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Old 12-07-2015, 07:14 AM   #1
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Term Reducer??

Anyone ever heard of Term Reducer? It's a program for paying off your mortgage and debts faster without increasing payment amounts.

We were just sent info about it 3 weeks after purchasing our home. I'm skeptical but would like to know more.

What are the fees to use the program? What info do they need from us?? SSN, credit check, bank account numbers, etc??

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Old 12-07-2015, 09:41 AM   #2
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Re: Term Reducer??

That really sounds like a scam. Is it a third party who will take your money (plus fees) and then pay your mortgage and other debts? If you want to pay extra or more frequently on your mortgage, I'd just do that without paying another company to profit off of you.

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Old 12-07-2015, 03:15 PM   #3
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Re: Term Reducer??

Quote:
Originally Posted by elienai View Post
Anyone ever heard of Term Reducer? It's a program for paying off your mortgage and debts faster without increasing payment amounts.

We were just sent info about it 3 weeks after purchasing our home. I'm skeptical but would like to know more.

What are the fees to use the program? What info do they need from us?? SSN, credit check, bank account numbers, etc??
I would ask the program for those details, but I agree, it sounds like a scam.
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Old 12-07-2015, 06:31 PM   #4
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We received something like that. I think it basically set up payments to be every other week instead of once a month, resulting in paying down the loan faster. This would reduce the term and total interest paid. Rather than paying someone to do that for you, you could do it yourself and save the fees.
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Old 12-07-2015, 09:43 PM   #5
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Re: Term Reducer??

I finally found some more info on the company. The BBB doesn't have great ratings for them, there's been many complaints. I really thought it sounded like a scam but it perked my husbands ears. I tried to tell him there was no way to pay our 30yr mortgage in under 10 years! Especially with his salary and with 12 mouths to feed. It just ain't happening! 15 if we really hump it, but even then it will be really hard on us.

Thanks for the input! I'll just stick with my gut feeling and we'll pay biweekly on our own!
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Old 12-08-2015, 01:20 AM   #6
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Re: Term Reducer??

I don't believe that a third party needs to get involved between you and the bank in order to help you reduce the balance. If you regularly just send in an extra amount in extra check (minimal, ie. $25-$100) clearly labeled towards the principal this should do. Even the minimal amount works to compound against interest.

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Old 12-08-2015, 05:40 AM   #7
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Re: Term Reducer??

We paid down on ours for a while by splitting our monthly payment into a weekly ones (we were getting paid weekly at the time) = 1 extra month paid off every year. But we are now going for adding extra into our monthly payment.
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Old 12-08-2015, 10:43 AM   #8
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Re: Term Reducer??

I would look into Dave Ramsey .... The total money Makeover book is $10 right now but you can get it free at library.

Basically, he says get on a WRITTEN budget that both spouses agree to. (Budget =you telling your money where to go. You can both still have Mad money or whatever but you set limits) Then you take your leftover money & throw it at your smallest debt. Once that is payed off you take your extra PLUS what you were paying for debt #1 and put it to your next smallest Debt. Etc. Once you are out of credit card/student loan/card debt... then you move on to tackling your mortgage.

I'm a huge fan of the Dave Ramsey program. It helped my family A LOT. We started 2015 in debt & renting. We are ending the year debt free homeowners with no mortgage. Obviously that was teamwork, planning, work, and a whole heck of a lot of luck!

You don't need to pay a company to make extra payments on your mortgage ... Just pay extra. If you want, you can send your checks in early to slightly reduce the interest paid.


***When you do a major purchase like a home, the scam artists come out of the wood work. Be very careful not to give out any personal info.

Some of the calls/letters seem VERY REAL. They will try to trick you and say "Just to verify I'm talking to the right person what is your social security number" Etc. The name of your mortgage company is on the deed to the property. The deed is public record. So it's very easy for scam artists to try to trick you by pretending to be legit. ****
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Old 12-08-2015, 11:37 AM   #9
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Term Reducer??

I'm a secret Dave Ramsey fan. My sister gave me 2 of his books and my dad gave me another. I read the Total Money Makeover in 2 days while rocking the baby to sleep at night.

I agree with his principles. Implementing them when my husband won't read the books is a whole different story.

I wrote up a budget and showed it to my husband. He's shocked how tight it is. I can't figure out how to squeeze it anymore.

We are a family of 12 and our monthly food budget is $600. I buy in bulk and cook from scratch. That barely works. We buy all necessary clothes at goodwill. No tv or cable. No landline. I have a cell phone my parents have me. Our 12 passenger van was totaled in a rollover accident while moving here, so no more ins for it. We own all our vehicles (a car and a farm truck), never bought one with a loan or on credit. We homeschool so no keeping up with the latest fads nor unnecessary supplies.

I've never been good with money but now that we have a hefty mortgage I've got to be super careful.

I budgeted for lots more chicks this spring and am going to use our emergency fund for calves. We need the meat, milk and eggs.

No idea how else to stretch the dollars but I do know if I'm faithful God will bless how he sees fit.

Last edited by elienai; 12-08-2015 at 11:38 AM.
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