United First Financial Scam Review, Legit or Scam?
I found out about U1st Financial and the mortgage acceleration software that they offer at a BNI chapter meeting. There was a guest who was talking up the web-based software and how it could help people pay their mortgage off in about half the time without changing their spending habits. As a licensed mortgage broker and also curious how it worked I wanted to hear more.
He said that the web-based software program, which was available for $3,500.00, would assist homeowners in paying down their mortgage in one third to one half the time without changing their lifestyle. I was amazed and astounded . I wanted to hear more, so we scheduled an appointment.
We watched a DVD during our appointment. It covered that, by someone using their discretionary funds more wisely, they could pay the remainder of their 30 year mortgage in about thirteen years. Sure sounded interesting to me. He also explained that as a mortgage broker I could earn a lot of money selling the software.
Some time later I received a call from a friend from the BNI group. She wanted to know if it would be a good idea for she and her husband to get a Home Equity Line of Credit, pay off all of their credit card debt, get the software program, and be able to pay off the remaining 11 years of their 15 year mortgage in as little as 7 years? On the surface the answer is YES!
Some other questions I have are these. How does the software project what is gong to happen down the road? What if there is an economic collapse, or if a family’s job or income situations change? And if there is an emergency what if all of your cash is tied up in your home because the software advised you to make prior extra payments? Seems your only choice might be to refinance the mortgage and that would cost you more money.
These are some of my concerns. Also, as a licensed mortgage broker and someone who has been in financial services for over 25 years, I would question the credentials of those marketing this product. After all, isn’t your home your largest and most investment? Do you really want someone who just came over from another MLM opportunity and signed up with U1st Financial to give you advice on such an important topic?
United First Financial is a Multi Level Marketing business opportunity. The company gets $1,000.00 of the $3,500.00 sale. The remaining $2,500.00 is divided into commissions, overrides and bonus pools for those at the “branch manager” level and higher. You split the commission for your first few sales with your sponsor. Please keep in mind that the effort is yours, you’re scheduling appointments and sponsoring new people, and your sponsor is benefiting until you are qualified for full commissions and “training bonuses” The compensation package seems top heavy. Also your appointments are face to face if you enjoy this type of business.
I would say that if you want to pay your mortgage down early, you might want to consider just adding a little extra to each payment. For example on a $200,000.00, 30 year fixed rate mortgage at 6%, by adding just $100.00 to each monthly payment you will take over six years off the life of the loan.
Filed under: MLM