I am very excited to talk about a new product I have been certified to offer. It is called the HOA or HomeOwnership Accelerator. At first I was a bit skeptical about it and likened it to many of the MLM schemes that came out in the past years - however this is not a ruse to get you to spend thousands of dollars on an excel spreadsheet rather it is a legit product that has been slowly catching on. Closing costs are typical of any other mortgage you would take out.
What makes this product so different or better than the traditional 30 year mortgage? It's very simple! A regular mortgage has a schedule set of principle and interest payments that are very much front loaded with interest in the banks favor. As you pay your monthly bill - each payment has a slight increase in the amount applied towards the principle. Typically it is around year 15 to 17 that you cross over the point where more principle is paid vs interest w/ each payment. DEPRESSING!!!!
With the HOA because it is a line of credit - interest is calculated using a daily average balance versus scheduled interest. Now picture this - you have the same mortgage balance as if you were on a 30 year fixed but were able to pay the loan off in 15 year or even less. Most scenarios I have run for clients have put them paying their loans off between 7-10 years without changing any spending/saving habits.
- So you pay down your mortgage balance faster
- Thereby reducing the amount of interest you pay
- Paying your loan off quicker
- Saving you thousands in interest expense
- All without changing your spending habits at all!
Watch this video and give me a call when you are ready to learn more!
For the right client - 25% equity, good cash flow, and excellent credit - the HOA offers so many benefits the idea of a 30 year mortgage is obsolete!