Anyone ever hear or use the Tardus System of combining your mortgage and checking accounts? They claim that they can help you pay off a 30 year mortgage in 7-10 years, by having your paycheck applied to your mortgage directly and thereby reducing your interest accrual. You use credit cards for purchases and then pay off the cards before the grace period is up. By doing this you get use of funds to reduce interest accrual, while being able to live a normal lifestyle using your credit card. When time comes to pay off the balance on the card or if you need money, just use your ATM card or write a check and the money is taken from the principal applied to the mortgage. They basically provide am educational service where they teach you how to do this. The cost is $3,500 or 1% of the mortgage, whichever is greater. If this is something that works, then the $3,500 fee would be a bargain. http://www.tardus.com/
Hi Madison, In my practice I regularly have clients deposit their entire paycheck into ... say a Mutual Fund for example, which has check writing privileges. So they're investing their entire paycheck. Then live on the least amount they can. By default whatever they don't spend stays in the fund. Making a few extra payments a year on a mortgage can power down the mortgage, often in half the time. (Depending on how much you put in). Make sure you do your due diligence before trusting this co.
$3,500 FEE IS A JOKE!!! You can make extra PRINCIPLE payments every month...OR NOT... Put that BONUS CHECK in the mortgage payment... YOU CAN STOP ANY TIME IF THINGS GET TIGHT!!! You can cut years off the mortgage with a few thousand dollars in extra principle!!!
Holy Crap!!! Sorry Madison, I didn't see the $3,500 fee part. That my dear friend is what they call a "deal killer". You can do this yourself for nuthin. Hell you could hire a REAL Financial Planner for that and he/she can fix everything. THANKS GEORGE - GOOD CATCH
The fee kind of got me at first, but if by doing this you could cut a 30 year mortgage down to 10 years instead of down to 22 years (using the extra payment each year method), then $3,500 seems to be a small price to pay. The problem for me is that they are selling an education and training service, not the actual process of setting this up. It seems that they've been doing this in Hawaii for a while. I'm going to do some more research on this and see what I can find. I have to admit that I am intrigued by the prospect of paying off a mortgage in less than ten years. We'll see what I find.
Butch knows what he is talking about and so do I. We both learned it from the same source. $3500 seems to be a small price to pay. Ever stop to think what a $3500 payment on the mortgage would do for the loan compared to giving it to this company
EXTRA $3,500 PAYMENT BEFORE MONTH 2 7.08 Years shorter loan YOUR DOWN TO 23 YEARS... 20.25 Years shorter loan $3,500 (BEFORE MONTH 2) + $230/MONTH EXTRA
Thanks for all of your replys. When looking at a loan of $500,000, paying $3,500 (BEFORE MONTH 2) + $500/MONTH EXTRA the loan is shorted by 9.25 years. If legit, it would seem that this might be a viable option for higher loan values where it would be more difficult to pay down the loan quickly by paying extra towards the principle each month.
Re: Re: Mortgage Question What soil is Hawaii ??? quote: -------------------------------------------------------------------------------- Originally posted by SoParkDiva They're in Hawaii because they can't step on American soil with that scam. -------------------------------------------------------------------------------- Im sorry but LMAO. That cracked me up .... Sounds like a bogus deal to me. Why pay someone to tell you that you can make extra payments and apply them to the principal ?
Re: Re: Mortgage Question If legit, it would seem that this might be a viable option for higher loan values where it would be more difficult to pay down the loan quickly by paying extra towards the principle each month. Madison ============== What would be Quicker following their plan and giving them 3500 or using their system and paying 3500 on the loan? THE END ** *** ** LB 59
Re: Re: Mortgage Question (I was supposed to be here for a short time...so I bought WAY UNDER $500,000) YMMV
Re: Re: Mortgage Question Wait a minute. You didn't say the $3,500 fee would be applied against the mortgage. Which is it Madison? ???
Re: Re: Re: Mortgage Question I guess I didn't really make myself clear on that. I was responding to George's example of applying the $3,500 to the mortgage and then adding to the monthly payments. In my example I was saying that on a $500,000 loan applying the $3,500 to the principle plus an additional $500/month would only reduce the life of the loan by 9.25 years. That being the case, paying $3,500 as an upfront fee and then being able to reduce the loan by 20 years might not be suck a bad idea. I'm thinking that this program might have more benefits in high cost real estate markets such as Hawaii (the 50th state) and California. lbrown59 asked why not just follow their plan and apply the $3,500 to the loan? This makes perfect sense, but I haven't been able to find out how their plan works. I guess that is the secret of the program. And thats what is interesting me. On a $500,000 loan you are talking about saving 100,000's of dollars.
