Probably the biggest single lie told by United First Financial “agents” is that you can pay off your mortgage faster than scheduled, with no change in your spending or lifestyle. That sounds too good to be true, because it is.
Simple math debunks this claim. Think about it. If you’re currently paying $1,500 a month on your mortgage and you’re scheduled to have it paid off in 30 years, how would you pay it off earlier? The only possible way to do that is to pay more than $1,500, right?
UFF agents aren’t too fond of this simple math. They’ve got to confuse potential marks with talk of fancy software, algorithms, and optimizing payments. The truth is that the money shuffle that UFF wants you to do, saves you little to nothing on your mortgage. Even under the best case scenario, the money shuffle promoted by UFF will save you a couple hundred bucks a year. (And for that you’re willing to pay $3,500?)
The truth is that your mortgage is paid off earlier if you pay more, faster. So if you’ve got an extra $1,000 and want to pay off your mortgage sooner, pay that money on your mortgage. You don’t need an overpriced computer program to tell you if you should pay it this week or next week. If you’ve got it, pay it. (The difference between paying the $1,000 one week earlier or later only results in about $1 of interest savings anyway.)
So anyone who is being pitched the UFF Money Merge Account must use simple logic and agree that the only way to pay off a mortgage early is to pay more than their minimum payment. Since UFF isn’t going to be giving you any money to do that, you’ll need to find that “extra” money in your own budget.
If you’re living like many Americans, which is paycheck to paycheck, how will you do that? The only way to free up some money to put toward your mortgage is to change your spending habits. This flies directly in the face of the UFF claim that you don’t have to change your spending. Why? Because UFF is lying to get you to buy their product.
The only way to have more money for your mortgage is to spend less on other things. Budgeting is a great thing, but you don’t need UFF to do it. You certainly don’t need to spend $3,500 to do it when there are software packages out there that cost $50 to $150 which can help you do a wonderful budget and find that extra money for the mortgage.
Oh… and here’s one of my favorite UFF agent lines to help legitimize what they’re selling: “But Big Bank XYZ is selling the Money Merge program to its customers. It must be good!”
Newsflash: Banks sell a lot of things to their customers that are bad for them. Have you heard of credit cards? But the banks offer these products because it makes them money.So don’t think that banks are selling UFF to their customers out of the goodness of their hearts. They’re selling it because they make money.