Columbia, SC- September 4, 2007 – Paul Erickson, President of Gateway Mortgage Group, Inc. announced today that his firm has received certification and is now offering the Home Ownership Accelerator Loan (HOA) program, a revolutionary new loan product that utilizes home equity and the borrower’s paycheck to shorten the time until a mortgage is paid off, saving tens of thousands in interest expense.
“We’re extremely excited to be one of the only mortgage planning and consulting firms in the state certified to offer this tremendous product”, Erickson said.
Not to be confused with a Biweekly Mortgage Loan which requires paying an extra mortgage payment once a year or the “Money Merge” program which is marketed using a multi level compensation plan and requires computer installed software and manual labor to shorten the term of the mortgage.
“It’s hard to get excited about 30 and 15 year fixed mortgages, but this product changes everything. Over my 14 year career I’ve never seen anything like the HOA. It’s one thing to take an existing loan product, alter it minimally and then call it a new product. There’s been plenty of that in recent years. A 30-year has evolved into a 40-year, for instance, and then there’s the option ARMs and Interest Only loans that come in a different flavor seemingly every month. While there are benefits with these types of products, it takes a great deal more than just tinkering with the terms for a product to be labeled revolutionary. But that’s precisely the label many are applying to the Home Ownership Accelerator Loan.” Erickson explained.
“Finally there’s a mortgage loan that benefits the consumer and not the bank. Now it’s not just about the payment, it’s about paying the loan off. This loan can help Homeowners pay off faster and gives them a realistic shot at really owning their home. The HOA is the first loan since the 15-year fixed rate mortgage which allows homeowners to pay off their mortgage faster than ever before, with no penalties, all while saving tens to hundreds of thousands of dollars. And it does this without the painful financial restrictions that come with the 15-year loan. Imagine paying off your 30 and 15 year fixed mortgage in less than half the time with no change in lifestyle? This product gives the Baby Boomers a realistic chance of owning their home free and clear by the time they reach retirement.” Erickson said.
This loan product is relatively new to the U.S., but is common practice abroad. In fact, more than one-third of homeowners in Australia and 25 percent in the U.K. use the mortgage accelerator program.
“Our seminars have generated a great deal of interest from Homeowners. We’re also hearing from Financial Planners who are really excited about the product.” Explained Gateway’s Senior V.P. Kevin Traynor.
Gateway Mortgage Group, Inc. is a licensed Mortgage Planning and Consulting Firm located in Columbia, SC. The firm can be reached at (803) 252-5353.