If this works so well, why isn't EVERYONE doing it?- Please remember the bank is a FOR PROFIT ORGANIZATION, so they do not have YOUR best interest at heart, as they are responsible to their stockholders. Close to 90% of the bankers you speak to will not know this method of cash flow management. I will be happy to explain in further detail on our call.....
Why don't mortgage brokers offer this program? It is a non-commission-able product, plain and simple, they do not make money on it. Also this program IS NOT GOOD for repeat business.... who in their right mind wants to be tied to 30 years of fixed payments?
Why don't banks teach this information or offer this education? - .No one has ever taught them. You don't know what you don't know right? It is like swimming up stream when the mass public has generally accepted the way of giving control of our money to the banks, not knowing there is a different, more efficient way. If it works for the banks, why not your HOME BANK?
Why would banks do this? Banks want your business, bottom line. They want you to give them control of your assets. This is just one of many products they offer and they know NOT EVERYONE will qualify. Very few people understand and teach the method. This product is typically available in Private Client Management relationships, of which, Mortgage Free Solution and Truth in Equity have access to these relationships. Numbers speak volumes - constantly and loudly.
Can't I just pay extra to my mortgage for the same results? - Not the same results but paying every little bit to the principle helps. You have to take into account your income efficiency ratio and nothing is better than 100% unless it is 150%. The bank qualifies everyone at around 40% of your income. Extra payments will help but can never match the program. The bank is structured to keep your equity & keep you in debt. Look at your amortization schedule. I will be happy to explain in further detail.....
Do all banks offer these types of loans? Can't I do this myself? - No, not all banks offer the type of HELOC or line with the proper functionality to effectively use the equity optimization program. It's like telling a hen to go to the fox house and look for food. Do you want to try to do this yourself? Do you have the time to "re-invent the wheel"? Are you sure you know everything you can know to optimize your cash flow and achieve your goals the quickest with the least amount of cost? The internet is information, not an education, and most of the information is wrong or is missing a critical piece.
I WANT IN!!!
If you meet these guidelines, you might be approved for the program:
Minimum FICO score of 620
Some Equity in your home
Disciplined! Spend less than your make consistently
Some cash or retirement set aside for reserves
Ready to take action and control of your money. Keep more of the money you make, everyday!