Mortgage Question
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    Mortgage Question

    Looking for some assistance from some of those Cyclone Financetics. Terrible jokes aside, anybody ever heard of this company before/this type of mortgage payment method or anything about "sweep accounts"?

    shredmymortgage.com

    Wondering if this type of method is legit? Paying your mortgage off in 7 years would be amazing...



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    Re: Mortgage Question

    Quote Originally Posted by cydline2cydline View Post
    Looking for some assistance from some of those Cyclone Financetics. Terrible jokes aside, anybody ever heard of this company before/this type of mortgage payment method or anything about "sweep accounts"?

    shredmymortgage.com

    Wondering if this type of method is legit? Paying your mortgage off in 7 years would be amazing...
    I looked at that presentation. I am skeptical this is anything but a way to sell you lines of credit and then recoup commissions off of this. Just make extra payments.


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    Re: Mortgage Question

    believe they just give you a HELOC or other kind of revolving credit and they pay the mortgage off faster with that, but then you're still left with the payments on that.

    Just toss extra $$$ into your PITI every month




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    Re: Mortgage Question

    Quote Originally Posted by CLONECONES View Post
    believe they just give you a HELOC or other kind of revolving credit and they pay the mortgage off faster with that, but then you're still left with the payments on that.

    Just toss extra $$$ into your PITI every month
    Gotta go with this. ^^^^^ Unless you've got a terrible rate, the best way to pay it off early is just throw an extra Franklin in with your normal payment. You'll be surprised how fast it goes down.


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    Re: Mortgage Question

    Better to pay early on something you understand than try messing with some complicated scheme that is designed for salesmen to gain commissions.



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    Re: Mortgage Question

    I would suggest you talk to an actual mortgage broker about something like that. But I gotta agree with the other posters on here; pay more than your minumum on your mortgage if you can afford to do so


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    Re: Mortgage Question

    Quote Originally Posted by CLONECONES View Post
    believe they just give you a HELOC or other kind of revolving credit and they pay the mortgage off faster with that, but then you're still left with the payments on that.

    Just toss extra $$$ into your PITI every month



    Just toss the extra $$ into your P, not your ITI. :)

    10 year fixed mortgage at 3% with no points. Under $1800 in costs. That's the way to go.



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    Re: Mortgage Question

    did you listen to the dave ramsey spot? pay off the small debts first, then snowball that into the larger debts until you're just throwing money at the house debt. That's how you get it done.


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    Re: Mortgage Question

    Quote Originally Posted by Cyclonesince78 View Post
    Just toss the extra $$ into your P, not your ITI. :)

    10 year fixed mortgage at 3% with no points. Under $1800 in costs. That's the way to go.
    I agree...if you can assure that your income level is stable and you can afford the payments, go this route.

    I talked with my mortgage broker and I'm paying at a higher rate while maintaining the 30yr. I'll have mine paid off in 9 years and I did the math out....with closing costs and the small change in interest rate to go to a 15 year, it was about the same. I figured for now this was the safest in the event my wife or I lost our jobs or something.

    It truly is incredible if you run numbers on a loan. I originally signed up to make a payment every two weeks instead of by the month (adding a full payment over the year toward principal). That along instantly knocks years off the loan. The extra we are putting toward the mortgage now (systematically) is going great. In fact, I did the math and paid off my amount to 20% to lose the PMI (as if I kept at pace it'd be in about 1.5 years)...that additional money really added up going to principal.

    My wife has bought in...as I've described, in 9 years (as our kids are right about pre-teen) we'll be able to move to a larger home and hopefully walk in with a HUGE down payment (i.e the sale of our current house) and have a very small mortgage to upgrade and not still owe about $80,000 on our house and roll that into a bigger mortgage.

    My 10 cents worth.



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    Re: Mortgage Question

    Smoke and mirrors scam job; run the other way.

    Just pay extra when you have it.



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    Re: Mortgage Question

    How do you know how much home you can afford? We are debt free. My take home pay is $2,600/month. Wife finishing up school. Will Make around $40,000 salary.

    She wants the option to maybe stay home when we have kids, probably in 2-4 years.

    How much home can I afford? Would like to do a 15 year mortgage if possible.



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    Re: Mortgage Question

    Quote Originally Posted by BloodyBuddy View Post
    How do you know how much home you can afford? We are debt free. My take home pay is $2,600/month. Wife finishing up school. Will Make around $40,000 salary.

    She wants the option to maybe stay home when we have kids, probably in 2-4 years.

    How much home can I afford? Would like to do a 15 year mortgage if possible.

    How Much House Can I Afford Calculator - Yahoo! Real Estate




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    Re: Mortgage Question

    Quote Originally Posted by BloodyBuddy View Post
    How do you know how much home you can afford? We are debt free. My take home pay is $2,600/month. Wife finishing up school. Will Make around $40,000 salary.

    She wants the option to maybe stay home when we have kids, probably in 2-4 years.

    How much home can I afford? Would like to do a 15 year mortgage if possible.
    Get a 30 year. You can always pay more on your monthly payment than required, but you can't pay less.


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    Re: Mortgage Question


    How do the Cap Ratios work? If she is not working now, will that be a factor?



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    Re: Mortgage Question

    I'm starting the process for a home loan, although I don't yet have a property picked out.

    Do I start by just going to my Wells Fargo and applying for a loan, or do you suggest I use a Mortgage Broker to find my best competitive loan?


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