United First Financial Agent [joy@moneymatters411.com]
Greater Los Angeles Area
- Current
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- Certified Real Estate Consultantat United First Financial (Self-employed)
- Education
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- City University of New York
- State University of New York at Stony Brook
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Joy McKenzie’s Summary
Most people do not realize that during the first seven years of a typical 30-year mortgage, only about 10% of their payment is applied to principal. The rest goes towards interest. At this rate, it will take an average of 23 years before the principal amount to equals the interest amount in each monthly payment. Mortgage interest costs you a lot more than you think. Over the life of a typical mortgage, you will repay the bank the money that you borrowed plus interest that totals more than the original loan amount. Every time you refinance, you'll pay even more interest because you are starting the process over again.
This is where our revolution program called the Money Merge Account comes into play. I educate people how to pay their mortgage in less than half the time and simultaneously paying off their debts. Our average customers will pay their 30 year mortgage off within 8 to 11 years — with little change to their day-to-day spending habits and without increasing their monthly mortgage payments.
How is any kind of Interest Cancellation really possible?
Let’s say you purchase a house for $200,000 over 30 years at 6%. Your payment will be $1,199.10 monthly and you will pay $231,677 in interest which means you will have paid $431,677 when the loan is paid in full. You also just happen to have $10,000 in a cookie jar you have been saving. What’s the difference between adding an additional $10,000 down at closing or adding that $10,000 to the first payment?
By adding the $10,000 to the first payment, the interest you would NOT HAVE TO PAY would be more than $32,000, or about 14% of the $231,677.
But what if you don’t have $10,000 sitting in a cookie jar. Enter the Money Merge Account Program.
Want to know if you could potentially save thousands in interest? Get in touch with me 877-572-0672 and see you qualify.
