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Frequently Asked Questions... Q. What is the Money Merge Account™ program? A. The Money Merge Account program is a powerful tool that enables homeowners to pay off their mortgage in as little as 1/ 2 to 1/3 the time, without refinancing their existing mortgage or increasing minimum required monthly payments. The system incorporates the homeowners’ checking and savings accounts with an advanced line of credit (ALOC), then helps to strategically and incrementally position their money where it provides much more financial benefit than “sitting stagnant” in a standard checking or savings account until it is otherwise needed. Complex financial details programmed into the Money Merge Account software help to better educate the homeowners 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 get the facts before deciding if this program is right for you. Q. Does it make sense to move money in my regular savings account over to my Money Merge Account program? A. While it can make sense mathematically, we advise that you consult with your licensed financial planner in reference to transferring funds between accounts. In moving your savings into your Money Merge Account program, it is possible to further decrease the loan balance on which interest accrues, and potentially 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. Keep in mind that it does make good
financial sense to keep some savings in a savings and/or similar account
that is separate from your line of credit. This enables you to have access
to funds should you ever need them outside the use of your line of credit.
The amount you choose to hold outside your line of credit is between you
and your licensed financial planner and is dependent on your personal
financial needs. We advise that you always seek the advice of your
licensed financial planner. Q. Can I do this concept on my own? A. Absolutely. The simple answer is that
anyone can attempt to do something similar on their own. The most accurate
answer is that the Money Merge Account program is an advanced took,
specifically designed to take into account the financial variables of
individual homeowners’ lives and help produce some of the greatest
interest savings possible. This complex, yet user-friendly system records
and tracks all critical financial data: the individual homeowners’
income and expenses; increases, decreases, and out-of-the-ordinary
fluctuations in spending; and many other financial variables in their
daily lives. The system helps to maximize interest savings with each and
every penny and recalculates to maximum efficiency under this concept each
and every day. It adapts and adjusts to real life situations instead of
expecting homeowners to stick to a static plan. 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 repositioning your income
against the line of credit, 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 by “sitting stagnant” in your regular checking or savings
account, remains against the balance of your loan until it is otherwise
needed, further reducing interest charges. When money is needed, it can be
accessed through the line of credit. Q. How can homeowners pay their mortgage off early with little to no change in lifestyle and without increasing minimum required monthly payments? A. The Money Merge Account™ program and
service is designed to work around the homeowners’ existing lifestyle.
This program helps to provide homeowners with tools, service and education
on how to reduce both the interest and time owing on their existing
mortgage by repositioning their unused idle money, which normally sits in
their accounts along with their regular monthly expense money against
their outstanding loan balance until it is otherwise needed. 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 stagnant” in a
standard checking or savings account. Because the homeowners regular
expense money and the money the homeowner normally leaves in their account
is strategically repositioned against the balance on their line of credit
until it is otherwise needed, the homeowner is in reality reducing the
time and interest owing on their mortgage without requiring them to change
their lifestyle. Because of how the Money Merge Account program works,
homeowners now utilize their unused idle money and expense money to help
reduce interest charges on their line of credit until it is otherwise
needed, without increasing their minimum required monthly payment.
Intricate financial details programmed into the Money Merge Account
software help to better educate homeowners 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 Money Merge Account program uses the
equity line of credit solely as a vehicle or tool to drive the program. It
is coordinated through Web-based software created by United First
Financial® and works independently of the lender. The equity line of
credit must have the capacity to operate as 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 software and
service, this creates a system in which the money in your line of credit
account generates an interest cancellation on your primary mortgage, while
the unused money that normally would be sitting “stagnant” in your
checking and/or savings account generates an interest cancellation on your
line of credit until otherwise needed. Q. Do I have to change banks? A. No. It is not necessary to change banks.
