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rtrefflich
3892 Posts |
 Posted - 04/27/2008 : 8:46:20 PM
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| I keep hearing clients ask me about these, and getting e-mails/mailing for them. What are they, how do they work and what is the good or bad to them? I really don't want to call the salesperson on them because, well, you know how sales people are. |
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NegAm
562 Posts |
Posted - 04/27/2008 : 10:31:21 PM
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It's when you get a heloc and use it to help you accelerate paying off your home. Being in Cali and trying to get a heloc for this program is going to be rare.
This topic has been beaten to death already.
If you don't want to talk to a sales rep then just go online and watch a 5 min video. Search for "mortgage accelerator" and you'll get plenty of sites.
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rtrefflich
3892 Posts |
Posted - 04/27/2008 : 10:41:26 PM
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Thanks
quote:
Originally posted by NegAm
It's when you get a heloc and use it to help you accelerate paying off your home. Being in Cali and trying to get a heloc for this program is going to be rare.
This topic has been beaten to death already.
If you don't want to talk to a sales rep then just go online and watch a 5 min video. Search for "mortgage accelerator" and you'll get plenty of sites.
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lost_in_town
152 Posts |
Posted - 04/27/2008 : 10:48:25 PM
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www.u1stfinancial.net/rightmma
everything is there!!! |
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Mandyvilla
3629 Posts |
Posted - 04/27/2008 : 10:58:14 PM
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| The only problem right now with these......heloc lines are being recalled and if the borrower just put their monthly paycheck towards the account and writes checks to pay bills (mortgage, car, credit cards), all those checks from the heloc will bounce and the MMA participant cannot access those funds. Result: instant 30 days past due on everything unless they have a one month cushion, which many do not have. |
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rtrefflich
3892 Posts |
Posted - 04/27/2008 : 11:07:58 PM
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This was really one of the main concerns I had. Since it is run off on a HELOC you must have the equity in the property to do it, so that probably is not a good idea here in So Cal
quote:
Originally posted by Mandyvilla
The only problem right now with these......heloc lines are being recalled and if the borrower just put their monthly paycheck towards the account and writes checks to pay bills (mortgage, car, credit cards), all those checks from the heloc will bounce and the MMA participant cannot access those funds. Result: instant 30 days past due on everything unless they have a one month cushion, which many do not have.
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bcdond
30 Posts |
Posted - 04/28/2008 : 04:04:57 AM
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quote:
Originally posted by rtrefflich
This was really one of the main concerns I had. Since it is run off on a HELOC you must have the equity in the property to do it, so that probably is not a good idea here in So Cal
quote:
Originally posted by Mandyvilla
The only problem right now with these......heloc lines are being recalled and if the borrower just put their monthly paycheck towards the account and writes checks to pay bills (mortgage, car, credit cards), all those checks from the heloc will bounce and the MMA participant cannot access those funds. Result: instant 30 days past due on everything unless they have a one month cushion, which many do not have.
You Don't need a HELOC to run the program any line of credit will work. Business line, personal line, even a secured line.
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Pat
657 Posts |
Posted - 04/28/2008 : 04:23:50 AM
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| It's a mechanism for the sales agent to make a big commission while providing no benefit to the borrower. The borrower is confused by smoke and mirrors, writes a big check and then is told to spend less on everything and put it towards their mortgage and their principle balance will magically go down. |
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canesf12
156 Posts |
Posted - 04/29/2008 : 03:18:49 AM
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| ok |
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goodguy1
1681 Posts |
Posted - 04/29/2008 : 04:38:59 AM
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quote:
Originally posted by rtrefflich
This was really one of the main concerns I had. Since it is run off on a HELOC you must have the equity in the property to do it, so that probably is not a good idea here in So Cal
quote:
Originally posted by Mandyvilla
The only problem right now with these......heloc lines are being recalled and if the borrower just put their monthly paycheck towards the account and writes checks to pay bills (mortgage, car, credit cards), all those checks from the heloc will bounce and the MMA participant cannot access those funds. Result: instant 30 days past due on everything unless they have a one month cushion, which many do not have.
