jsimon7777 said:ellory said:jsimon7777 said:Many of you guys are not quite understanding the Home Ownership Accelerator. Not true. But what is true is that you UFirsters don't understand High School math.

Want to prove me wrong? Take the CalvinandHobbes challange. Be the first UFirster to ever complete it

Wow, did you guys even read my post? I said Home Ownership Accelerator. That's not UFirst or whatever that pyramid scam is called. This is CMG through GMAC. Ya know, GM, mom, and apple pie. Here, read something from the Washington Post about it:
http://www.washingtonpost.com/wp-dyn/content/article/2007/12/14/AR2007121401062.html

I'm paying 3.5% on my loan right now. In 12 years or so, I'll have paid off my loan while paying a butt load less in interest than a 15 year fixed would require, let alone a 30 year with extra payments, and that's including rising rates. Yeah, the rate will likely go up, but I'm getting the super low rates now while I have the highest balance, so I can deal.

For the right people with the right expectations, good credit, and income, CMG's loan rocks.As you

1. Did not name the program
2. Did not provide any links
3. Did not represent the program accurately

you have little to complain about

And you still don't. You don't score points on a quantitative finance board by saying GM=apple pie = good

This program is not bad and is not a UFF scame, but most people can likely do better on their own

jsimon7777 said:
I'm paying 3.5% on my loan right now. In 12 years or so, I'll have paid off my loan while paying a butt load less in interest than a 15 year fixed would require, let alone a 30 year with extra payments, and that's including rising rates. Yeah, the rate will likely go up, but I'm getting the super low rates now while I have the highest balance, so I can deal.

Need loan details. Closing costs and closing date, loan ammount, points paid, margin, expected "extra" monthly payment, rising rate assumption. Then we can do the math and see if it is a good deal or not.

You guys are mean. Why are you ripping jsimon for writing "Never Mind"? (I am kidding for anyone that can't figure it out).

At least you have them running and editing their posts now.

ioio said:for the reading challenged, what is the bottomline? I stumbled into this thread trying to find some information on if i should sign up on the bank of america mortgage accelerator program. I haven't done the math, or find out detail about it, but was offered a similar accelerator when i was with chase, i just want to know if there's a calculator out there for it. is this good, bad, or bad only if you don't move/refi, etc, etc...

hope this makes sense. thanks.
Bottom line is if you are charged a service fee for this, just do it yourself and send 1/12 extra with each mortgage payment. This is #5 of the Finance FAQ linked at the top left of this forum.