Mortgage Accelerator - any experience?

[Dani Beit-Or]

Hi,
I've known about this for some time but wasn't very open to it in the past. Much more open to it now.

I was approached by someone that has develop his own "Australian bank" program. In a nut shell: you use fund "sitting" in your checking account towards your mortgage balance and with some mechanics you can use this account as checking account for your daily use AND at the same time make the funds work in your favor by lowering your mortgage balance, thus shortening mortgage years and paying less interest over the years.

When I asked why do I need a software (SW) for it, I'm good with math and with a good excel, he said that when you have multiple mortgages (1st and 2nds) and 3 homes or more it gets complicated and the SW helps you determine where to save more first and how to manage it smartly and easily.

The whole concept of mortgage accelerating makes perfect sense, and I know there are different ways to go about it but he wants $3500!!! for the license.

This is not through the UFirst MLM that's out there.

My questions:
1. Have you had any experience good or bad with mortgage accelerator programs?
2. which would you recommend or avoid and why?
3. Are you familiar with a free SW or "cheap" one?

thanks

Dan

[Richard Warren]

This topic has been debated here ad nauseum. The people who endorse it wholeheartedly also happen to be the ones selling it. Save your money.

See this thread:

http://www.biggerpockets.com/forums/50/topics/11432-money-merge-account-

:cool: