accounts, Mortgage Accelerator, Homeownership … (7 comments)
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Robert D. Ashby
Miramar,
FL
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Address: 11758 SW 26th CT, Miramar, FL, 33025
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