primerica Review

Primericaisbad says: (6 months ago)

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The BIG Smoke & Mirrors loan—SMART Loan.

If you want to pay your mortgage off in 20 years, the mortgage industry (including Citimortgage) has something to accommodate that—a 20 year loan. I wish I had the time to go through the numbers right now, but you all can check it for yourself. Run any SMART loan scenario’s total annual payment (including the 26 payments) against a 20-year fixed loan with a “normal” interest rate and you’ll find that the regular old 20 year loan will have a lower:
payment annually
total payment to finish the loan
fees to get the loan
NO pre-payment penalty

Comparing to a 30 year loan, the SMART loan will accelerate the payment, no question about it. Do you HAVE to have a 30 year loan to begin with? NO!!

Also, the simple interest thing will DESTROY you if you’re ever late. The same power of simple interest saving you money when you pay bi-weekly hurts you when you miss a payment. The interest compounds DAILY.

So, if anyone’s argument is that the client doesn’t want to be “committed” to a 20 year loan, here’s my rebuttal:
If they can’t afford my 20 year theory, they can’t afford your bi-weekly payment either. They can always get a HELOC in case times are tough and they can’t make the payment. It’ll be a lot cheaper than adding simple interest to their mortgage, NSF fees at the bank and being locked up by HUGE pre-payment penalties.

THINK OUTSIDE THE BOX

Straightshooter says: (6 months ago)

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Get involved in the training and you'll understand that our 30 mortgage gets paid off in 22 years because there is a massive difference between simple and scheduled interest. Our products and services are unparalleled.

Cooks says: (7 months ago)

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Hey, I just became a primerica agent and I would encourage you to learn more about the simple interest loan. Have you asked your RVP to explain it more clearly to you? Yes the simple interest loan has a higher interest rate than the conventional loan, but the difference is that every payment made on the loan is taken directly off of the principal, where as in the conventional 30 year mortgage, the entire amount of interest is pre-calculated into your monthly payments and when you make a payment you are actually paying your loan off from back to front, instead of front to back. So if you are trying to pay your mortgage off faster by paying more a month, you're not paying that amount off of the principal. Most people in a conventional 30 year mortgage don't even touch their principal amount until year 5 or so. Where as with the simple interest loan, every payment you make is knocked off of the principal and the interest accumulated is adjusted for every dollar that comes off your debt. This is NOT the case with conventional loans and therefor, even though the simple interest loan has a higher interest rate, your monthly payments are lower and if you contribute more per month than your minimum payment you can knock years and potentially hundreds of thousands of dollars off the entire cost of paying back your loan. Look into this further before you say that the simple interest loan is a bad product because the interest rates are higher. It is actually a far superior and affordable loan. The more I learn about Primerica the more I respect what they do. There are of course, a few bad apples, so make sure that you agree with and respect the RVP of your office before you sign on with him. Usually, if you're willing to drive a little farther you can find a really honest great RVP to work for and that will make all the difference in your experience and success.

wmw123 says: (7 months ago)

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Primerica is not a good company and opportunity but is a great company and opportunity. Primerica has a business model that is 2nd to none.

Wayne

Primebabe says: (8 months ago)

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Good for you!! You're smart enough to do your own homework, and you understand that YOU are responsible for your ethics and your success.

Best Of Luck!