Most people would say YES!!! I agree, it is temping, so lets take a look. Their are programs out that will show you a roadmap to saving a forture, MMA from UFirst, is one of the largest and most expensive. I love the fact that it is MLM, since mlm is by far the easiest way for the average person to make money. But I will leave MLM comments to another post.

Back to these programs. The idea is that you will take out a Home Equity Line of Credit and use it as a bill paying checking account. You deposit your paycheck into the account each week and pay bills from the account, but use it for nothing else. You just need to make sure that you are putting more in than you are spending, pretty simple. The software tracks this and then will tell you when you should move large chunks of money from your HELOC over to your mortgage. Doing this many times during the life of the loan will save you thousands in mortgage interest and many years off the length of the loan. The really nice thing is that you are actually making the “interest only” payment on the HELOC each time you deposit your paycheck. So you pay a little interest on the money you borrowed, but you save a bunch on the mortgage side.

Using this software also allows you to see how large purchases and large deposits can effect your ability to pay off the loan early. At the end of each month, you will import your monthly bank statement and it will recalculate your pay off date and when payments should be made. This allows it to keep you at the most optimine level of savings.

So would you pay $3500 for this?

I personally said “NO”, but that is a choice that each person should make on their own. I figured that it was basic math, you just need to figure out how they did the math. After some work in Excel, I figured out a basic algorithm that would allow me to accomplish close to what they came up with. I figure that it is not as agressive as their program, but it did not cost $3500 and still manages to save $100,000+ and 10-15 years off the average mortgage.

I will be posting more about our version of this program very soon.

thanks,
Streamline Your Debt Team

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