If you’ve come to our site looking for answers – look no further. Here’s what we know about the Home Ownership Accelerator loan from CMG Mortgage.
Home Ownership Accelerator
The Home Ownership Accelerator loan is a mortgage loan tied to your personal checking account. According to CMG Mortgage, the loan uses your income to cut thousands off the total interest you pay and take years off your pay off time. The company says it can do all of this without changing spending habits. And they won’t mess with what you put in the bank. Essentially, the magic happens without any interaction from you.
According to CMG Mortgage, the Home Ownership Accelerator makes one simple change in your financial life. It combines your checking account with your home loan. So you flow all of your personal cash against your loan balance.
Why does this make a difference?
The money currently in your checking account earns close to nothing. In your HOA account, your money may earn your home loan rate.
Here’s how they explain it:
- Your income lowers your monthly balance.
- The lower balance saves you interest.
- The saved interest becomes extra principal payment.
- This further lowers your balance, saving more interest.
- This frees up even more money to reduce principal.
- This cycle repeats itself each month, compounding your interest savings and accelerating the reduction of your debt.
What do you think? Is it too good to be true? We would love to hear from you – especially if you have a HOA mortgage loan. What is your experience with CMG Mortgage?
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