...or anywhere right now ; ) |
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MisterVA
6767 Posts |
Posted - 04/29/2008 : 07:16:18 AM
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| Pre-paying on the mortgage is cheaper and easier. Giving good advice is better than recommending something like an MMA which if it backfires will come back on you in an instant. |
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bcdond
30 Posts |
Posted - 04/30/2008 : 08:54:31 AM
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quote:
Originally posted by Pat
It's a mechanism for the sales agent to make a big commission while providing no benefit to the borrower. The borrower is confused by smoke and mirrors, writes a big check and then is told to spend less on everything and put it towards their mortgage and their principle balance will magically go down.
Not true |
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CoralSnake
11204 Posts |
Posted - 04/30/2008 : 09:04:56 AM
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quote:
Originally posted by Pat
It's a mechanism for the sales agent to make a big commission(This is correct) while providing no benefit to the borrower(There is a benefit when used properly, but I dont believe that the Average Joe does). The borrower is confused by smoke and mirrors(Partially True), writes a big check and then is told to spend less on everything and put it towards their mortgage and their principle balance will magically go down.(Not Magically, But if Used properly (as mentioned, I dont beleive that the average person will use it properly))
So to sum it up, I dont think it is is a good program.
Plus since most people cant get a HELOC today, it is pretty much useless. |
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bcdond
30 Posts |
Posted - 04/30/2008 : 09:26:27 AM
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quote:
Originally posted by CoralSnake
quote:
Originally posted by Pat
It's a mechanism for the sales agent to make a big commission(This is correct) while providing no benefit to the borrower(There is a benefit when used properly, but I dont believe that the Average Joe does). The borrower is confused by smoke and mirrors(Partially True), writes a big check and then is told to spend less on everything and put it towards their mortgage and their principle balance will magically go down.(Not Magically, But if Used properly (as mentioned, I dont beleive that the average person will use it properly))
So to sum it up, I dont think it is is a good program.
Plus since most people cant get a HELOC today, it is pretty much useless.
I would be glad to have a conversation with you about this. The average person does not understand that it takes 3 years 8 months and 42,000 in interest to pay down a 200,000 mortgage at 6% with a payment 1,199.10 per month to a 190,000 balance. If you ask me that is the crime. 52,000 later and all I have done is paid down my mortgage by 10,000. Tell me why this is a good thing, when I can paydown the same amount of princpal with less than 5,000 in interest using the MMA in under 6 months without increasing my monthly budget. It really is just math not magic. Email me I will send you my phone number. I don't want to make you wrong or me right...I just want to share my story. And you don't need a HELOC to this work any line of credit will work. Personal, business, or secured.
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RickD
226 Posts |
Posted - 04/30/2008 : 11:48:24 AM
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I would love someone to explain this to me, because I don't get it........
If I took the $3500 for the software and put it down on my $200,000 mortgage along with all my discretionary income I could be down below $185,000 in 6 months.
I just want to know that you know that this IS smoke and mirrors and that you are not that naive. Because if you are convinced that this works, then you are just spreading stupid. Tell me that you know it is smoke and mirrors, an excellent presentation and that you are making money. Just admit it, that's all. Just like pick a pays. Everyone knew they were bullsh*t loans, but the LO's were making mad money selling it. Don't sit there and seem sooo naive that you really believe that somehow, another loan creates money out of thin air and pays down another loan. The HELOC does not GIVE them 8-10%, it costs them 8-10% and higher if it is a personal line or business line.
Listen to your own post."it's math, not magic". Have you done the math? Not the presentation math, the real math. There is no way, in the real world, that adding expenses lowers costs. Wrap your brain around that one.
Here is what is really happening. You are adding a line of credit to an already burdened home owner under the pretenses of paying down his home. He will then go further into debt for the $3500 software that you all divvy up. He will never really be able to work this as you have shown him because suddenly he is spending more than usual and on his own that credit line gets tapped out and none went to his 1st mortgage principal. He now has an additional $400 a month bill that furthers his stress and problems. Is it worth your $500 split on the software to do that to people?
Don’t get confused. I am not throwing this all on the customer. Even if a customer did everything right. You are still adding expenses to something he could do without you or your software. You can work out your own mortgage reduction program with a calculator. Not $3500 software. Overall, the software just tells people to send in extra money on the mortgage. Duh, people already know that.
quote:
It's a mechanism for the sales agent to make a big commission while providing no benefit to the borrower. The borrower is confused by smoke and mirrors, writes a big check and then is told to spend less on everything and put it towards their mortgage and their principle balance will magically go down.
