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Saving homeowners money
By John Jakobs of Shrinkthatmortgage.com
People today, Americans in particular, have fallen victim to marketing! They buy everything according to the payment! The true cost doesn't matter! The interest they pay doesn't matter! I can say this because I too was a victim of this Marketing masterplan. Think about it. Americans (the vast majority) only seem to consider if they can afford the payment. Whether they are buying a TV, washer/dryer, stove, furniture, automobile what is the payment? That is the question they ask? They discuss bewteen themselves we can afford $250 a month no more. Then they inevitably go for the $275 payment. How can say this you ask? I sat on the other side of the desk! I was taught when I first started my career in the auto business that people only cared about payment. I was skeptical but after trying the methods being preached to me, it was apparent they only shopped by payment. Show them something pretty and sell them on payment not price, and certainly not end cost(true cost)! I went from a green pea, knowing nothing, to top salesman by selling payment so believe me when I say it, people buy on payment! What I find disturbing today is people buy houses on payment too! Let me say this, if I knew then what I know now (how many times did my dad say that!) I could have helped a lot more people to have some money in their pockets today! I always thought somehow I was doing better by people when I sold them a mortgage rather than a car. The truth is while their home might be a better product than a car, it buried them in a bigger whole than their car! Consider that if I was to begin a 30 year fixed rate mortgage today @ 6% my principle and interest payments would be $1199.10 plus taxes and insurance. It sounds reasonable right? Reality is there is more than meets the eye here. While I might be able to afford the payments do I really know the true cost? Most people seem to accept that they have to pay back more than twice what they borrowed! The interest rate is 6%! I borrowed $200,000 and will pay back $437,676. By my calculations that is 116% not 6% and frankly it really gets to me that people just sit down and take it! Don't get me wrong I sat for it too. But I din't know any better then. Today I do. While I might have to contract to pay those terms in order for the bank to give me that money, I certainly don't have to pay them all that money in interest because I found another way. Think about this, every week you deposit your pay in the Bank's checking account. That's right, the Bank's checking account, it just has your name on it! Every day at 2 PM they sweep all the money in those accounts and deposit them in account with their name on it and earn interest on your money! Then they charge an effective interest rate of 116% to you to borrow it back! Does that make you mad? If not, stop reading you deserve your mortgage and the payments that go along with it! But if it does make you mad then take a look around. There are a lot of services and programs that allow you to do exactly what the Bank is doing, only these programs do it to your advantage. If you haven't figured it out yet here's the dope on the issue. It is not the rate of interest that hurts it is the amount of time it takes to pay it back that kills your pocketbook. Can you imagine what your financial landscape would look like if after 10 years you had no mortgage? I am 50 years old , but I remember as a kid there were mortgage burning parties in my neighborhood. When is the last time you heard of a mortgage burning party in yours? It pains me to say this, but I can remember having an arguement with my wife and these words came out of my mouth, " We will always have bills and a mortgage payment so just get used to the idea". It really makes me ill to think that's what I said and worse yet believed it! So, I will ask you again, what would your life and financial landscape look like with no mortgage payment? Could you buy that new car? furniture? washer/dryer? Take that vacation? Would you be sweating college like you do today? How about being able to give back to your church or community? Dream for a minute...It can be reality. I found it. I refused for a long time to believe it, heck I refused to look at it! After all I was the Mortgage Guy! I knew ther was no way to pay off your Mortgage in ten years without having to go get another job or rob a bank or some damn fool thing like that! Well folks (don't let my wife know I wrote this) I WAS WRONG! It is possible and yes I am going to tell you to look around. There are several programs out there today that will help the homeowner accomplish this seemingly impossible task. That task for me is paying off a mortgage with 27.4 years left to pay on, and be completely out of debt in 10.8 years saving over $269,000 in interest cancellation. Here's 3 important things to remember: I didn't have to refinance my primary mortgage. My Mortgage payment didn't change. My household budget/style of living didn't change. But let the buyer beware there are unscrupulous people peddling these programs just as there are good upstanding ones. I am recommending the one I chose for myself. Certainly not the only one but in my humble opinion the best. If you want to get a free analysis check out www.shrinkthatmortgage.com Do your due diligence, this company offers free analysis and guarantees in writing their product will perform. I know this sounds like one of those too good to be true things, but it is only math. I took it to my CPA before I got it. When he saw the free analysis they gave me he was impressed to say the least. He looked it over said to me, it is math and it works John, get it, use it. I did and it does work for me and I believe it will work for you too. It is time that the American people start to take control of their finances and stop waiting for the Politicians to fix it for us! |
http://shrinkthtamortgage.com
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The copyright for this content entitled "Saving homeowners money" has been specified by the contributor as:
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This intel was contributed by jjakobs
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May, 2012
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