mortgage savings accounts

[mamalawery]

does anyone have experience with a mortgage with a mortgage savings account (msa). i ran across some info about this product today online. looks like they are mostly done in australia and england, but are avail in the us, too. i just want to know if anyone has used this product in the past, and what were/are the results they had with paying down their mortgage.

[Anonymous]

Im curious about this too. About 2 years ago our local news did a big report about this, they interviewed this man (cant remember his name) he claimed he had information about paying off your mortgage in half the time, easily in about 10 years. They didnt go into the details, but it didnt cost anything. I signed up to get more info with the news. He was doing this in Australia and had written a book, he wasnt on the news to sell his book tho, he said he was going to have a website available with all the info for free. SO I signed up and even emailed the reporter a few times and still havent heard anything since.

They also interviewed this local man that bought the same product (but from a different company) for like $3k. He said it worked, and it was all worth it. The man the was offering it for free said it wasnt right to be selling this product, everyone should have this info. But they just wanted to show a point that it does work. The reporter and a few others on the news even said they tried it for a few months and said they can see it does work.

I know this response isnt helpful, but you just reminded me of it again. Wish I could find out more, didnt seem like a scam, especially if you got the product to show you how to do it for free.

[mamalawery]

i am very interested in it too. from what i read, you deposit your check from your income into a checking acct and you pay all your bills like you normally would. then when all your bills are pd the rest of your income goes to this savings acct to pay on the prinicple of the mortgage.

it is something that is offered here in the states, but i guess the banks wouldn't want it to be disclosed  because they are losing all of that interest on hundreds of thousands of $$$$. i think that i saw the info on the gov housing website. it is apart of your mortgage, but the bank you are going through has to offer it. i'm going research it more. still looking for info from the forums.

Message Edited by mamalawery on 02-24-2009 08:28 PM

[Anonymous]

Yeah thats as much info that they would give, but as far has how to set it up and details like what to do if you have direct deposit already set up with your work, stuff like that, Im not sure about.

I believe it does work, our local news wasnt out to scam anyone, like I said they even tried it out themselves before airing it. I have seen some infomercials about it from different companies (its like some kind of software they sell), but of course it will cost you, but if it saves you money in the end - who cares.

I just remember the guy that they were doing the interview with had death threats against him, banks did not want this info out there!

Keep us posted if you find anything defiantly!

[Anonymous]

Is this what you guys are talking about?

http://www.youtube.com/watch?v=l1u2HJiMYc4

[Anonymous]

yes thats it!! Thank you!!

Has anyone tried this?!

[Anonymous]

I don't get why the software cost soo much? $3500 O_o

You don't need a software to pay extra on your mortgage every month, do u?

[Anonymous]

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@Anonymous wrote:

I don't get why the software cost soo much? $3500 O_o

You don't need a software to pay extra on your mortgage every month, do u?

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My thoughts exactly.. pay your mortgage, pay the rest of your bills, then whatever's left, write another check for the mortgage.  Rocket science?  Hm..lol.  Provided you don't have a pre-payment penalty, no cost to you at all.

[MattH]

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@mamalawery wrote:
does anyone have experience with a mortgage with a mortgage savings account (msa). i ran across some info about this product today online. looks like they are mostly done in australia and england, but are avail in the us, too. i just want to know if anyone has used this product in the past, and what were/are the results they had with paying down their mortgage.

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Here are a few relevant articles about this sort of program and variants.  I suggest you read all of them and then read them all through a second time and a even third time because each will mean more after the others have been read and digested:

http://www.mtgprofessor.com/A%20-%20Mortgage%20Payments/mortgage_payment_flexibility_under_payment_power.htm

http://www.mtgprofessor.com/A%20-%20Mortgage%20Payments/how_would_a_truly_flexible_mortgage_work.htm

http://www.mtgprofessor.com/A%20-%20Early%20Payoff/the_cmg_plan_using_your_mortgage_as_a_checking_account.htm

http://www.mtgprofessor.com/A%20-%20Simple%20Interest%20Mortgages/simple_interest_mortgages_can_be_a_trap_for_the_unwary.htm

http://www.bankrate.com/brm/news/DrDon/20080818_mortgage_software_a1.asp

[DallasLoanGuy]

VooDoo Math!!