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The Saving You Money Team ©2007
It’s clear that the MMA has raving fans, including thousands of
homeowners, REALTORS®,
ACCOUNTANTS, FINANCIAL PLANNERS, MORTGAGE ORIGINATORS, CPA's
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United First Financial MMA
FAQ
1) Why
can't I just make extra principal payments to my primary mortgage and achieve the same results?
A: Not only will the MMA Program allow access to any additional monies applied
to the first mortgage principal balance, but because of the application of Open End interest off setting Closed
End interest the MMA will produce a more rapid acceleration to the decrease of principal balance.
2)
If I have a savings account, does it make sense to move it over to MMA and how would I do that?
A: Yes, it makes complete sense to funnel savings money through the MMA
account. The web site we will provide for you has the ability to build financial models so you can look at the
effect that your savings money will have in regards to decreasing the amount of time it will take you to pay off
your mortgage.
3) How is it I do not make monthly
payments on my line of credit?
A: You will be using your line of credit exactly like a primary checking
account. You will send your paychecks to the line of credit and pay your monthly bills from the line credit. By
doing this, the line of credit lender will automatically subtract the finance charge for the month from the paychecks
you send them. By sending them your entire paycheck amount you force the bank to reduce your average daily balance
and thus reduce the normal interest charge on the principal balance amount.
4) If I am not making extra payments
on my mortgage how can this program be possible?
A: The software we've developed makes a connection between your current
primary mortgage and your line of credit. Each time you send money to your line of credit, the money is viewed
as an offset to the principal balance on the primary mortgage and reduces the amount of interest you pay for that
period.
5) How does an equity line of
credit, working like a checking and savings account have a connection to my primary mortgage?
A: The MMA Program uses the equity line of credit solely as a vehicle
or a tool to drive the process. The MMA program works completely independent of the lender
6) Do you make payments for me?
A: No; we do not make any payments for you. We do not have any access
to your accounts. You will be initiating all transactions by following the prompting of the web sites information.
You will be in complete control.
7) Do you have access to or control
of my money?
A: No; we do not have any access to your accounts.
8) Do I pay interest on the equity
line of credit?
A: Yes, you do pay a small portion of the interest charged on your line
of credit because you are sending such large amounts of money (income) to your line of credit at different intervals.
As a result, the bank adjusts the amount of interest they can charge you by offsetting the daily average balance.
9) This was explained to me that
I was opening a checking and savings account. Why am I applying for an equity line of credit?
A: The Money Merge Account needs a vehicle or a tool to drive the program.
This vehicle has to have a specific configuration, and the configuration is an equity line of credit. The equity
line of credit must have the capacity to operate exactly like a primary checking account and be set up with Open
End interest calculation vs. Closed End interest calculations. This vehicle in combination with the web based product
sets up a paradigm where your money in the line of credit account acts as an interest cancellation on your primary
mortgage.
10) Why do the banks allow you
to do this and why don't the banks know anything about this program?
A: It is not up to the banks to allow or disallow this program. We are
simply using a product that is already available on the market from primary lenders. We are then able to incorporate
the MMA program, thereby educating you on how to use this line of credit to your advantage rather than bank using
it to their advantage.
11) Are there any client or business
references we can get from you, that are using or are familiar with the program that I would be able to contact?
A: Unfortunately, due to privacy regulations we are unable to provide
personal or professional references. You are welcome to research our company through the Better Business web site
at www.bbb.org
12) Do I have to change banks?
A: It is not necessary for you to change banks. After signing up for
the program, we have a team of people that will assist you in orchestrating your banking needs in order to flow
smoothly with MMA process.
13) What happens if I sell my
home?
A: The MMA program follows you for life, and the line of credit MMA uses
will have no effect on your ability to sell your home. Once you have sold your home and purchase another residence,
we can put MMA back into action on the new residence with no additional sign on or set up fee. Also, all the equity
built in the account, as well as the equity built with market appreciation, would make a great down payment on
the next purchase.
14) What is the Money Merge Account?
A: It is an interest cancellation account.
15) Is there any risk involved?
A: I suppose there's a degree of risk in everything that we do; but from
a financial standpoint, there is very little risk. There is no stock market crash or extreme fluctuation of interest
rates to completely eradicate the expected outcome. What it boils down to is if you are able to offset your mortgage
balance by your monies, you will achieve the results structured in the analysis. Two plus two will always equal
four. There are no gray areas with the MMA program.
16) Are there any guarantees that
the MMA program will operate as you say it will?
A: Yes, United First Financial will send out a written guarantee of Performa
when you are set up on the program.
17) Can anybody qualify for the
MMA?
A: It is important to go through a quick 5-minute questionnaire when applying
for the MMA program. Fortunately, there are a few avenues that can be taken to gain approval, but the MMA program
is not for everybody.
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Sincerely Yours
The Saving You Money Team
James A Moore
1-317-290-9090
Team Web Site
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United First Financial, its software agents and subsidiaries provide Internet web
based software and support services. United First Financial does not provide accounting, tax, legal, real-estate,
mortgage, or investment advice. Interested parties should seek and consult with persons or entities licensed
and qualified in those areas for advice relating to those matters. United First Financial is not liable or
responsible for claims or representations made by any party which are not included in the Money Merge Account Limited
Guarantee.
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