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A side-by-side comparison of a traditional mortgage repayment shows the savings potential using the Money Merge Account™ system. A 30-year, $136,000 mortgage at 5.25%, when paid through conventional monthly payments, will result in a 30-year total repayment of $270,784 – nearly twice the cost of the home. The Money Merge Account™ program can repay the same mortgage in 11.3 years with a total repayment of $181,217. An incredible savings of $89,566 is realized on the same income, with the same mortgage, at the same interest rate, and without any changes to your standard of living. Money Merge Account™ is simply one of the fastest ways to repay a mortgage and be on your way to financial freedom.
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Five Easy Steps to Becoming Mortgage Free:
1. Fill out the Money Merge Account™ application
2. Activate your Money Merge Account™
3. Deposit Your Paycheck
Deposit your paycheck into your current checking and or savings account. As soon as the funds clear, the amount you designate is transferred from your checking and/or savings account into your Money Merge Account™ managed line of credit. Because the line of credit is connected to your home, the money transferred from your checking and/or savings accounts decreases your mortgage balance, thus reducing the balance in which interest builds.
4. Pay Your Bills
Throughout the month, you pay your bills using your Money Merge Account™ managed line of credit. With this account, money is immediately available through checks, debit cards and ATMs. The amount left after bills have been paid remains against the balance of your mortgage until you need it, keeping your mortgage balance as low as possible, further reducing mortgage interest charges.
5. Follow the system
Follow the promptings of the online Money Merge Account™ system to maximize your savings and pay your mortgage off as quickly as possible.
The beauty of the Money Merge Account™ is that it can benefit different people in different ways.
Click here to find out more about Money Merge Account™ benefits.
WATCH MONEY MERGE ACCOUNT™ VIDEO TOUR
WATCH MONEY MERGE ACCOUNT™ FLASH VIDEO
*Check with your United First Financial agent to see if the Money Merge Account™ is right for you.
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The Money Merge Account™ consists of three major components:
1. Your Existing Primary mortgage
The existing mortgage on your home is the foundation for the Money Merge Account™.
2. An Advanced Line of Credit (ALOC)
The Money Merge Account™ Program uses an advanced equity line of credit as a vehicle or a tool to drive the program. 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 vs. 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.
3. Money Merge Account™ Software
The online Money Merge Account™ system makes a connection between your bank account, the advanced line of credit and your primary mortgage. Each time you deposit 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 algorithms in the proprietary Money Merge Account™ system are systematically programmed to create the highest interest savings possible in the least amount of time.
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