Youtube Video: You'll Like This!

Capricorn_One

US news item about paying your mortgage off quicker with overpayments.
However, the guy featured spent $3500 on a piece of software to track his payments. He could have done that for nothing!
:eek:

Anyway, enjoy...

http://uk.youtube.com/watch?v=90PgchHluM4

Ed.

chickadee

I watched the video but because of the American terms used I didn't really understand what he is doing. Is it just like what we would call an offset mortgage? Or maybe a bit more like stoozing, I'm not sure.

Interesting though.

Capricorn_One

I think it's a current a/c offset mortgage. To get the term right down he must have a decent amount of savings to offset if he's not overpaying.
The item mentions that the system originated in Australia, and that's where offsets began.

toadstooltomato

Can anyone point me to the definition of an offset mortgage?

Optimisticpair

toadstooltomato wrote: »

Can anyone point me to the definition of an offset mortgage?

I found this by googling "offset mortgage define" when I started.

http://www.offsetmortgagecentre.co.uk/offset-account-definition.html

I have no connection to the website.

Also you could read the MFW threads and use MSE's search engine of the forum boards for real life user's views.