Home : Blogs : Chris Hendricks : Hot Off The Presses

Home Mortgage Accelerator Programs

Home Ownership Accelerator

The GMAC Accelerator program has started popping onto my professional and personal radar so I'm curious about it (and others like it). The basic premise is to flow all cash you receive into an account that is tied to your mortgage-- effectively reducing the average daily balance of your loan and reducing the volume of interest you pay. By having monies sit in this account (instead of some other bank's account) you're "freeing up" money that would have been paid in interest to be paid instead toward reducing the principal on your loan.

What are the good news and the bad news components of programs like this? The rewards seem fairly evident but what are the risks?

Looks like this is fairly straightforward competition to the traditional banking and savings institutions. What is it that consumers need to know to properly assess the merits here?

Chris Hendricks

Posted by Chris Hendricks on 09/14/2007 05:27 PM

Comments (6)

gmac, chris hendricks, accelerator, banking, savings, risks, rewards

6 Comments on Home Mortgage Accelerator Programs

SEP

2007

I keep hearing about this and people pushing it..... Got to say it sounds to good to be true AKA Option Arms

I have heard of them, but not sure either, would love to have someone post a good explanation here.

John Thomas

SEP

2007

Must be the latest thing since I've had two different mortgage professionals solicit me with the identical program in the last 5 days.

recently I have been solicited from agents for United First Financial. It is a MLM company that claims to be selling software. In truth, they are only selling access to their site. The key to their program is that you need to have an Interest Only HELOC. Then, you deposit all of your money into the HELOC and "strategically" pay your mortgge down from the HELOC. They claim that you will pay your mortgage off in as little as 8-12 years.

They also make claims of "...mathmatically it works..." I am very skeptical.

those that sell it defend it tooth and nail. I would to if I were charging people $3500 for access to a website.

-thor

SEP

2007

So what you're saying seems a lot like "If it sounds too good to be true...."

AUG

2008

This loan is the real deal!

It is exclusive. You must have good credit and good cashflow for it to benefit you.

This loan is so flexible it is amazing. I am a mortgage advisor and have been for many years now, I have found this loan to be the next evolution in home financing available to the public.

I have also been given a breathe of fresh air considering how I have had to defend the banking industry through the years. I am no longer defending them because this product goes against what the banks have been shoving down our throats for years. I actually have a chance to advise people now on how to get out of debt and actually make it a reality instead of some maze they have to go through in order to get to that point.

I am focusing 100% of my time on reaching out to the public about this loan. It can really set you free from the serial refinancing era that we are in. I understand the skepticism but with a little bit of rational thinking and a little bit time this loan makes perfect sense.

If you have any questions here is my contact info.

Graham Pruitt CMPS

gpruitt@acceleratetoretirment.com

703.501.1777

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?