Has anyone used or is anyone familiar with CMG Mortgage accelerator program?

Question

Im looking into ways to save and pay off the mortgage more quickly. Right now we are paying extra payments per month, but am motivated to speed it up.

Has anyone use the CMG accelerator and will it work?

Answer 1

It's not technically the same thing.

CMG directs ALL of your income towards your mortgage, but your money is always available for withdrawl because it is a line of credit.  Every penny you don't spend is used to pay your loan off and is therefore more efficient and aggressive in paying down your loan than simply making an extra payment per year or using a bi-weekly arrangement.

The key is having stable and meaningful positive cash flow from the very beginning and not significantly changing your spending habits while you are in the loan.

To find out if it may be better for you goto www.cmghome.com and use their calculator/simulator and compare it to your current plan.  If your projected savings exceed the costs of entry into this product then it may be worth looking into.  Remember to carefully review all your options before making substantial financial decisions.

Answer 2

If this is some sort of program they want you to pay to use, I don't understand why you would want to do that when you already know how to pay off your mortgage more quickly.  Making extra payments is the way to do it.  Using this program is not going to make more money available to make payments, right?  You already have the right idea.  Keep doing what you're doing.

Answer 3

It is the same thing you are already doing.  Some concept but they want you to buy their program.  You have another option that I am sure you already know of but just in case you don't...

One full payment made to the principle in Jan is almost like making 3 to 4 payments come the end of the year.  You basically get the same benefit as making bi-weekly payments but only had to do it once.  So make that payment and keep making your extra along with it and you will knock off about half the time.