Phoenix, Arizona
Not resolved

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—it's called a 20 year mortgage. 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 monthly/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.


As for the “opportunity”, anyone that is bright enough to beat the enormous attrition rate that Primerica has can easily get a job that pays a salary. The person won’t have to annoy their friends and family trying to recruit them and finally will be able to offer clients less expensive products, with better features.

Monetary Loss: $100.

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Cool, DEATH to Primerica

Unsuccesful part-timers, trying to look as "Financial Advisors", give me a break.

Most dont even las a year in business.

I'm CFP and PFP, and I have lost the count of how many term policies I have canceled and replaced, and how many times I had to "open the eyes" of families to be ware of these people.


I joined Primerica about 6 months ago. I also have my brokers license and securities. I have learned over the past several years that I always hated the SMART loan similar to this guy Wholelifer.... we all hated it. We just dont have anything to compete.... I mean really all these comparisons and suggestions to a 15 year/20 year mortgage are not likely. Nearly all Americans will never qualify for this sort of loan that he continues comparing to the SMART loan and that is why they almost never exist.

However, with the SMART loan there are millions of families that will qualify for this loan!! Which at the end of the day is the right way to cater to a family's financial needs. Period.

In addition, as for his insurance comments; if you have ever considered buying term and investing the rest there is no comparison that anybody can show you that proves more financially sound than this concept. He knows that, trust me. However, he also knows that his commissions are about 4-5 times higher selling families whole life which advertises savings accout.... borrow against your own money, if you die your spouse only gets the death benefit, not the savings as well.... and the list goes on and on. Hence, his pockets have probably felt the benefits several times over.... the reason I know is bc I did it for years.

I sold families whole life policies and knew it wasnt enough coverage if mom or dad prematurely passed... I didnt care. I did it for the commission check. But you know when you deliver that check for $100,000 to a mother of 4 who has $135,000 left on a mortgage, bills to the ceiling, 4 mouths to feed.... I know I did a disservice to that family bc I could have protected them with 3-4 times the coverage for less money.

So his comments.... I understand. I was there at one point as well. And to tell you the truth, Im almost 100% sure that he is likely one of the "greedy" mortgage individuals that put families into ridiculous loans they couldnt afford to better his position. I hope he is forgiven.

These simple principles are the reason I joined Primerica. Sure it has been a pay decrease, however, I know that Im surely "helping" families. And sir/madam, please consider your morals before you cover a family by asking them the question, "How much can you afford," versus "Im going to take a commission hit, however, lets do the right thing."

God Bless


everyone's a critic and there will always be someone to critisize. There are people in this world who were ment to be skeptical,and then there are those who are not, at least someone is out there working for middle America in a very positive way!!!


I believe that you make you owm choices in life amd each loan and marketing stradegy is different and some are good and some bad. All people have to do to make this a simple process is read all material in a loan packet and make sure they understand it.

And for they job opportunity at Primerica, It will work for you IF you work with and understand the product. Along with being honest to all parties.


You guys are all idiots!!!! Run the numbers for yourselves, it's not hard math.......

you will see how you are being screwed!!!!

Primerica is not always the best answer.... but at least they are trying to help!!!!


Whole Lifer, I am interested to know more about your career and industry


Whole Lifer, I am looking to make a career shift and would like to know more about your industry.


hello :)


When did I "put down" term life?

GO drink the Kool-Aid!


Whole Lifer... you're an ***!!!

Do us all a favor and SHUT UP! You have no clue what your talking about... The minute you put down Term Life insurance, i knew you were an ***! How can you even begin to compare whole life with term life...

And as for your toughts on Primerica, I'll say it again SHUT UP!!! You have no idea what Primerica is all about... I'm sure the only reason you got demoted was because of your un-ethical thinking... If you'd stop thinking about yourself for a second and actually thought about someone else and what's best for them, maybe you would still be in Primerica making millions...

But fortunetly, selfish, arrogant IDIOTS don't make it far in Primerica...

Thank GOD!!! Trust me Primerica is better off without trash like you ruining their name!!!


While Whole Lifer may be incorrect about some points, your comments are not very nice. I would hope that Primerica is not filled with people with your kind of attitude.


You're right... we don't get paid very well on loans.

Because we're not mortgage brokers. If we made good money on it, we'd want to keep people in those loans the same as everyone else.

The best income in our company is from investments, and residuals therefrom, which helps to motivate the INTELLIGENT agent to focus on freeing up money to invest.

The client has more money in their IRA than if they didn't do business with us.

Yes, sound like we're taking advantage of them.



Sorry "Sick of this", but I was in PFS, in Chris Howard's office in Las Vegas on Industrial Road back in the late 90's.

Next, since I also have a mortgage broker shop, I can tell you that the "form" you're talking about is called a Truth-in-Lending disclosure. Ironically, the SMART loan is shown as a 360-month amortization. That's 30 years by the way. Once you find the right *** to believe this loan is valuable (and I was once one of the idiots), you'll actually see this TIL form and on the bottom of it, it will mention the pre-payment penalty. Moreover, your client will have to sign a pre-payment penalty disclosure form. Since the 90's, they may have dropped the PPP, but I haven't found one VERIFIABLE source to prove otherwise.

