Well, in complete full disclosure here I have to admit I read a book some time ago called the Banker’s Secret. In this book it showed how homeowners could save the interest on their mortgage and by doing this, pay off their mortgage sooner. Well, I thought it was great. I asked alot of folks around me who owned homes had they heard of the book and done any of this stuff and all of them looked at me like I had two heads. They had no idea what I was talking about.
Well fast forward to 2007 and I became a rep for United First Financial. This was a company that believed strongly in that concept and created U1st Financial and called their product the Money Merge Account. I learned about it and read the material over and over and it made sense from a purely financial standpoint that one could use this product and actually save interest payments and pay off their mortgage sooner. Bravo. Yay! United First Financial for investing in America and wanting to help homeowners help themselves.
U1st Financial decided to roll out the business as a network marketing opportunity to allow individuals to create a business for themselves helping homeowners save interest and pay off their home sooner. Well I thought it was great. I became a rep and did not sell one unit to anyone. I wanted to. I thought it was a great idea but it didn’t happen for me. I started looking on the internet at other financial sites that learned about what U1st was doing and charging $3500 for each household to use the software. Well, all hell broke loose when other sites found out about the $3500 fee that was being charged to each family and they ranted and raved and called U1st Financial a scam and started telling homeowners how they can achieve the same goal without spending this god-forsaken $3500.
Granted $3500 is nothing to sneeze at but look at how much interest you will pay at the end of the 30-year period. You can safely say that the interest payments will amount to about buying your home twice so $3500 upfront is really not a lot of money in comparison.
Anyway, U1st Financial got such a negative response it eventually did not last under public scrutiny. However, those homeowners who did use the software did have success.
Now fast forward to 2012 and look at the mortgage meltdown. Now, if half of the homeowners who were turned upside down had the Money Merge Account working for them I believe with every fiber of my being that they would still have their home, saved interest and be in a better financial position overall.
Compared to the mortgage meltdown that $3500 is looking pretty good right now.
I’m just saying. I just checked on amazon about Harj Gill’s book, How to Own Your Home Years Sooner – without making extra Interest Payments. It is temporarily out of Stock. Hmmm!
Comments and feedback are welcome.