Interest Cancellation?

Anyone hear about this yet?

Looking for any advice regarding this amazing new tool to save thousands on your mortgage interest.

It is probably just a new term for an old option. The same thing can be accomplished by making extra principal payments.

Bi weekly payments will actually make one extra payment per year, thus eliminating the interest.

Don’t pay for a program that you can do yourself.

Search the forum as there was a very long thread debating this topic some time ago. I agree, this is a waste of your money to pay a firm to help you do something you can accomplish on your own.

Thanks for your input…Don’t understand it exactly, but they want me to pay $175.00 to became a “certified agent” to help mortgage holders save this money in interest by obtaining a HELOC. I would get a percentage of each person that signs up.


I don’t know yet, but I’m not paying $175.00 to find out.

Any help in how to find that thread…can’t find it anywhere plus how do u keep track of all of the post you make on here.

how do u keep track of all of the post you make on here.

Just click on your screen name and it will take you to your profile.

Any help in how to find that thread.......

At the top of this page, under the date and time is a button that says, “SEARCH”

or click on this link:

I had a sales guy come in to my office (mortgage broker) and present this program. It is not anywhere close to just making biweekly payments or an extra payment per year. It is a far different and more complex system using a HELOC to make large payments every month on the mortgage and the homeowner in turn deposits his/her paycheck into the HELOC and it acts as a checking account for them of sorts.

It will only work for someone who can manage money (sadly not many), and has a decent amount of discretionary income every month. But if applied, I have seen it first hand eliminate the 30 year mortgage and other debt in as little as 5-15 years.

Also the way they had the sales force structured, it was kind of like a pyramid structure…the more people you sign up under you and they do business you get paid more…blahblahblah


This is just another of those mortgage elimination programs (pay off your mortgage in 7 years). There are several being promoted in the market place. “Reverse compounding” is another tag you can Google to find some of these loan programs.

All promise to pay off your 30-year mortgage in nine to eleven years. All seem to use a HELOC as a second mortgage and as a checking account to accelerate debt reduction on your primary mortgage.

Most programswant you to refinance you primary mortgage into a 90% fixed rate first and a 10% variable rate HELOC. The programs willl work if you are a disciplined borrower and have discretionary income to apply to debt reduction each month.

If you don’t have any extra income to pay against principal, the program won’t work. The programs all promise to pay off your mortgage in one-third of the time “without increasing your monthly expenses”. While technically true, you still have to pay extra against your principal balance to make the program work. Note that the promoters are not saying “without increasing your monthly payments”.

The debt elimination programs work best for borrowers who have other debt such as car loans or high credit card balances that can be consolidated into the primary mortgage refinance. Eliminating the minimum payments on the credit card debt and auto loan creates the extra discretionary income to pay down the mortgage loan faster.

As I said, the program can work for the disciplined borrower. The program can be done without refinancing the primary mortgage, without opening a high rate HELOC, and without paying someone an account setup fee or purchasing software to manage the loan program.

I have talked to several differnet companies peddling these programs. They all clam up when I ask them why I should pay them to do it when I can do it myself.

The key, as mentioned previously, is being disciplined enough to do it.