Totally true with a few fun adjectives thrown in. lol
You are pushing another fad. Tell me this. Since you are just an MMA guy running around trying get rich selling software, do you know that you are not even included in the huge profits being made on the helocs and lines of credit? Ufirst is raking in millions while recruiting thousands of wannabe salesmen to sell "software" and a dream.
No section 32 rules on 2nds. They could be profiting up to $5000 on small $50,000 helocs. And you get none of that. That is where the real money is. Ufirst has fooled you and sent you on a journey to fool others.
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superthor1022
2797 Posts |
Posted - 04/30/2008 : 11:53:17 AM
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here we go!! and let the coolaide drinkers come out of the closet! Can't sell a mortgage so why not sell access to websites to "pay off my $200K mortgage in 8 years..."
-thor
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CoralSnake
11204 Posts |
Posted - 04/30/2008 : 11:57:09 AM
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quote:
Originally posted by bcdond
quote:
Originally posted by CoralSnake
quote:
Originally posted by Pat
It's a mechanism for the sales agent to make a big commission(This is correct) while providing no benefit to the borrower(There is a benefit when used properly, but I dont believe that the Average Joe does). The borrower is confused by smoke and mirrors(Partially True), writes a big check and then is told to spend less on everything and put it towards their mortgage and their principle balance will magically go down.(Not Magically, But if Used properly (as mentioned, I dont beleive that the average person will use it properly))
So to sum it up, I dont think it is is a good program.
Plus since most people cant get a HELOC today, it is pretty much useless.
I would be glad to have a conversation with you about this. The average person does not understand that it takes 3 years 8 months and 42,000 in interest to pay down a 200,000 mortgage at 6% with a payment 1,199.10 per month to a 190,000 balance. If you ask me that is the crime. 52,000 later and all I have done is paid down my mortgage by 10,000. Tell me why this is a good thing, when I can paydown the same amount of princpal with less than 5,000 in interest using the MMA in under 6 months without increasing my monthly budget. It really is just math not magic. Email me I will send you my phone number. I don't want to make you wrong or me right...I just want to share my story. And you don't need a HELOC to this work any line of credit will work. Personal, business, or secured.
I am not disagreeing with you that it works.
I am just saying that most people dont understand it and dont have the disclpline to do it.
And theyre no HELOCs. |
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hpmfinancial
1833 Posts |
Posted - 04/30/2008 : 12:20:41 PM
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quote:
Originally posted by bcdond
quote:
Originally posted by Pat
It's a mechanism for the sales agent to make a big commission while providing no benefit to the borrower. The borrower is confused by smoke and mirrors, writes a big check and then is told to spend less on everything and put it towards their mortgage and their principle balance will magically go down.
Not true
Very True. |
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hpmfinancial
1833 Posts |
Posted - 04/30/2008 : 12:21:45 PM
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| It is a huge scam. If you want to pay the mortgage very fast try the CMG home ownership accelerator or one of the other 1TD LOC. |
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bcdond
30 Posts |
Posted - 04/30/2008 : 12:35:43 PM
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quote:
Originally posted by CoralSnake
quote:
Originally posted by bcdond
quote:
Originally posted by CoralSnake
quote:
Originally posted by Pat
It's a mechanism for the sales agent to make a big commission(This is correct) while providing no benefit to the borrower(There is a benefit when used properly, but I dont believe that the Average Joe does). The borrower is confused by smoke and mirrors(Partially True), writes a big check and then is told to spend less on everything and put it towards their mortgage and their principle balance will magically go down.(Not Magically, But if Used properly (as mentioned, I dont beleive that the average person will use it properly))
So to sum it up, I dont think it is is a good program.
Plus since most people cant get a HELOC today, it is pretty much useless.
I would be glad to have a conversation with you about this. The average person does not understand that it takes 3 years 8 months and 42,000 in interest to pay down a 200,000 mortgage at 6% with a payment 1,199.10 per month to a 190,000 balance. If you ask me that is the crime. 52,000 later and all I have done is paid down my mortgage by 10,000. Tell me why this is a good thing, when I can paydown the same amount of princpal with less than 5,000 in interest using the MMA in under 6 months without increasing my monthly budget. It really is just math not magic. Email me I will send you my phone number. I don't want to make you wrong or me right...I just want to share my story. And you don't need a HELOC to this work any line of credit will work. Personal, business, or secured.
I am not disagreeing with you that it works.
I am just saying that most people dont understand it and dont have the disclpline to do it.
