.25% Loan program..?

[al cole'holic]

..anyone heard of this new program geared towards multiple home ownership? I am heading to a meeting about it today, thought I'd try to hear something before hand..:D

[lewiville]

need more details

[eman1625]

seen some flyers come through but didnt pay much attention to them....sounds like another pay option

[abraman1326]

I would imagine it's a pay option arm deferring interest. I've seen them @ .5%, but not at the .25%. Be sure to check out where the loan recasts. Most of the lenders I work w/ will recast at 125% meaning, once you've added 25% to your loan amount, you no longer have the option of a neg am payment, and must pay the principal and interest payment from that point. Hope this helps...
BRA

[al cole'holic]

..sorry no info, I pushed it back til Monday to do a 1031 program today :)

[h2oski2fast]

..sorry no info, I pushed it back til Monday to do a 1031 program today :)
Sorry for being off topic, but is that Bluey's Beach in your avatar?

[al cole'holic]

Sorry for being off topic, but is that Bluey's Beach in your avatar?
...i dont remember if that is Sandals Bahamas, Maui, or Big Island...I'd rather be at either one at this point :D

[al cole'holic]

...after sitting down today with Olympia Financial reviewing the .25% loan program I learned that it is pretty much the same as most neg am loans. Your payment on a $500k loan is $140/mo roughly :eek: That was the amazing part though...
We then got into another form of financing that completely blew me outta my chair: Acceleration loans! Now I have never sat down and been educated on this type of loan program before, so excuse me if ya'll know about it already. This is the concept taken from Australia (I have heard some reference to this on here before about something..) and brought to market by GMAC. Apparantely GMAC went to every major institution to get this out there but were quickly shown the door...bottom line, this loan will remove your need for a bank checking account, savings account, etc and could essentially be the last mortgage loan you ever need to do on your home. It makes alot of sense on many levels, hell I worked for TD Waterhouse and we wanted all of your moneys parked there for this same principle. Anyway, thought I'd put the demo on here for you to check out :D
http://olympiafin.com/howitworks/player.html

[Bense468]

...after sitting down today with Olympia Financial reviewing the .25% loan program I learned that it is pretty much the same as most neg am loans. Your payment on a $500k loan is $140/mo roughly :eek: That was the amazing part though...
We then got into another form of financing that completely blew me outta my chair: Acceleration loans! Now I have never sat down and been educated on this type of loan program before, so excuse me if ya'll know about it already. This is the concept taken from Australia (I have heard some reference to this on here before about something..) and brought to market by GMAC. Apparantely GMAC went to every major institution to get this out there but were quickly shown the door...bottom line, this loan will remove your need for a bank checking account, savings account, etc and could essentially be the last mortgage loan you ever need to do on your home. It makes alot of sense on many levels, hell I worked for TD Waterhouse and we wanted all of your moneys parked there for this same principle. Anyway, thought I'd put the demo on here for you to check out :D
http://olympiafin.com/howitworks/player.html
My buddy just became a morgatge broker and is doing these accelerator loans. It can work for you, or totally destroy you depending on your how well you handle your money. You are the bank...We have been looking into them. I got more information coming to me.
http://www.jmjloans.com/EBMS/Images/Templates/MortgagePal/HomeAcc/MortAccPres.asp?Header=N

[scooooter7]

Where do I sign up?
What type of interest rate is it??
Is it an adjustable rate???
What if I take out more than I make in a month????

[al cole'holic]

Where do I sign up?
What type of interest rate is it??
Is it an adjustable rate???
What if I take out more than I make in a month????
PM sent :cool:

[cxr133]

PM sent :cool:
looking for info here too.....
i dont only want the positive of this type of loan but also i want to know about the negative

[soupersonic]

Yea, post up some more details please :)

[al cole'holic]

looking for info here too.....
i dont only want the positive of this type of loan but also i want to know about the negative
Yea, post up some more details please :)
..heres the demo link again:
http://olympiafin.com/howitworks/player.html

[abraman1326]

We had a guy in here selling this type of loan. For the right person, it's the right thing, but 1 problem I have is it's adjustable. The loan is a HELOC, so it follows whatever the FED does w/ rates. Besides, why would you want to pay off your house? Why not make your equity work for you and build your wealth? Get enough in the bank to write a check to the bank if you wanted to pay it off. I believe 1 problem w/ paying off your mortgage is you pay it off to retire, but when you retire, you need that write off more than ever. Just some food for though...
BRA

[ChumpChange]

I believe 1 problem w/ paying off your mortgage is you pay it off to retire, but when you retire, you need that write off more than ever.
:confused: :confused: :confused:
Why do you need your write-offs more than ever when you retire? Generally, when somebody retires, they are making less money than years before when they were working full time which means they get taxed less. Please explain.

