Why Primerica Smart Loan?

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If officials know that it is treated worse than a conventional mortgage, why they lie to their friends and family and set it as an honor? Simple interest means nothing if the loan interest rate higher. In fact, wearing a Primerica SMART loan, designed over 30 years, be paid from the age of 22 by bi-weekly payments begin:-A higher monthly payment, more than double the discount on the final cost of worse capital on a repayment plan, if a good old 20-year mortgage compared. Thus, in 20 years to complete instead of 21 or 22, you have a lower monthly payment and it will cost much less to the loan bekommen.Auch SMART is a prepayment penalty if the huge classic nicht.Also you can not prove my assertions wrong, why you sell it? Do not use canned quotes PFS respond with facts and tell me where to find them. “If I remember, only with Primerica for 6 months and then quit?” Some of us are faster than other learners “They seem to think that the SMART loan is a mortgage, but really a debt consolidation” LOL …. A mortgage is a transfer of debt to a creditor as security for a loan. Is this a loan or a mortgage or own? Incidentally, on your loan SMART solution, it has a check box for 1 or 2 mortgages. Silly! “It combines all your debts into one monthly payment, thus reducing your monthly payment” Just like a conventional mortgage. “Do you even know the difference between simple interest per calendar report of interest?” I’m sure. Again subjected to high interest rate loans, this feature makes it all the same length. If you do not understand this premise may suspend your license. “It is most effective when it is paid twice a week.” In fact, the most effective to pay a daily basis. 🙂 “I made over 100 loans SMART” I made over 1,000 mortgages and understand how vergleichenNun total payments, as usual, once you start, in which the facts, run the Primericans like cockroaches when the lights.

3 Comments
  1. Reply
    shipwreck
    February 22, 2011 at 4:56 pm

    Primerica hires people who don’t know anything then train them to sell. But first they give a list of family and friends for the company to victimize. Their trainer does the actual victimizing but then they get promoted and get the next list.

  2. Reply
    Wayne Z
    February 22, 2011 at 5:01 pm

    Primerica mortgages are some of the worst mortgages on the market. Period. I feel bad for anyone who has one.

  3. Reply
    Primerica Debate Team
    February 22, 2011 at 5:02 pm

    If I recall, you only been with Primerica for 6 months and then quit? That doesn’t give lots of credibility to someone who thinks they know everything about Primerica and its products.

    “If the reps KNOW it’s a MUCH worse deal than getting a conventional mortgage” You seem to think the SMART loan is a mortgage, but its really a debt consolidation loan. It combines all your debt into one monthly payment, thus lowering your monthly payment. If you don’t want some of your debt to be included with your mortgage (b/c maybe someone else is paying for it), you have the option to take them out of the debt elimination plan. I’m not sure what’s your thinking is, but it seems to me that if people want to get a mortgage, a 20 year mortgage is way to go. I totally agree with that, but as I mention before, the SMART loan is not a mortgage.

    “The simple interest feature means nothing when the loan has a higher interest rate” Do you even understand the difference between a simple interest vs schedule interest? A simple interest is where interest is calculated daily and when payment is received, a new billing cycle begins. With simple interest, more of the payment is applied toward principal over time. It is most effective when it is paid bi-weekly. With schedule interest, its calculated monthly and whether you pay your bill on time or a little bit late, it doesn’t change the already schedule payments set by the bank.

    “In fact, a Primerica SMART loan that starts as 30 years that is scheduled to be paid off in 22 years through bi-weekly payments carries” The length of the loan is not a 30 year loan. Its a customize length that is base on the number of years left on the current mortgage. For example, if you have 25 years left to pay on your mortgage, then the term of the SMART loan is 25 years.

    “More than Double the closing costs” As for closing costs, I usually find that the loan has lower closing costs than the original mortgage. Why? It has no excess fees or unknown fees that banks typically get away with. But you have to compare the Truth in Lending statement.

    If its the worse reduction of principal, why is that on the amortization schedule of the SMART loan shows that more of the payment goes toward principal than a traditional loan? The reason is that traditional banks applies 0% (interest only loans) to 5% toward principal. In the SMART loan, 5%-10% is applied toward principal.

    The prepayment penalty only applies during the first 2-3 years of the loan.

    The bottom line, the SMART loan is a plan to get rid of all your current debts. The average time my client pays on their debt is between 15-22 years. Why? All of them have a 30 year mortgage (whether its fixed interest or an adjustable rate) There’s a few extreme cases, where the client will get out of debt in 7-10 years.

    The SMART loan can consolidate a 20 year mortgage as well. But I haven’t met a client that has a 20 year mortgage yet. I think its because banks rather have people pay 30 years worth of interest than 20 years.

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