Originally Posted by
ImperialxRat
someone want to break down quickly what a MMA or a DIY is? And HELOC? I understand its a debt consolidation?...or a way to pay off a mortgage quicker?
DIY is do-it-yourself.
I'm starting to get a bit more "fishy" with this whole thing anyway. The person I was emailing that ran a "simulation" for me just blocked my IP. I guess the questions I was asking didn't sit well with her.
I pointed this out to her (using her example though). Using TOGA's example, you pay about $54k in interest in about 9 years.
Starting balance of $203,500
Ending balance of $257,000
"Effective rate" of 2.8%, NOT his quoted 1.72%. Not even close. Makes me wonder what else is off (ie total interest paid...which would screw up the APR rate as well).
Stay away until some really smart people start touting it, like the Wall Street Journal.