CMG plan


A non-traditional mortgage loan which acts as a checking account combined with a debt facility. The borrower will deposit their paycheck into the CMG plan account and the debt balance of the note is automatically reduced. As the borrower makes payment transactions from the account for regular expenses the debt balance increases. The total amount of income not spent each month is then applied as the monthly mortgage payment. This type of plan can reduce the amount of time and the interest charges on a mortgage but can only be utilized by individuals with predictable and strong income resources.
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