The money merge account is a program that was designed by United First Financial to help homeowners pay off their mortgage early. The program uses an advanced home equity line of credit (HELOC), a software calculation, and your primary mortgage. With the use of the money merge account, homeowners are expected to pay off their mortgage within 8 to 15 years, nearly half the time of a traditional mortgage (generally 30 years). Regardless of how long it really does take to pay off your mortgage, with the use of the money merge account, you will be able to save money by reducing the interest. The following is a guideline and breakdown of the program.
-Home Mortgage – The current mortgage on your home is the basis for the money merge account. The program is tailored to you based on your interest rate.
-Advanced Home Equity Line of Credit – This type of line of credit is the driving force behind the program; it works much like a primary checking account. Set up with an open-end interest rate and combined with the money merge account, the money in the line of credit account goes towards your mortgage balance, thus reducing the interest rate and the amount you pay towards interest. With less accruing interest, you are able to pay more on the mortgage.
-Money Merge Account Software – This program will establish a connection between the credit line, your bank account, and the mortgage. Every time you deposit a paycheck into the account, it registers as a decrease to the mortgage balance, lowering the interest rate. By decreasing the interest, you increase the amount of the monthly mortgage payment that is credited towards the actual principal. This enables a homeowner to pay off their mortgage sooner. The algorithms in the software will prompt you to make payments during the highest interest savings in the least possible amount of time.
The money merge account can help homeowners create and execute a savings plan designed to obtain an early mortgage payoff. It can also be used for large purchases or to consolidate credit card and other major debt. The money merge account can save you money, as well as help you become financially secure and flexible.
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