money merger accounts ? , pros & cons

[kidconshy]

I was thinking of refinancing my home equity loan and was talkin to a friend who was telling me about a money merger account that his financial guy was telling him about.From what I understand that its a computer software that a company United Financial sells that will calculate all your debt for each month and you pay everything from one account that you have to open?

Does anyone have any expirence with them?It almost sounds to good to be true to be able to pay off a mortgage in 7-10 years.

[matey1]

kid, i would say if you want to pay off your mortgage in 7-10 years you need to pay extra on your principal every month. another way to do it is to pay bi-monthly payments. take your monthly payment and divide it in half and add about 10-15% to it and that will accelarate your payoff time.

your question is about a home equity loan which is like a line of credit. you only pay on what you use. be careful on those too as some the bill is only interest unless you pay more. you are not really giving enough info but i would not give up too much on the net. if you need more help with the explanation just pm me with contact info and we can talk that way.

[kidconshy]

matey I know about making payments every two weeks and paying down the principle.What I want to do is get out of my home equity line with its high interest and maybe refinancing to get a lower rate.This is when a friend of mine mentioned the money merger account.This is one co. that does it:http://www.u1stfinancial.com/

[Thin Blue Line]

Thats interesting, I have a appointment with my accountant next week. Ill find out more about it and let you know. Dont any accountants fish? We must have a couple members into money stuff around here...

[Bert Rodgers]

Here's the thing, you are going to apply for a HE line, that shows on your credit report. Each time you take money from the line it shows an addition to your total debt that does effect your rateing.

Also when buy the softwear for $4000 it directs you to take the money and how to spend it, in effect it is prompting you to use ALL of your disposable income.

Can you say that 12 months from now you will be able to do that? Will you be disciplined enough every month?

Bert

[matey1]

matey I know about making payments every two weeks and paying down the principle.What I want to do is get out of my home equity line with its high interest and maybe refinancing to get a lower rate.This is when a friend of mine mentioned the money merger account.This is one co. that does it:http://www.u1stfinancial.com/

with rates as low as they are now why not take the balance you owe on your equity line and turn it into a fixed rate equity or second mortgage loan. this will keep th epayments fixed and not fluctuating and you can control the amount some by the term length.