Frequently Asked Questions
Q. What is the Money Merge Account?
The Money Merge Account is an online account system that incorporates your checking and savings accounts with an advanced line of credit, or ALOC. Through this program, homeowners have the ability to pay off their 30- year mortgage in as little as one-third of the time, without refinancing their existing mortgage loan or increasing minimum monthly payments. This system helps homeowners to strategically position their money where it provides much more financial benefit than "sitting" in a standard checking or savings account, until it is otherwise needed. Vast financial details programmed into the MMA software help to better educate the homeowner and assist in some of the greatest time and interest savings possible. This program is not intended for all homeowners, as no one program is right for everyone. We encourage you to do your homework and get the facts before deciding if this program is right for you.
Q. Can I just do this concept on my own?
A. The simple answer is anyone can attempt to do something similar on their own. The most accurate answer is the Money Merge Account system is an advanced tool that is specifically designed to take into account the financial variables of each individual homeowners life and helps to produce some of the greatest interest savings possible. This complex, yet user friendly system records and tracks all of the critical financial data of each individual homeowners income, expenses, increases, decreases, out of the ordinary fluctuations in spending and many other financial variables of each individuals daily lives. This system helps to maximize interest savings with each and every penny and recalculates to maximum efficiency under this concept each and every day.
Q. Does it make sense to move my money in my regular savings account over to my MMA?
A. Mathematically, it can make sense. In moving your savings into your Money Merge Account, you can further decrease the loan balance on which interest accrues, which can decrease even further the amount of time left to pay off your mortgage. When you need access to money you can draw money out through your Line Of Credit. We advise that you always seek the advice of your licensed financial planner.
Q. Do I make monthly payments on my line of credit?
A. Yes, but 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. Any money that you don't spend, that would normally just be sitting in your regular checking or savings account, remains against the balance of your loan further reducing interest charges until that money is needed.
Q. How can homeowners pay their mortgage off early with little to no change in lifestyle and without increasing minimum monthly payments?
A. The Money Merge Account system and service is designed to work with a homeowners existing lifestyle. This sytem helps homeowners to reduce both the interest and time owing on their existing mortgage by repositioning their unused idle money which normally sits in their accounts and their regular monthly expense money until it is needed to pay expenses. When money is needed for expenses, it can be accessed through their Line of Credit. This system helps homeowners to strategically position their money where it provides much more financial benefit than "sitting" in a standard checking or savings account, until it is otherwise needed. Vast financial details programmed into the MMA software help to better educate the homeowner and assist in some of the greatest time and interest savings possible.
Q. Why am I applying for a line of credit, and how is it associated with my savings and checking accounts?
A. The MMA Program uses the equity line of credit solely as a vehicle or a tool to drive the program. The MMA 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 MMA 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 MMA 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 MMA 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 MMA utilizes banking principles that are accepted by most banks across the nation. The MMA 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 MMA program.
Q. Can I contact any of your client references to hear about their experiences with MMA?
A. Due to privacy regulations, we are unable to provide personal contact information for references. However, you can view actual clients using the MMA program on our MMA informational DVD and you are welcome to research our company through the Better Business Bureau web site at www.bbb.org
Q. What happens if I sell my home?
A. The MMA program follows your mortgage until it is paid off. The line of credit the MMA 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 MMA 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 on your "Final Analysis" 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 MMA program. Be advised, this system does not release homeowners from their obligation to make their regular minimum monthly loan payments. This program is not for everyone, as no program is right for everyone.
Q. Can anybody qualify for the MMA?
A. It is important to go through a brief questionnaire when applying for the MMA 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 MMA 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 MMA to work. If you do not currently have a specific line of credit one will need to be opened.
Q. Will MMA work with an interest only or negative amortization payment on my primary mortgage?
A. Yes. In fact, MMA 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 MMA program, or do I need one for each property?
A. The MMA 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.
Q. Is this program right for all people?
A. No, as many different programs are right for some and not right for others. This program helps to provide tools, education, convenience and insight to homeowners that are looking for additional support and education on how to pay their home off quickly. Among other options, homeowners can choose to pay their mortgage off ahead of their standard schedule by simply adding additional money to each regularly scheduled monthly payment.
Q. Does United First Financial give investment, mortgage, real estate, or financial advice?
A. No, United First Financial does not provide investment, mortgage, real estate or financial advice.
Q. Does the Money Merge Account system create money in addition to my regular income to help pay down debt?
A. No, the Money Merge Account does not create money "out of thin air". It is a proven system that utilizes existing banking tools, financial strategies and education to assist homeowners in saving interest and paying off debt at an accelerated rate. This system helps homeowners to reduce both the interest and time owing on their existing mortgage by repositioning their unused idle money which normally sits in their accounts and their regular monthly expense money until it is needed to pay expenses. When money is needed for expenses, it can be accessed through their Line of Credit. This system helps to maximize interest savings with each and every penny and recalculates to maximum efficiency under this concept each and every day.