And theyre no HELOCs.
When you see what it is that I do. My friends and my clients find it quite easy. I can show you what I do right over your computer in 20 minutes or so. Beleive me I talk to people all the time and they think it is hard or unbelievable at first but after a few minutes the light comes on. Spend the time talking with me... what do you have to loose? |
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hpmfinancial
1833 Posts |
Posted - 04/30/2008 : 12:44:23 PM
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United First Financial is a Multi Level Marketing scheme out of Utah. Utah is the state that almost all the other MLM companies are located out of. The reason for this is because they have very relaxed laws on this.
The United First Financial MMA account is not an account, and it is not software. It is a website that you pay $3500 to login to. The reason it costs so much is because there are so many people in the multi level network that need to get paid.
Besides the fact that the fair market value of this website login is around $100, the vast majority of people selling this product are not loan officers, they are just scammers trying to take your money. |
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RickD
226 Posts |
Posted - 04/30/2008 : 1:03:21 PM
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bcdond, come on. Your not listening. You are not a loan officer. You are probably posting all over the place trying to recruit. This is all new to you and incredible. You should have stayed away from mortgage forums. We live this stuff, and see right through these orchestrated presentations. We are trying to enlighten you to the world of finances. Obviously you are completely convinced that you are actually doing something good. And spreading to your friends and family like herpes.....
quote:
When you see what it is that I do. My friends and my clients find it quite easy. I can show you what I do right over your computer in 20 minutes or so. Beleive me I talk to people all the time and they think it is hard or unbelievable at first but after a few minutes the light comes on. Spend the time talking with me... what do you have to loose?
They find it easy, because like you, they don't get it either...... This presentation is designed for the fools of the world that don't understand money. Obviously you don't either. That's why you are involved in a MLM scheme.
I am not bashing you. It's like the Matrix. I just want to wake you UP!!
I have watched your online 20 minute presentation. I quized the fool giving it, and he had no idea how to answer.
It's a scam. No one needs you or your website/software to do it. They need more money or control their spending. THAT'S IT..... If you watch your presentation closely, it makes it seem like their is a lot more money going around wtihout increasing debt. That is the "magic" you are talking about and that is also the lie.
Come on Daniel, tell me you are not that dumb. It is a great business for someone to get into that knows nothing about mortgage or finance and spread it to others that know nothing about mortgage or finance. Sell a dream and move on. Make your money. So face facts, there will be no recruiting here. Just admit you know what's really going on and just tell us how much money you are making and we wish you good luck.
Then when you want to advance, we can tell you how to make real money, stop pretending and get out of MLM's.
You know who your competition is? I see kids on myspace selling it. Kids on youtube that you know don't have a house or even a dollar in their pocket trying to tell real homeowners that they can help them. Give me a break. It's stinks.... It will all be played out soon and another MLM scam down the tubes. |
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dwmordue
452 Posts |
Posted - 04/30/2008 : 1:18:41 PM
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CMG is still going strong, and is headquartered out of San Diego, so I'm going to go out on a limb and say that they're still lending in California.
They offer 1st lien HELOC's that merge with a bank account that is serviced by GMAC.
I don't think they offer stated income any more.
Basically, this is for well qualified full doc borrowers.
Also, CMG is not a MLM or any of that BS, they just service the loans, not try to sell you anything. |
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bcdond
30 Posts |
Posted - 04/30/2008 : 1:27:48 PM
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quote:
Originally posted by RickD
I would love someone to explain this to me, because I don't get it........
If I took the $3500 for the software and put it down on my $200,000 mortgage along with all my discretionary income I could be down below $185,000 in 6 months.
I just want to know that you know that this IS smoke and mirrors and that you are not that naive. Because if you are convinced that this works, then you are just spreading stupid. Tell me that you know it is smoke and mirrors, an excellent presentation and that you are making money. Just admit it, that's all. Just like pick a pays. Everyone knew they were bullsh*t loans, but the LO's were making mad money selling it. Don't sit there and seem sooo naive that you really believe that somehow, another loan creates money out of thin air and pays down another loan. The HELOC does not GIVE them 8-10%, it costs them 8-10% and higher if it is a personal line or business line.
Listen to your own post."it's math, not magic". Have you done the math? Not the presentation math, the real math. There is no way, in the real world, that adding expenses lowers costs. Wrap your brain around that one.
