SMART loan vs 30 year conventional?
February 22nd, 2010 | 
Author: Dave and Emily A asked:
I just had a Primerica representative come over to my house and show me a solution for a SMART loan. Rates are once again at historic lows once again and their rate was quite a bit higher. But the loan gets me out of debt in 20 years and pays off all my credit cards. I’ve already applied to get a mortgage at my bank, but I like what Primerica has to offer. Any thoughts?
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Any mortgage company can do what they are saying. You just ask for a different amount of years, however this makes your rates go up significantly and you will be paying more interest than you would the actual loan
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Getting a loan to pay another loan is never a good idea. I hope that you decide to just pay on what you have. No one is going to offer a great deal unless they are making money off of you.
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Try doing a google search of them. The things I have heard you would be better off adapting some of their ideas and getting the mortgage from your bank.
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The SMART loan is a unique loan that is offered exclusively to Primerica’s clients. Citicorp Trust Bank is the lender of the loan. Together, Primerica and Citicorp Trust Bank, have a mission to get people out of debt. There is really no other company, especially a bank, that is showing people how to get out of debt.
Here are some things that makes the SMART loan different than all others:
1) No out of pocket costs. That means you don’t pay any upfront fees. Its all included in the loan.
2) Gets you out of debt faster. This is done by the free equity builder program in the loan.
3) Saves you money. Compare your current mortgage to the SMART loan, what is the total interest between them?
4) Lower monthly payment. Instead of spending it, the Primerica representative can show you a more effective way to use it such as applying some of the monthly savings toward the principal, which gets you out of debt even faster, and investing the rest.
The one area that makes the SMART loan truly unique is the equity builder. The equity builder is what makes you get out of debt faster and there’s 5 features of the equity builder. Your Primerica Representative or Citicorp Trust Bank can go into more detail about it if you want to know more about it.