It may be to your advantage, however, depending on your circumstances. If
you do, your UFirst Independent Agent has a list of preferred lenders that
have been shown to provide excellent services to support 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 prompts
of your online Money Merge Account program. You make all decisions and you
are in complete control of your money. Q. Do you
have access to or control of my money? 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 repositioned against your line of
credit in different intervals, the lender 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 do most banks and lenders not offer this type of program? The Money Merge Account program is based on
banking principles that are accepted by most banks. The program simply
provides you with the necessary tools and education to better use your
money to reduce interest, instead of the lender using your money to earn
interest. We believe that this is one of the reasons that most banks and
lenders to not offer this type of program. Q. Can I contact any of your client references to hear about their experiences with the Money Merge Account program? A. Due to privacy regulations, we are
unable to provide personal contact information for references. However,
you can view actual clients using the Money Merge Account™ program on
our informational video on our company Web site and you are welcome to
research our company through the Better Business Bureau Web site at
HYPERLINK "http://www.bbb.org" www.bbb.org. Q. What happens if I sell my home? A. The Money Merge Account program follows
your mortgage until it is paid off. Once you have sold your home and
purchased another residence, we can put the Money Merge Account program
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 who qualify to significantly reduce
their mortgage payoff time and interest, however, will be activated on the
Money Merge Account program. Be advised, this program 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 Money Merge Account program? 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 everyone. Q. Do I have to refinance my existing mortgage to make this work? A. No. It is not necessary to refinance
your existing mortgage. You may choose to refinance your mortgage for
additional interest savings but refinancing your existing mortgage is not
required for the Money Merge Account program to work. If you do not
currently have a specific line of credit, one will need to be opened. Q. Will the Money Merge Account program work with an interest-only or negative amortization payment on my primary mortgage? A. It can as long as the homeowners’
information qualifies. The Money Merge Account™ program helps qualified
homeowners to take control of the outcome of these types of loans with
much greater understanding. 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 who 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 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 program create money in addition to my regular income to help pay down debt? A. No, the Money Merge Account program does
not create money “out of thin air.” It is a proven program that uses
existing banking tools, financial strategies and education to assist
homeowners in saving interest and paying off debt at an accelerated rate.
This program helps homeowners reduce the interest and time owing on their
existing mortgage by repositioning their unused idle money, which normally
sits in their accounts with their regular monthly expense money until it
is otherwise 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 program 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 program
have stated that the Money Merge Account program 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™ program take into account if I am paid on a monthly, semi-monthly, weekly or bi-weekly basis? A. Yes, Individual clients’ pay schedules
such as monthly, semi-monthly, weekly and bi-weekly are taken into
account. The Money Merge Account program takes different pay schedules
into account to operate at maximum efficiency. Whether you are paid 12,
24, 26 or 52 times a year, this program takes your specific pay schedule
into account. This enables clients 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 program fix my financial problems? A. There is no magic track or secret type
of loan that will let you own your home sooner. The Money Merge Account
program is not a cure, it’s a tool. This program will only assist
qualified homeowners in paying down their mortgage debt at an accelerated
pace if they properly use the Money Merge Account program and service the
way it is intended to be used. Q. If I spend more than I make, will the Money Merge Account program work for me? A. No. If you do not make more than you
spend, the Money Merge Account program 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 program? 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 program? 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
program. While the program software is very user friendly, the lifetime
customer support that 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 personnel are highly trained in providing the homeowner
with the greatest possible education and instruction under this program. Q. How can a higher interest line of credit help to pay off 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 most is the total
amount of interest you pay over the term of your loan. With the Money
Merge Account™ program you use your line of credit to reduce the balance
owing on your primary mortgage, and you reposition your regular income and
your unused “Stagnant” money you normally leave sitting in your
regular checking and/or savings account to reduce the balance owing on
your line of credit. By repositioning your regular income and your unused
“stagnant” money you normally leave sitting in your regular checking
and/or savings account, you are able to keep your line of credit balance
as low as possible, which can significantly reduce the interest that would
normally be charged on the line of credit. This means more of your regular
payment goes toward your principal balance each month, helping you repay
your mortgage ahead of your standard mortgage schedule. The online
software system and customer service provide helpful 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 c an
cost you more interest on your lien 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
can provide much more financial benefit than “sitting stagnant” in a
standard checking or savings account. Also, unspent “stagnant” money
left against the balance of the loan 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 expense, you can access it through your line of credit.
Intricate financial features and details programmed into the Money Merge
Account software help to better educate the homeowner and assist in the
greatest time and interest savings possible under this concept. Q. What is the secret behind the Money Merge Account program? 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 program, 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 required 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™ software 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 decision that are reached. Q. Is this a good program if I overspend on a regular basis? A. While the Money Merge Account software
and service does have the ability to educate homeowners on many of the
“cause and effect” situations prior to spending money, if you have a
tendency to overspend on a regular basis, this program is not the right
program for you. Q. Should I consider keeping a reserve amount in a savings account separate from my line of credit? A. It does make good financial sense to keep a savings amount in a savings and/or similar account that is separate from your line of credit. This enables you to have access to funds should you ever need them outside the use of your line of credit. The amount you choose to hold outside your line of credit is between you and your licensed financial planner and is dependent on your personal financial needs.
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