A “money merge account” is a special home equity line of credit placed on your home. Every time you receive a paycheck, the whole thing goes straight towards first paying off any balance in your money merge account, then the entire...
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A “money merge account” is a special home equity line of credit placed on your home. Every time you receive a paycheck, the whole thing goes straight towards first paying off any balance in your money merge account, then the entire remainder of your check goes towards paying the interest, then the principal of your home loan. Let’s say you had a mortgage with $1,500 payments and you set up a money merge account. Each month, you received $3,500 in paychecks, but only spent $1,200 (and sometimes less). That means that automatically $2,300 (and sometimes more) goes towards that mortgage each month - an extra $800 towards principal every single month. This means a 30 year mortgage would be paid off in 13 years and two months.
I believe this to be a good time to revisit exactly what the U1st Financial Money Merge Account is all about. Do you remember? Let's do a quick review. Remember that most homeowners have a 30-year fixed mortgage. This means that they always know how much they will pay monthly for their mortgage payment thus the term "fixed". Most homeowners also have a saving and/or checking account that they use to pay their mortgage. Their money is usually deposited into their checking account and all bills... Read Full Story
The past year has seen tremendous growth for the Money Merge Account. One area in particular is the publicity both it and United First Financial is getting in the print media. United First Financial has already been featured on the cover of two industry specific publications and will grace the pages of another soon.
Mortgage Planner devoted four pages, along with the cover, to United First Financial in its Jan/Feb 2008 issue.
Volume 107, 2007, of Broker Banker also features... Read Full Story
If you've been following my blog you realize how much I believe in the Money Merge Account. Well, I'm excited to share with you an updated version of the Money Merge Account by United First Financial. We were able to help only homeowners pay down their mortgage in as little as 1/3 to 1/2 the time. Now we can help ANYONE pay off their debt. You don't have to own a home you only need to have debt (which most of us do unfortunately) that you have a committment and a desire to eliminate for once... Read Full Story
There is a great void in the average American's financial education. While the majority of Americans would do anything to own their home, paying off a mortgage is getting more difficult, requiring many years and thousands of dollars in interest.
Many homeowners only vaguely understand the principle of compound interest, making budget decisions based on emotion or tradition. Money that could help reduce mortgage interest payments often sits idle in traditional checking and savings accounts... Read Full Story
There are many ways that you can become free of debt, even if it doesn’t seem as if it is a possibility. What would you say if I told you that there was a way for you to begin paying down the principle on your home, and greatly reducing the amount of interest that you are paying? Would you believe me?
Well you should there is something available to you today that was created to help the average person begin paying down their mortgage, and reducing their debt. It’s called a money merge... Read Full Story
Just imagine that you could be debt free one day…one day soon. How about paying of your home in 1/3 of the time. Well thanks to a group of genies financial professionals in the mortgage industry you can get involved in a program that will actually pay down your principle and not just your interest.
For example take a standard mortgage at about $136,058 balance in 4.7 years will be $126,032 your total interest paid to that bank in thirty years will be $134,726. Take your MMA Program or Money... Read Full Story
By now you’ve seen all the headlines regarding the current mortgage crisis that’s sweeping the nation. Home sales are down, interest rates are fluctuating, thousands are losing their homes each week to foreclosure, and there is no end in site.
What does this mean for the average homeowner? It means that they will likely be staying in their current home for a while longer. How long will that be? Who knows. What I do know is that for those of us staying in our houses longer than... Read Full Story
Some of the questions I've been asked about the United First Financial Money Merge Account are about fees associated with the following situations: 1) What would happen if a person on the United First Financial Money Merge Account were to sell their home 2) After they paid off their home if they can transfer the United First Financial Money Merge Account to another property. Well, a couple of days ago, all Agents received a notice from United First Financial Corporate addressing the... Read Full Story
For most people, not having to pay on their mortgage for 30 years is a hard pill to swallow. Why is that?
Is it because paying off their mortgage early is a bad thing? No.
Is it because they are required to pay on it for 30 years? No.
Is it because tools aren’t available to help them do it sooner? No.
Why is it then?
I would venture to say that it’s because we, as homeowners, have grown accustomed to the idea that we are supposed to pay for our homes for 30 years. We have... Read Full Story
I have been getting a lot of emails and calls recently concerning the question of why can't you have your HELOC payments automatically taken from your checking account when you are the United First Financial Money Merge Account . Well, I thought I would address this as a post since it seems it is a hot topic. It is true that most banks will give you a lower rate on your HELOC if you elect to have payments for the HELOC automatically withdrawn from your checking account. The interest rate... Read Full Story
