Recently, I overheard a table of professional looking gentlemen talking about MMA. Immediately, I thought of Mixed Martial Arts. "No worries", I thought. I must have missed an Ultimate Fighting Championship Pay Per View event or something. But then I looked at the gentlemen again and thought, "What do these guys know about MMA?" I mean, they must have been over the age of 60. Fans, maybe? But did I just hear one of them say they offer MMA classes? Hold on here...are we talking about the same MMA? Then, one of them mentioned accelerated mortgages. At this point, I'm really confused. I decided not to worry too much about it until I was approached by an old friend who since we last saw each other, got into the mortgage industry and is offering MMA through his brokerage. Wait...WHAT?
MMA, at least what they were talking about, is a Money Merge Account not Mixed Martial Arts. Acronyms are big in the military so it's hard to know that there may be another meaning for an acronym. MMA or Money Merge Account is apparently a way to pay off the traditional 30 year mortgage in a fraction of the time. But how does it work? And is it legit? How hard is it to qualify? Is it FICO driven, restricted by LTV, or DTI? Since I know anything that's anything with Real Estate has got to be on ActiveRain, I decided to seek out more info here.
I found a blog about it by Jason Yoder who wrote: "ADDED VALUE SERVICE" Help Homeowners Pay Off Mortgage in a Fraction of the time. Earn an additional stream of income! He also has another blog with a brief video that explains the benefits but doesn't really go into detail...sort of like a trailer to the movie, it's a teaser. Telling you to contact a rep for more info. <Insert sales pitch here?>
I'm still interested in how this works and would like more info. (Jason, if you read this, feel free to comment but I would actually like to hear from a client/agent that has dealt with this program without actually being involved because I know how opinions are often biased when told from a particular point of view.)
I guess now I have to be a little more open minded and not jump to conclusions when hearing certain acronyms.
Marketing your home in the 21st century.
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