[cdog]

Hey, I like that idea. I would like to see what the real rates are and what kind of low down products they have. It sounds like it would be merging an equity line of credit and an Orange savings into 1 and calling it a mortgage. The savings interest would pay off the home and allow a home owner to tap the funds in needed. I can see how this would work for someone who has cash savings and an interest only loan but would like to pay towards principal. If they could do 90% financing it would be perfect. How about stated income?
How will this show up on a credit report, as a revolving credit or a mortgage?
Please send me more info.
Thanks,
Corey

[abraman1326]

:confused: :confused: :confused:
Why do you need your write-offs more than ever when you retire? Generally, when somebody retires, they are making less money than years before when they were working full time which means they get taxed less. Please explain.
More often when you retire, you are in the same, if not a higher tax bracket b/c of not having write offs. Uncle Sam is not an idiot. Remember all those funds you've been putting in that 401k tax free, well now it'll be taxed. I'd rather be taxed on the seed instead of the fruit. There is a lot going into this train of thought. Use other peoples money to make money for yourself. But in a nutshell, most folks don't retire and go down in income, they want to remain at the same level, if not a higher level of income to enjoy their retirements, so write offs become just as important in retirement as they were during your working years. We're showing customers how to use their equity to create wealth. On a balance sheet, you can have the mortgage paid off, but that money in the bank is still working for you. I hope I answered your question and didn't create more...
BRA

[eman1625]

I own a mortgage co and we have been seeing a similar loan. Here is the link for anybody that is interested.
http://www.cmgfs.com/home_loans/cmghome/movie/player.html

[Mandelon]

More often when you retire, you are in the same, if not a higher tax bracket b/c of not having write offs. Uncle Sam is not an idiot. Remember all those funds you've been putting in that 401k tax free, well now it'll be taxed. I'd rather be taxed on the seed instead of the fruit. There is a lot going into this train of thought. Use other peoples money to make money for yourself. But in a nutshell, most folks don't retire and go down in income, they want to remain at the same level, if not a higher level of income to enjoy their retirements, so write offs become just as important in retirement as they were during your working years. We're showing customers how to use their equity to create wealth. On a balance sheet, you can have the mortgage paid off, but that money in the bank is still working for you. I hope I answered your question and didn't create more...
BRA
Makes sense if you can earn a return greater than your mortgage rate. Without the risk of losing that investment. But the security of knowing your home is paid for is pretty powerful. But what investments pay that well guaranteed? Not real estate, not stocks, not most bonds, not TD's.....

[abraman1326]

Investment grade insurance contracts. They offer liquidity, and a nice rate of return. I would never put someone into anything that didn't have security. Actually our 3 rules are Liquidity, Security, and Rate of Return. It's some pretty powerful stuff. If you get the chance, pick up Missed Fortune, or Missed Fortune 101. 101 is a condensed version. Some pretty interesting stuff...
BRA

[al cole'holic]

..yes there is adjusting but the life cap is 5% over start. My particular situation, I have 1 property that I will see paid off because I will not sell it so to me this program makes sense for my scenario.

[lewiville]

..yes there is adjusting but the life cap is 5% over start. My particular situation, I have 1 property that I will see paid off because I will not sell it so to me this program makes sense for my scenario.
it looks like the big deal here is 80% ltv? is that right?

[al cole'holic]

it looks like the big deal here is 80% ltv? is that right?
..more like 70%.
Interest is obviously deductible while in the loan, want a better deduction while you have the loan get a higher rate :D

[lewiville]

..more like 70%.
Interest is obviously deductible while in the loan, want a better deduction while you have the loan get a higher rate :D
does anyone really have 80 or 70% anymore?

[al cole'holic]

does anyone really have 80 or 70% anymore?
...well, we bought our first primary in 2000 so our scenario it would fit into.