Here is what is really happening. You are adding a line of credit to an already burdened home owner under the pretenses of paying down his home. He will then go further into debt for the $3500 software that you all divvy up. He will never really be able to work this as you have shown him because suddenly he is spending more than usual and on his own that credit line gets tapped out and none went to his 1st mortgage principal. He now has an additional $400 a month bill that furthers his stress and problems. Is it worth your $500 split on the software to do that to people?
Don’t get confused. I am not throwing this all on the customer. Even if a customer did everything right. You are still adding expenses to something he could do without you or your software. You can work out your own mortgage reduction program with a calculator. Not $3500 software. Overall, the software just tells people to send in extra money on the mortgage. Duh, people already know that.
quote:
It's a mechanism for the sales agent to make a big commission while providing no benefit to the borrower. The borrower is confused by smoke and mirrors, writes a big check and then is told to spend less on everything and put it towards their mortgage and their principle balance will magically go down.
Totally true with a few fun adjectives thrown in. lol
You are pushing another fad. Tell me this. Since you are just an MMA guy running around trying get rich selling software, do you know that you are not even included in the huge profits being made on the helocs and lines of credit? Ufirst is raking in millions while recruiting thousands of wannabe salesmen to sell "software" and a dream.
No section 32 rules on 2nds. They could be profiting up to $5000 on small $50,000 helocs. And you get none of that. That is where the real money is. Ufirst has fooled you and sent you on a journey to fool others.
Rick,
I left a firefighting career of 17 years to work in this industry. I like the idea of financial literacy and sharing with others. I could not make it if I threw all my discretionary income at my mortgage. What if I needed some of that money later my mortgage company would not give it back. And as the 3500 is concerned I did put it towards my mortgage. By using a banking technique I get to borrow the 3500 from the LOC pay for my service, take my 3500 from my savings where I am making 1% then send it to the LOC now I owe the LOC 0 dollars.
Since I use my LOC as a Checking Account and since I am at a 0 balance my software knows that I need to make room for our pay checks so the software says move $9,449.76 from the LOC to the mortgage principal. Now when I deposit our income into the LOC this will reduce my bal. on the LOC to around 5000. My interest on that is around 31.00 and my principal contribution is increased on my next mortgage payment by 47.00 that does not sound like much but when I look over my amortization schedule to find that principal payment I have to skip 43 lines that's 3 years 7 months. Now since my bills are less than my income my dicretionary income stays in the LOC cancelling out interest at at 6% instead of sitting in a savings account making 1 or 2%. Or throwing it at my mortgage and not have access to it if I need it.
Now my discretionary income helps to pay down my bal. on the LOC and I get an Instant 43 month reduction on my mortgage and save 42,000 in future interest payments I will never have to make. And all it cost me is 31.00 in interest. Next month it will cost me less, because my balance will be lower on the LOC. Now since my discretionary income is in my LOC instead of in my equity I get interest reduction on my mortgage and have full access to my discretionary income in My LOC to pull out if I need it. And since I don't need it get to leverage t
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dwmordue
452 Posts |
Posted - 04/30/2008 : 1:39:08 PM
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| I noticed online that there are companies out of australia (where all the money merge stuff originated) that will give you a monthly report using pretty much the same software as U1st/Sydney Financial/The Plan , and the cost is like $50 per year for the service. |
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bcdond
30 Posts |
Posted - 04/30/2008 : 1:47:22 PM
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quote:
Originally posted by dwmordue
I noticed online that there are companies out of australia (where all the money merge stuff originated) that will give you a monthly report using pretty much the same software as U1st/Sydney Financial/The Plan , and the cost is like $50 per year for the service.
Saying they are the same does not make them the same. Besides the software is secondary to the education you get from the coaching service which you have access to both for life. There are some people that will not by a Lexus because someone told them it was an overpriced Camry. |
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bcdond
30 Posts |
Posted - 04/30/2008 : 1:51:55 PM
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quote:
Originally posted by RickD
bcdond, come on. Your not listening. You are not a loan officer. You are probably posting all over the place trying to recruit. This is all new to you and incredible. You should have stayed away from mortgage forums. We live this stuff, and see right through these orchestrated presentations. We are trying to enlighten you to the world of finances. Obviously you are completely convinced that you are actually doing something good. And spreading to your friends and family like herpes.....
quote:
When you see what it is that I do. My friends and my clients find it quite easy. I can show you what I do right over your computer in 20 minutes or so. Beleive me I talk to people all the time and they think it is hard or unbelievable at first but after a few minutes the light comes on. Spend the time talking with me... what do you have to loose?
