Page 1 of 2 12 LastLast
Results 1 to 15 of 30
  1. #1
    Rookie
    Points: 9,655, Level: 29
    Level completed: 51%, Points required for next Level: 295
    Overall activity: 6.0%
    Achievements:
    5000 Experience PointsVeteran

    Join Date
    Sep 2011
    Posts
    445
    Points
    9,655
    Level
    29
    Thumbs Up
    Received: 14
    Given: 10

    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...



  2. #2
    Speechless
    Points: 452,576, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 5.0%
    Achievements:
    SocialRecommendation Second ClassVeteran50000 Experience PointsOverdrive
    brianhos's Avatar
    Join Date
    Jun 2006
    Location
    Trenchtown
    Posts
    39,715
    Points
    452,576
    Level
    100
    Thumbs Up
    Received: 265
    Given: 36

    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.


    They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety. - Benjamin Franklin 1775

  3. #3
    Addict
    Points: 166,801, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 3.0%
    Achievements:
    Created Album pictures50000 Experience PointsOverdriveRecommendation Second ClassSocial
    CLONECONES's Avatar
    Join Date
    Mar 2012
    Location
    RVA
    Posts
    7,197
    Points
    166,801
    Level
    100
    Thumbs Up
    Received: 11
    Given: 7

    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




    Self proclaimed 2012 CF Newcomer of the Year

  4. #4
    All-Star
    Points: 33,904, Level: 56
    Level completed: 72%, Points required for next Level: 346
    Overall activity: 1.0%
    Achievements:
    25000 Experience PointsVeteran
    dtISU's Avatar
    Join Date
    Nov 2010
    Location
    Boone (not Marshalltown)
    Posts
    1,333
    Points
    33,904
    Level
    56
    Thumbs Up
    Received: 56
    Given: 84

    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.


    "If I've told you once, I've told you a million times - don't exaggerate!"

  5. #5
    Pro
    Points: 42,024, Level: 63
    Level completed: 29%, Points required for next Level: 926
    Overall activity: 3.0%
    Achievements:
    Veteran25000 Experience PointsYour first Group

    Join Date
    Feb 2009
    Location
    SW Iowa
    Posts
    2,232
    Points
    42,024
    Level
    63
    Thumbs Up
    Received: 58
    Given: 51

    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.



  6. #6
    Pro
    Points: 74,563, Level: 84
    Level completed: 84%, Points required for next Level: 287
    Overall activity: 33.0%
    Achievements:
    1 year registered50000 Experience Points
    CarlHungus's Avatar
    Join Date
    Feb 2012
    Location
    Ankeny
    Posts
    3,279
    Points
    74,563
    Level
    84
    Thumbs Up
    Received: 321
    Given: 247

    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


    "Some programs don't want to win. It's okay."
    -Poster on hawkeye lounge after the hiring of Hoiberg

  7. #7
    Addict
    Points: 85,063, Level: 90
    Level completed: 73%, Points required for next Level: 487
    Overall activity: 79.0%
    Achievements:
    1 year registered50000 Experience Points
    Cyclonesince78's Avatar
    Join Date
    Mar 2012
    Posts
    5,633
    Points
    85,063
    Level
    90
    Thumbs Up
    Received: 1,013
    Given: 1,131

    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.



  8. #8
    Hall-Of-Famer
    Points: 62,024, Level: 77
    Level completed: 24%, Points required for next Level: 1,226
    Overall activity: 6.0%
    Achievements:
    SocialVeteranCreated Album pictures50000 Experience Points
    CycoCyclone's Avatar
    Join Date
    Apr 2009
    Location
    Urbandale
    Posts
    4,613
    Points
    62,024
    Level
    77
    Thumbs Up
    Received: 16
    Given: 136

    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.


    John Walters is my hero

  9. #9
    Pro
    Points: 37,239, Level: 59
    Level completed: 50%, Points required for next Level: 611
    Overall activity: 5.0%
    Achievements:
    Veteran25000 Experience Points
    CapnCy's Avatar
    Join Date
    Jul 2010
    Posts
    2,357
    Points
    37,239
    Level
    59
    Thumbs Up
    Received: 177
    Given: 120

    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.



  10. #10
    Pro
    Points: 101,606, Level: 99
    Level completed: 28%, Points required for next Level: 1,444
    Overall activity: 0%
    Achievements:
    50000 Experience PointsVeteran

    Join Date
    Apr 2010
    Posts
    3,059
    Points
    101,606
    Level
    99
    Thumbs Up
    Received: 14
    Given: 0

    Re: Mortgage Question

    Smoke and mirrors scam job; run the other way.

    Just pay extra when you have it.



  11. #11
    All-Star
    Points: 37,548, Level: 59
    Level completed: 75%, Points required for next Level: 302
    Overall activity: 4.0%
    Achievements:
    1 year registered25000 Experience Points
    BloodyBuddy's Avatar
    Join Date
    Mar 2012
    Posts
    1,512
    Points
    37,548
    Level
    59
    Thumbs Up
    Received: 68
    Given: 19

    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.



  12. #12
    Addict
    Points: 166,801, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 3.0%
    Achievements:
    Created Album pictures50000 Experience PointsOverdriveRecommendation Second ClassSocial
    CLONECONES's Avatar
    Join Date
    Mar 2012
    Location
    RVA
    Posts
    7,197
    Points
    166,801
    Level
    100
    Thumbs Up
    Received: 11
    Given: 7

    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




    Self proclaimed 2012 CF Newcomer of the Year

  13. #13
    Pro
    Points: 74,563, Level: 84
    Level completed: 84%, Points required for next Level: 287
    Overall activity: 33.0%
    Achievements:
    1 year registered50000 Experience Points
    CarlHungus's Avatar
    Join Date
    Feb 2012
    Location
    Ankeny
    Posts
    3,279
    Points
    74,563
    Level
    84
    Thumbs Up
    Received: 321
    Given: 247

    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.


    "Some programs don't want to win. It's okay."
    -Poster on hawkeye lounge after the hiring of Hoiberg

  14. #14
    All-Star
    Points: 37,548, Level: 59
    Level completed: 75%, Points required for next Level: 302
    Overall activity: 4.0%
    Achievements:
    1 year registered25000 Experience Points
    BloodyBuddy's Avatar
    Join Date
    Mar 2012
    Posts
    1,512
    Points
    37,548
    Level
    59
    Thumbs Up
    Received: 68
    Given: 19

    Re: Mortgage Question


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



  15. #15
    Addict
    Points: 72,210, Level: 83
    Level completed: 45%, Points required for next Level: 940
    Overall activity: 10.0%
    Achievements:
    VeteranCreated Album pictures50000 Experience Points

    Join Date
    Mar 2006
    Location
    Houston, TX
    Posts
    5,010
    Points
    72,210
    Level
    83
    Thumbs Up
    Received: 83
    Given: 99

    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?


    "We are first and foremost an educational institution that values integrity, honesty and treating others with fairness and respect".

    -ISU President Gregory Geoffroy; circa May 2003.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
  • TV: FOX
  • Iowa State vs. Baylor
  • September 27, 2014
  • 07:20 PM