Pay Off The Mortgage in 1/3 the Time; No Software or Bi-Weekly/ Extra Payments Required

Mortgage and Lending with Benchmark Fin. - Temecula Real Estate, Temecula Mortgage

I've gone round and round with a number of people both on and off ActiveRain, about the various approaches to accelerated mortgage payoff. I think people are pretty familiar with the more straightforward approaches like bi-weekly paymnets, or simply making extra payments to principal when funds allow.

The first thing that I will stipulate is that ALL these various approached will result in an accelerated payoff of one's mortgage.

Because the Money Merge Account; aka MMA, is the one being most breathlessly promoted, I will repeat the same three objections I have always had (LOTTA money for a log-in to a website; web based delivery, and MLM sales channel), with two additional ones just for good measure. Without dwelling too long, I made a pretty good case for my first three objections here. I found it interesting, and still do, that most, not all, but most, of the really noisy objections came from those who were not even in this industry and in most cases, posting anonymously. Kudos to one brave soul for at least arguing with me in public .

To my original arguments against this approach, I add this: How's your HELOC? I bet it's been closed by the bank... They are closing HELOC's willy nilly out there on borrowers with low CLTV's and perfect payment history. Without the HELOC, the whole thing flies apart. Wave bye-bye to that $3500...

My other argument against it is that though hit is a good thing to pay off the mortgage, even if your original HELOC stays open, most of your equity will be locked up; not liquid to you in the event you should need liquidity.

Enough negatives.

After looking at the various software products and finding them all lacking, I have looked again and again at the Mortgage Acceleratorproduct that is backed by GMAC Bank.

I have put together a site, EquityRocket, that offers a comprehensive explanation of how this product works. I built an EquityRocket Mortgage Accelerator Excel Spreadsheet that you can download to run your own numbers and see how fast you might be able to pay off your home with your existing cash flow and expenses accounted for.


There are also several videos you can watch to learn more about the EquityRocket Mortgage Accelerator.

This product is what I am recommending to family and friends when they inquire about how best to pay off their mortgage early. It addresses my concerns in a number of areas.

  • The equity that is paid off ealry remains liquid. ALL of it.
  • There is no confusing software to figure out. Just live your life, pay your bills, and it will manage itself.
  • GMAC Bank is going out of business any time soon. 

We can lend in all 50 states, though the Mortgage Accelerator is not licensed in all states.

I'll be posting more about this, but in the meantime, if you'd like to learn how to pay off your home in 1/3 the time, give it a try, download the spreadsheet here or go to the EquityRocket Mortgage Accelerator website and read up. Better yet, do both!


See You Outside the Box!

PS   If you are listing bank owned properties, and the bank is ready to start working with investors, touch base with me. I may be able to introduce you to some aggressive investors who buy in your area.


Go ahead. Click it...  

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Comments (3)

Dave Woodson
Dave Woodson - Chesterton, IN
Not the Average Agent
Very interesting, I downloaded and will look at it. I interested in this subject as I like to show it to my clients
Apr 11, 2008 01:04 PM
Tom Armstrong
Benchmark Fin. - Temecula Real Estate, Temecula Mortgage - Temecula, CA
Temecula Mortgage ZERO Down
Hope it helps to understand the product and the process...
Apr 11, 2008 05:16 PM
aaa aaaaa
Plano, TX

Hello Tom,

i am new to active rain. I hope you dont mind me blogging  on your blog. Are you aware that with the new mma software you dont need home equity loan. it will work with a checking and saving account and borrower can pay the fee in installments with $250.00 up front

Dec 23, 2008 12:39 PM