Q. Why
can't I make extra principal payments to my primary mortgage and achieve the
same results?
A. Simply put, the mathematics behind Money Merge
Account present a sophisticated process that has a substantial financial benefit
over increasing your monthly payments. The algorithms in the proprietary Money
Merge Account system are systematically programmed to create the highest
interest savings possible in the least amount of time. The math engines
programmed in the Money Merge Account system calculate the specific timing and
dollar amounts required to produce the most optimum savings on each individual
mortgage and overall financial situation.
Q. Does it make sense
to move my savings accounts over to Money Merge Account?
A. Yes, in
moving your savings into your Money Merge Account account, you decrease even
further the amount of time left to pay off your mortgage. Your customized online
site has the ability to build a variety of financial models to help you
understand the effect that the money in your savings account will have in
decreasing the amount of time it will take you to pay off your mortgage.
Q. Do I
make monthly payments on my line of credit?
A. Not in the traditional
sense. You will use your line of credit similarly to your primary checking
account. Your paychecks will be applied to your line of credit and your monthly
bills will be paid from the account. By transferring your income each pay
period, the line of credit lender will credit the monthly payment requirement
and lower your daily average balance, thus reducing interest charges.
Q. If I am not increasing the monthly payments on my mortgage, how
can this program be possible?
A. The Money Merge Account system makes
a connection between your bank account, the advanced line of credit, and your
primary mortgage. Each time you transfer income into your account, it registers
as a decrease to your mortgage balance. By decreasing your mortgage balance, you
now lower the balance in which interest accrues. By decreasing the balance in
which interest accrues, you increase the portion of your monthly payment which
is credited toward your principal pay down. The Money Merge Account system
determines the specific timing and amounts for each transfer required to produce
the quickest payoff time and highest interest savings possible. There are also
multiple financial options programmed into the Money Merge Account software
which assist homeowners in paying down their mortgage as soon as possible.
Q. Why
am I applying for a line of credit, and how is it associated with my savings and
checking accounts?
A. The Money merge Account program uses the equity
line of credit solely as a vehicle or a tool to drive the program. This system
is coordinated through systems created by United First Financial and works
independently of the lender. The equity line of credit must have the capacity to
operate similar to a primary checking account and be set up with an open-end
interest calculation rather than a closed-end interest calculation. Combined
with the Money Merge Account web-based system, this creates a formula in which
the money in your line of credit account generates an interest cancellation on
your primary mortgage.
Q. Do I have to
change banks?
A. It is not necessary to change banks. After signing up
for the program, we have a customer support team that will assist you in
orchestrating your banking needs with your Money Merge Account program.
Q. Do
you make payments for me?
A. No. We do not have any access to your
accounts. You will be initiating all transactions by following the prompting of
your online Money Merge Account. You will be in complete control.
Q. Do you have access
to or control of my money?
A. No. You are the only person with access
to your accounts.
Q. Do I pay interest on the equity line of credit?
A.
There is interest charged on the line of credit. But because your income is sent
to your line of credit in different intervals, the bank adjusts the amount of
interest they can charge you by offsetting the average loan balance. As a
result, the interest charged is greatly lessened.
Q. Why don't the
banks offer this program?
A. The Money Merge Account utilizes banking
principles that are accepted by most banks across the nation. The Money Merge
Account program simply provides you with the necessary tools to use your money
to reduce interest, instead of the bank using your money to earn interest. This
is the primary reason the banks do not offer the Money Merge Account program.
Q. What happens if I sell my home?
A. The Money Merge Account program follows your mortgage until
it is paid off. The line of credit the Money Merge Account uses will have no
effect on your ability to sell your home. Once you have sold your home and
purchased another residence, we can put the Money Merge Account back into action
on the new residence. Also, all the equity built in the account, as well as the
equity built with market appreciation, will make a great down payment on the
next purchase.
Q. Is there any risk involved?
A. From a financial
standpoint, there is very little risk. No stock market crash or extreme interest
fluctuation can completely eradicate the expected outcome. If your numbers
remain the same, we guarantee the results given at the outset of the program.
Only homeowners that qualify to significantly reduce their mortgage payoff time
and interest, however, will be activated on the Money Market Account program.
Q. Can anybody qualify for the
Money Market Account?
A. It is important to go through a brief
questionnaire when applying for the Money Merge Account program. Fortunately,
there are several avenues that can be taken to gain approval or tailor the
program to work for your specific situation, but the Money Merge Account program
is not for everybody.
Q. Do I have to refinance my existing mortgage loan to make this
work?
A. No. It is not necessary to refinance your existing mortgage
loan. You may choose to refinance your mortgage for additional interest savings
but refinancing your existing mortgage loan is not required for the Money Merge
Account to work. If you do not currently have a specific line of credit one will
need to be opened.
Q. Will Money Merge Account work with an interest only or negative
amortization payment on my primary mortgage?
A. Yes. In fact, Money
Merge Account helps you to take control of the outcome of these types of loans
to benefit you substantially.
Q. Can I own multiple
investment properties at one time and utilize just one Money Merge
Account program, or do I need one for each property?
A. The Money
Merge Account is most effective when used to payoff one property at a time. As
each property is paid off, your overall discretionary income can increase;
creating an accelerated payoff period for each subsequent property.