They find it easy, because like you, they don't get it either...... This presentation is designed for the fools of the world that don't understand money. Obviously you don't either. That's why you are involved in a MLM scheme.
I am not bashing you. It's like the Matrix. I just want to wake you UP!!
I have watched your online 20 minute presentation. I quized the fool giving it, and he had no idea how to answer.
It's a scam. No one needs you or your website/software to do it. They need more money or control their spending. THAT'S IT..... If you watch your presentation closely, it makes it seem like their is a lot more money going around wtihout increasing debt. That is the "magic" you are talking about and that is also the lie.
Come on Daniel, tell me you are not that dumb. It is a great business for someone to get into that knows nothing about mortgage or finance and spread it to others that know nothing about mortgage or finance. Sell a dream and move on. Make your money. So face facts, there will be no recruiting here. Just admit you know what's really going on and just tell us how much money you are making and we wish you good luck.
Then when you want to advance, we can tell you how to make real money, stop pretending and get out of MLM's.
You know who your competition is? I see kids on myspace selling it. Kids on youtube that you know don't have a house or even a dollar in their pocket trying to tell real homeowners that they can help them. Give me a break. It's stinks.... It will all be played out soon and another MLM scam down the tubes.
Not recruiting just sharing. I just love my results. |
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dwmordue
452 Posts |
Posted - 04/30/2008 : 1:54:10 PM
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sorry, bcdond, your posts were actually so long, that I skipped past them and just answered the question in the title of the thread.
if you think you made a good investment in U1st or whatever one you're involved with, then that's all that matters.
wasn't trying to put you on the defensive.
....still not feeling like spending 10 minutes reading your posts to see whatever it was you were saying
anyhoo, if a client wants a loan that does money merge, CMG is the way to go. as most are aware, macquarrie stopped lending in US, so CMG is last man standing.
if someone wants the software etc, then that's totally outside of the scope of loan origination, and i doubt that 99% of lo's with 1 client that asks about money merge are going to want to take the plunge into the mlm business that is U1st.
i've declined dozens of sales pitches on u1st simply because of the fact that i don't care to push it. if i did, then what the hell, i might as well start selling amway, and become one of those online travel agents while i'm at it. |
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bcdond
30 Posts |
Posted - 04/30/2008 : 2:03:09 PM
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quote:
Originally posted by dwmordue
sorry, bcdond, your posts were actually so long, that I skipped past them and just answered the question in the title of the thread.
if you think you made a good investment in U1st or whatever one you're involved with, then that's all that matters.
wasn't trying to put you on the defensive.
....still not feeling like spending 10 minutes reading your posts to see whatever it was you were saying
anyhoo, if a client wants a loan that does money merge, CMG is the way to go. as most are aware, macquarrie stopped lending in US, so CMG is last man standing.
if someone wants the software etc, then that's totally outside of the scope of loan origination, and i doubt that 99% of lo's with 1 client that asks about money merge are going to want to take the plunge into the mlm business that is U1st.
i've declined dozens of sales pitches on u1st simply because of the fact that i don't care to push it. if i did, then what the hell, i might as well start selling amway, and become one of those online travel agents while i'm at it.
Not recruiting just sharing. Just saw your website and thought I would add my .02. Guess I did not know Mortgage Professionals did not like the program.
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bcdond
30 Posts |
Posted - 04/30/2008 : 2:10:15 PM
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quote:
Originally posted by Banker0679
just wire the fund into my account
that's what an MMA is
Thanks for your response also. |
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RickD
226 Posts |
Posted - 04/30/2008 : 6:39:57 PM
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Well, you sure have a good attitude bcdond. You never let it negatively affect you. I can tell by your responses that you have not been enlightened at all. Very stubborn. That is actually good for MLM. You get a lot of rejection and stubborn people just keep pushing the product.
You seem excited that you can skip a few lines on your amortization chart. You can do that on your own. I someimtes print 3 different examples for clients to see how much sooner they can pay down their home with $100, $200 and $300 added to their monthly payments. It goes from 30yrs to 24 yrs, to 20 yrs and then 18 yrs. It's what mortgage professionals do. Help people buy, lower interest rates so more goes to principal and structure mortgage reduction plans. (for free, just a $10 calculator required)
Aside from making money. Aside from reaching Regional Marketing Director by recruiting 9 more people. Answer a couple questions for yourself, not for anyone else or to back up your decision to get into U1st.