Q. Is the Money Merge Account the only option that can effectively help to pay my mortgage off ahead of schedule?
A. There are many different options for homeowners to pay their mortgages off early. Homeowners using this system have stated that the Money Merge Account is one of the best ways they have seen to pay their mortgage off early while gaining a much more robust understanding of the operation of their household finances.
Q. Does the Money Merge Account take into account if I am paid on a monthly, semi-monthly, weekly or bi-weekly basis?
A. Individual homeowners pay schedule such as monthly, semi-monthly, weekly and bi-weekly are taken into account. The Money Merge Account is programmed to take different pay schedules into account to operate at maximum efficiency. This enables homeowners to benefit to their optimum potential under this concept while always maintaining complete and total control over their money and financial decisions.
Q. Does the Money Merge Account fix my financial problems?
A.The Money Merge Account is not a cure it is a tool. This system will only assist qualified homeowners in paying down their mortgage debt at an accelerated pace if they properly utilize the Money Merge Account system and service the way it is intended to be used.
Q. If I spend more than I make, will the Money Merge Account work for me?
A.No. If you do not make more than you spend the Money Merge Account system and service is not the right option for you.
Q. Should I stop putting money in my investments or transfer money from an account into my Money Merge Account?
A.United First Financial does not provide financial or investment advice. Please consult your licensed financial planner.
Q. Is customer support important in properly implementing this system? And if so, what kind of customer support do I receive as a client?
A. Proper customer support is key in gaining the greatest possible savings with the Money Merge Account system. While the system software is very user friendly, the lifetime customer support which comes with each new program activation is equally as valuable in achieving the greatest time and interest savings possible. There are many interest saving features built into the program and our client support center is highly trained in providing the homeowner with the greatest possible education and instruction under this system.
Q. How can a higher interest line of credit help to payoff my lower interest first mortgage?Can you give me more information on the workings of this program?
A. When repaying a mortgage, it's not the rate you pay that's most important. What matters is the total amount of interest you pay over the term of your loan. With the Money Merge Account you use your line of credit to reduce the balance owing on your primary mortgage, and you reposition the money you have sitting in your checking and/or savings account to reduce the balance owing on your line of credit to shrink your interest charges. By repositioning your regular income to keep your line of credit balance as low as possible you significantly reduce the interest that would normally be charged on the line of credit. This means more of your money goes towards your principal balance each month, helping you repay your mortgage years earlier and save thousands of dollars in interest. The online software system and customer service provides crucial guidance as to the specific transfer amounts and timing that is needed to provide each individual homeowner with the best interest savings possible under this system. Optimum interest savings under this system is a delicate balance between your primary mortgage, your line of credit, your income, expenses, transfers, etc. If you transfer too much to your primary mortgage, it can cost you more interest on your line of credit. If you transfer too little, it can cost you "lost" interest savings on your primary mortgage. This system helps homeowners to reduce both the interest and time owing on their existing mortgage by strategically positioning their money where it provides much more financial benefit than "sitting stagnant" in a standard checking or savings account waiting to pay expenses. Also, unspent money that homeowners would normally leave in their checking and/or savings account is now working for them 24 hours a day without requiring them to change their lifestyle. When you need money for expenses, you can access it through your line of credit. Vast financial features and details programmed into the MMA software help to better educate the homeowner and assist in the greatest time and interest savings possible under this system.
Q. What is the secret behind the Money Merge Account?
A. There is no magic trick or secret type of loan or system that will let you own your home sooner. With the Money Merge Account, substantial savings are achieved by strategically and incrementally repositioning the unused money that you usually have “sitting stagnant” in a standard checking or savings account against the principal balance owing on your home until otherwise needed, without increasing your minimum monthly mortgage payments. When you need access to money you can draw money out through your Line Of Credit. Because much of the savings of this program come from homeowners repositioning the unused money that they normally do not spend and leave sitting in their standard checking or savings account, little to no lifestyle changes are needed. Many of the educational features in the Money Merge Account software help homeowners to better see the cause and effect of the money they spend and the money they don’t spend. Many of the features programmed into the Money Merge Account are based on what is called Behavioral Economics. The definition of Behavioral Economics is: A field of economics that studies how the actual decision making process influences the decisions that are reached.