Charter Member of the Sub-Media

May 09, 2008

Home Equity Line of Credit Scam? « Stuff Important to Me »

It's supposedly a way to pay your mortgage down more quickly.

I first heard about the CMG Mortgage's Home Ownership Accelerator HELOC, and the associated video; then through my research on that company, heard about First United Financial's Money Merge Account, which sounds a little better, maybe.

Honestly, they both sound a little too good to be true. Since I'm currently putting all my extra income/cash toward paying down my homeloan, I could theoretically pay down a $186k loan in 3.5 years living life normally, instead of the current 5.5 years with belts tightened severely...

Does anyone know anyone who has done this?

The math works. The details are sketchy. The fine print (I haven't seen yet) scares me.

Posted by Nathan at 07:40 PM | Comments (0) | TrackBack (0)