Principal, Bernas, Attorney discussed on CU Basketball
Interest. We have we have a program where you're when you make a payment it goes directly into the loan balance. And what we do is called the principal. I we're using an adjustable. Rate mortgage. Okay. Which every time you make a deposit into your checking account. Well, what are we going to do is? We're going to take all of your banking and Bernas switch it over. So that it's all tied to this this line of credit. So every time you get a paycheck the money gets deposited into your account, which is your mortgage account. So let's say you get paid five thousand dollars. So your five out your you'd make that deposit and for a few days, your loan balance balances five thousand dollars less. So you're not making any interest payments on that five thousand dollars until you start to spend it. So if you wait two weeks in the you raise some checks, use your debit card. You know, by the end of the month, you spent that five grand, but during those thirty days, your balance has been lower than you get another deposit and another deposit, and you know, this is this is a fantastic deal. I've got clients personally who are going to pay off their mortgage on schedule. We. Did this long for them six months ago there unscheduled pay off their mortgage in four years? Now, this doesn't sound like a plan for somebody who is living hand to mouth. This was not a plan for somebody. That's living on the edge case, this is all about residual income. Meaning that you know, if you get paid ten thousand dollars a month. If you're have the three or four thousand dollars a month, you're not spending, and it can just sit in your mortgage account. Now, you're making some serious progress. And so, you know, this was a great loan for the self-employed people that get large deposits. They have businesses where they can run their business deposits through their mortgage account. Sounds like it might work well for somebody who has one of those high paying seasonal type jobs. He know like refinishing basements. Exactly. Exactly. Well, let's say that you're an attorney. Oh, yeah. Okay..