How does increasing expenses save money?
How can taking out a new loan pay off another loan faster?
The presentation makes reference to 'using the banks money' and 'floating'. Do you know what this means?
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Pat
657 Posts |
Posted - 04/30/2008 : 6:52:49 PM
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| ... also, there's no "float" on a line of credit... here's a great idea, get a bunch of credit cards with 0% introductary interest and use them to finance all your living expenses. Then you will get some free money! I'll call it my new CMA system (C for Credit) and I'll only charge you $2500 and will give you a lifetime's worth of free consulting... unless, of course, I forget or I can't find you. You'll save $1,000 extra right off the bat! (and apologies to Shrek) |
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hpmfinancial
1833 Posts |
Posted - 04/30/2008 : 7:03:51 PM
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One other point. If United First Financial sold this software directly to clients for $500 you would not hear all the professional brokers upset about this product. United First Financial has to pay about 9 people for each sale hence the outrageous $3500 fee to login to a website.
You could buy a used car or get access to a website, think about it. United First Financial also does not care about their clients, if they did they would not allow just anyone anyone to sell their product, they would need to have qualifications. Instead they allow any idiot who wants to pay the sign up fee to sell this crap. |
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rtrefflich
3892 Posts |
Posted - 04/30/2008 : 7:35:57 PM
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If you could pay my bills, I would send all of my money into your account, obviously there are more bills than money
quote:
Originally posted by Banker0679
just wire the fund into my account
that's what an MMA is
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MisterVA
6767 Posts |
Posted - 04/30/2008 : 7:40:05 PM
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| I bet this idea is in Matthew Lesko's book. So it would be the cost of the book plus $3500. |
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bcdond
30 Posts |
Posted - 05/01/2008 : 03:17:52 AM
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quote:
Originally posted by RickD
Well, you sure have a good attitude bcdond. You never let it negatively affect you. I can tell by your responses that you have not been enlightened at all. Very stubborn. That is actually good for MLM. You get a lot of rejection and stubborn people just keep pushing the product.
You seem excited that you can skip a few lines on your amortization chart. You can do that on your own. I someimtes print 3 different examples for clients to see how much sooner they can pay down their home with $100, $200 and $300 added to their monthly payments. It goes from 30yrs to 24 yrs, to 20 yrs and then 18 yrs. It's what mortgage professionals do. Help people buy, lower interest rates so more goes to principal and structure mortgage reduction plans. (for free, just a $10 calculator required)
Aside from making money. Aside from reaching Regional Marketing Director by recruiting 9 more people. Answer a couple questions for yourself, not for anyone else or to back up your decision to get into U1st.
How does increasing expenses save money?
How can taking out a new loan pay off another loan faster?
The presentation makes reference to 'using the banks money' and 'floating'. Do you know what this means?
My previous post answers those questions. Email me and we can talk further. |
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bcdond
30 Posts |
Posted - 05/01/2008 : 03:22:20 AM
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quote:
Originally posted by hpmfinancial
One other point. If United First Financial sold this software directly to clients for $500 you would not hear all the professional brokers upset about this product. United First Financial has to pay about 9 people for each sale hence the outrageous $3500 fee to login to a website.
You could buy a used car or get access to a website, think about it. United First Financial also does not care about their clients, if they did they would not allow just anyone anyone to sell their product, they would need to have qualifications. Instead they allow any idiot who wants to pay the sign up fee to sell this crap.
Are all of you absolutely sure that the MMA is a scam and is not worthy of your time? Broker Banker Magazine has come out in favor of this program twice, Mortgage Planner Magazine has a very positive article, and Personal Real Estate Investor Magazine gave us their Editors Choice Award and all three magazines have us on the cover. Major Banks in the US are partnering with us as well.
Despite your cries to the contrary so many Americans are looking for themselves, trying our service and finding out what you are saying here is just not true. Even your personal clients will purchase the MMA System because it is more than just smart software it is also a coaching and educational system with many benefits you may not be aware of. We promote Financial Literacy.
Now I realize not all of our agents are as professional as you are, but a great many of us are and we are gaining credibility in the Financial Services arena. With that said, United First Financial is not going anywhere. And your clients one by one are purchasing this service as they see the rest of America doing their own due diligence and making a decision for the MMA. For that reason you may lose credibility when I sell them this service and they find out I told them the truth and you gave them bad advice.
