Money Merge Account - MMA
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... [more]
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.
Back to the Basics - U1st Financial Money Merge Account
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 paid out of this account. If there is any leftover that may be transferred to their savings account. These types of accounts usually earn 0-2% interest. This is not the best use of those funds.
Enter the U1st Financial Money Merge Account;
With this type of account you can deposit all of your income into a different type of account called a HELOC (Home Equity Line of Credit). With this type of account in place your money is working for you.
The key principle to remember with the traditional mortgage is that Interest on your loan is calculated on the daily balance and charged at the end of the month called "monthly in arrears".
With the U1st Financial Money Merge Account now instead of depositing income into savings or checking accounts, Homeowners deposit all of their income into the HELOC which reduces the interest because it reduces your daily balance. Read that again and then check out the 15-minute video and send me an email at payitdown@yahoo.com for your free analysis.
http://www.u1stfinancial.com/portals/2/flash/15_minute/
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