New Loan Program Could Make "7" the New "30" for Mortgages

Who would ever dream that a simple task such as clipping Sunday coupons in order to save money at the grocery store and keep money money in your bank account could in affect be helping to cut the life of your mortgage in half? Well in a sense, if used correctly, that is what a new loan product offered by CMG Financial Services can do. If you apply and get approved for the Home Ownership Accelerator Loan® by CMG Financial Services, your overall financial situation will be forever changed for the better without changing much at all according to their 5-8 minute promo video clips.

In the "overview" clip, viewers will find the outlined basics and potential benefits of the Home Ownership Accelerator® loan shown by charts and graphs. It is here stated that one may be able to shorten the length of their existing 30 year loan by about 50%. The next video features testimonials from satisfied users of the program that claim getting this new age type loan greatly changed their lives and set them on a path to financial freedom, at least from their mortgage payment. One home owner who received the loan claimed to have calculated a savings of $35,000 in seven months. Another claimed that if their family used the loan program to its full extent, in a best case scenario they would end up paying off their 30 year fixed mortgage in a mere 7 years.

Now that the "wow" numbers have been thrown out there, here are the basics on how the CMG product works. First and foremost it is no different than a regular loan in the sense that it is borrowed money which must be paid back in full including any interest. The initial amount of your Home Ownership Accelerator Loan® is equal to 90% of your home's value. For instance, if your home is valued at $400,000 your loan amount or credit limit, as we'll refer to it from now on would be $360,000. Now here come the twists and turns of the program. It works like a refinance home equity line of credit with all the advantages of a regular credit card. These advantages include having all the funds in your account available 24/7 without having to withdraw a minimum amount and without a limit on the number of withdrawals you can make. To go one step further you can withdraw funds using everyday means like checks, checkcards, and online transfers. What this does is make it possible for one to refinance a home as many times over in case of emergency or extra funds are needed without having to reapply with a lender or pay finance charges.

You no longer send payments the normal way you have been used to. Traditionally the average working person receives their paycheck from their job on payday, heads to the bank(or has it direct deposited), and from there divides the money accordingly for food, bills, and other expenditures like entertainment. With the HOA loan, your paycheck is deposited directly into your HOA loan account and counts as mortgage payments against your loan amount but more importantly counts against the principle balance upon which next months interest is calculated. This is the key that drives CMG's loan product. Normally and ideally you would pay your mortgage every month and never see that money again. If you do the same with this loan plus become more savvy about saving and utilizing your finances wisely the possibilities start to skyrocket. CMG also points out that you not likely to complain about leaving behind your 1 or 2% earning bank account for an interest savings of 5-6%.

In order to qualify for the Home Ownership Accelerator Loan you do have to meet certain credit, income, and home equity requirements. Contact CMG or go to www.zoomcredit.com/HOAloan.asp for details. Different example scenarios could be inserted here to show how much one could save or how fast your mortgage could be paid off but the company's webpage mentioned above provides an interactive simulator that can personalize one for you.

Contact CMG Fiancial Servives for full details and disclosures direct by calling 888-367-2144.