Starting today United First Financial has begun to marketing this product in Canada and the advance marketing went extremely well, most of the new agents there are in Financial Services. It is going very well there because the idea of interest cancellation is not new to them. Look guys I am still not trying to recruit you or convince you on this message board, I just wanted to add a little perspective to all the negative comments. Keep my email and when you see that what I am saying here is true… email me for a second look and I will be glad to share.
Thanks for the opportunity to speak my mind.
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Pat
657 Posts |
Posted - 05/01/2008 : 05:12:45 AM
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I've done the research and am 100% convinced that it's a bad deal for the consumer.
Look at the "magazines" that you're touting. Broker/Banker seems to be a sales tool disguised as a magazine. Their home page offers to sell reprints of the UFirst article, better yet it says:
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Full Magazine (Print Version): Volume 108, 2007 featuring United First Financial
Status: IN STOCK
ATTENTION: This print version does "not" have any Money Merge Account "advertisements" in them. The ones that were in the first print run and in the current digital issue, have all been taken out at the request of UFirst Agents.
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Wow... what integrity on the part of the publisher. I'll wait until Clark Howard, Dave Ramsey or some other consumer advocate starts saying how wonderful it is... I'd even take Suze Orman. |
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EsmLoans
146 Posts |
Posted - 05/01/2008 : 05:47:59 AM
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| I just went to a seminar on the MMA last week. Halfway thru they say "This is not a MLM." But five minutes later they discussed the way you get paid by signing up other people beneath you! WTF?? |
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CoolMtgGuy
4087 Posts |
Posted - 05/01/2008 : 05:52:08 AM
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quote:
Originally posted by EsmLoans
I just went to a seminar on the MMA last week. Halfway thru they say "This is not a MLM." But five minutes later they discussed the way you get paid by signing up other people beneath you! WTF??
You should have asked for their definition of an MLM. They probably are not violating their own definition. |
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bcdond
30 Posts |
Posted - 05/01/2008 : 06:50:49 AM
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quote:
Originally posted by EsmLoans
I just went to a seminar on the MMA last week. Halfway thru they say "This is not a MLM." But five minutes later they discussed the way you get paid by signing up other people beneath you! WTF??
It sounds like most of, if not all of you are opposed to MLM. That's ok. A lot of our agents hate recruiting and they never have to. Our Financial Planners, Insurance Agents, Real Estate agents, and Mortgage Professionals many of them believe that recruiting cheapens their professions. But they like the product for their clients. Some of you hate the product and recruiting.
I also found out that if an agent did not do his/her homework and presented this service to Financial Services Professionals, you all just eat their lunch and sent them packing. As well you should have. It really is a good program and it has to be presented properly.
Time will bring out the truth and will weed out the non-profesionals from this industry. When the thousands of clients already using the product either start complaining or singing the product's praises we will either be out of business or it will become as common as term life insurance is now.
Thanks again,
Don |
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EsmLoans
146 Posts |
Posted - 05/01/2008 : 07:09:06 AM
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My question is this..
If you are putting all of your extra income back into your equity line to pay it back down, then how are you building any savings? I mean I know you'll save on interest, but you wont have a savings account? |
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bcdond
30 Posts |
Posted - 05/01/2008 : 07:24:33 AM
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quote:
Originally posted by EsmLoans
My question is this..
If you are putting all of your extra income back into your equity line to pay it back down, then how are you building any savings? I mean I know you'll save on interest, but you wont have a savings account?
If you put your budgeted monies in a savings account then you are earning 1 or 2%. If you put the same funds in a LOC to offset the monies levereged to pay down principal, then your monies are being used to cancel/save 6 or 7% mortgage interest and your funds are still available to pull out of the LOC in case of emergency.
Don |
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OHlo61
67 Posts |
Posted - 05/01/2008 : 07:45:59 AM
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| Ok, so basically you are sacrificing your normal savings for 8-10 years. Sacrificing a gain of 1-2% on that savings account, to payoff your mortgage in that time frame, thereby saving an enourmous amount of money in interest paid on that mortgage. Now, I've also heard that when someone inputs the numbers in the MMA software that they can do it so that they are still putting money away in a savings account/IRA, etc. and then putting the rest of their mon | | | |
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