Next, just because your grandparents mismanaged a permanent policy, or by some chance was explained the policy by someone of Primerica-style education, there may have been HUGE communication problems. You see, once you truly understand how a permanent policy works, you wouldn't want anything but permanent.

And "Nan", unlike the Primericans, I'm paid a salary to give advice to clients, I hold securities licenses, I have furthered my education by earning industry respected designations. You see, as someone that actually sells all of the products discussed here and REALLY knows how they work, I cringe that some of the people that try to sell for Primerica all say the same things, and they're usually not factual. It's like a rep from Coke saying that Pepsi will kill you.


Ok, here is the deal. Whenever you take out a mortgage they are required to give you a paper that shows exactly what the payments will be.

This page also shows the amount you will pay total and the amount you will be giving the bank. If you fill out a SMART application and they are not able to give you a lower cost they cant approve you or it is predatory lending. Wholelifer has never been in PFS regardless of what he might say. SMART has never had a prepayment penalty (thats the whole point of the program), and to think that he would sell whole life just makes my skin crawl.

Some *** like him took my grandparents for upwards of 20 thousand dollars. They had had a policy for all their life and never missed a payment. One day this guy comes in and says that they aren't eligible to renew or something and has them sign a paper to transfer their cash value to another policy.

Cash value of the old policy who knows estimated about 30 thousand after paying for 50 years, Cash value of the new policy 5 thousand dollars. If you sell this kind of insurance and can sleep at night God have mercy on you.


Just a note: I was browsing and found this site. Seems like "whole lifer" and his buddies like to put down the American people. Comments about "fry cooker turned financial advisor" and "couldn't even fill out a form" indicate where this person (and the industry he is championing -- whole life) is coming from.

I got so interested I did a little research. I think Prime America may be on to something after reading all the good reviews by "real" financial experts.

See how smart you can get by just surfing the internet?


Dan, Doug, or whoever else you're going to write as your screen name:

I find it funny how obviously misled you are. I think my 5 year old could figure out you're the same person.

Anyway, since I've been in all 3 positions which you claim to have been involved in (depending on your screen name), I know you're lying because you can't explain basic premises of either line of insurance, mortgages or Primerica.

While you may feel you're doing your clients good by working with Primerica, the best thing you can do is leave financial planning to the professionals. You never worked for New York Life, they wouldn't hire someone that can't even fill out a job application.

All you know of whole-life insurance is what your idiotic upline tells you about at your rah-rah meetings. I make NO MORE for whole life than I do for term. Most of my business is term (30% cheaper than Primerica by the way), but one day you'll understand the huge need for permanent insurance.

Referencing Suze Orman doesn't help your cause either. She doesn't hold one securities license and is none other than an on-camera personality with a little knowledge.


i find it funny from Whole Lifer his opinions. 1st your probably a life ins agent that sells whole life insurance.

The fact you could even sell that stuff says something about your credibility. i use to work for new york life wich is who i assume you work for. After reviewing the products they offered i decided i was only going to recommended term life ins. to my clients.

i was reprimanded for this because they said they made way more off whole life and with fees and expenses they made a killing off the client. My area managers exact words. i dont work for primerica but i have to give a hats off to a company that only markets term.

the day of the whole life agent will be over some day because buyers are getting informed by people like suzy orman and magazines like wall sreet journal, consumer reports and success magazine all who have told there consumers to only buy term. AGAIN WHEN YOU READ WHAT WHOLE LIFER SAYS BASE WHAT YOU THINK ON MORE THAN SOMEONES WORD WHO LACKS IN CRDIBILITY.


i see a lot of people on here that must not know how mortgages work. i use to be a mortgage broker trust me if your broker is telling you he's only charging half a point hes charging you another 4-6 points on the back end in ysp-yeild spread premium or referred to as a dealer kick back.

interestingly enough the usa is one of the only places that do a sceduled loan like all banks do the pure interest bearing note primerica does is how all canada mortg. are done also many european loans. for the guy who said heloc i loved people like you cause you had to come back to me in 2-5 years to do another mortg. and i could charge you all over again.

for the right person who wants to get there loan paid off quicker and thats a priority the smart loan is great from what ive researched ITS NOT FOR EVERYONE but primerica's smart loan fees are actually lower than a mortg.

broker or bank of america or countrywide when you add in the negative points, YSP, hidden feed & dealer kick backs how do you think mortg. brokers make so much.


I have 1 of those SMART loans.

I missed a payment and now I owe double the interest.

The reason I missed a payment is because I worked for Primerica and once I had a team built my "wonderful" RVP demoted me and took my team ... cutting my pay from 70% to 25% because I told him he could not recuit as well as I could. So he wanted to teach me a lesson.

You are crazy and have NO CLUE what you are talking about.

You are just saying whatevr your RVP tells you.


Try doing the math correctly...SMART loans are ALWAYS more expensive than loans of the same term, on both fees and overall payment.

Give me ONE example of your most recent client's loan amount, interest rate, bi-weekly payment, and projected payoff date and I'll be happy to prove my point.