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Will Not Escrowing Payoff Your Mortgage Faster With The Money Merge Account?
2007-11-29 10:11:00
I was talking to my brother on the phone last night and he was telling me that he is currently escrowing for his taxes (he lives in a condo, so there is no escrow for the insurance). His escrow payment is $372.04 a month! YIKES! Anyway, I asked him why he was escrowing for his taxes since he was on the Money Merge Account ? So, we started talking and I said to him that if he could remove his escrow account and instead pay the taxes himself through the Money Merge Account, he would payoff his mortgage sooner. Now this sounded stupid since he has to pay his taxes anyway, why not just escrow them. So, I asked him to log on to his Money Merge Account when he got home and run the scenario and email the results.Well, I am happy to say that my brother's payoff went from 5.75 years down to 5.25 years! That is 6 months of mortgage payments gone just from not escrowing! He will still pay his taxes in November of every year, but did you ever think this was possible?!So, how is this possible? Here
Read more: Mortgage , Payoff

Money Merge Account Use a HELOC from any property to pay down your mortgage
2007-11-09 10:55:00
I had a client call the other day and we were on the phone for a while. He told me he liked to use the Money Merge Account from United First Financial to help pay down his home, but he didn’t have any equity to get a Home Equity Line of Credit.At that point things looked grim, but I asked if he owned any other properties which might have some equity in them. He said he had an investment property with plenty of equity and could get a Home Equity Line of Credit (HELOC) on it. Bingo! Needless to say, he is in the process of getting the HELOC and we are moving forward with the Money Merge Account.This is another reason why I like the Money Merge Account so much. You can use a HELOC from another property you own to pay down the mortgage on a different property. This is great because if you were trying to use the Money Merge Account to pay down the loan on a commercial property or piece of land, chances are you couldn’t get a HELOC on those types of properties. But, you could get a HELOC


Money Merge Account Will It Work On Interest Only and Negative Amortization Loans?
2007-11-06 14:07:00
I received a call last week from an Agent in San Diego. This happen a lot since many Agents find my blog and website because the rankings I have on Google. I couldn’t tell you how many contact me thinking my office is the home office of United First Financial, but I’m always pleasant and willing to help out even though they aren’t part of my group. Anyway, one of questions she has was, “Will the Money Merge Account work on an interest only loan?” She told me that a mortgage broker stated that the Money Merge Account won’t work on these types of mortgages or negative amortization loans. So, to clarify things I want to say that the Money Merge Account WILL work with interest only and negative amortization loans. How? Well let me explain…The number one component that drives the Money Merge Account is discretionary income. This is not the only component, but the most important. As long as the client has enough discretionary income to cover the difference between what the full
Read more: Interest , Loans , Negative

Money Merge Account Requirements
2007-09-27 15:28:00
I have been getting a lot of emails lately, probably because this blog is now #3 on Google for the keyword Money Merge Account . Anyway, most of the emails are questions asking what are the requirements for someone to get started on the Money Merge Account? Well, let me get that question answered for you.1. A person needs to be able to qualify for the Home Equity Line of Credit (HELOC) or a credit line with similar features, therefore, you have to have pretty decent credit. The HELOC must have the following features: a. Has to be a variable loanb. Has to have interest only paymentsc. Has to apply payments dailyd. Has to have check writing/debit capabilitiese. CANNOT have automatic payments taken from your checking account2. You have to have some equity in the property. People who owe more then their property is currently worth cannot use the Money Merge Account UNLESS they have another property with equity in it for them to get the HELOC. Yes, you can use a HELOC from a different proper
Read more: Requirements

Money Merge Account Helping Mortgage Brokers
2007-08-16 14:40:00
In case you didn't know, I am a mortgage broker here in South Florida and have been for more then 10 years. Everyday I hear about more and more of my Lenders and fellow Mortgage Brokers going out of business. There is a real slow down in the amount of refinances and purchases (who wants to purchase a home in South Florida when the market is going down) and mortgage brokers need to change with the times. I use to buy many mortgage leads from various companies and 97% of them never turned into a sale. Problem is most people who apply on the internet for a mortgage proposal are just checking the interest rates out and have no intension of ever doing anything. They have a good rate already so what is the use of refinancing.But what I have found is offering these people the Money Merge Account from United First Financialis a great way to make extra income and help them out. Realistically, people refinance to save money because they think they will be married to their mortgage for the next
Read more: Helping

Same Bank for the HELOC
2007-07-05 11:15:00
Even though I'm a mortgage broker and can get HELOCs for my clients, I prefer to do the right thing and make it more convenient by referring them to the bank they are current hold their checking accout with. Why do this? Well, let's look at the benefits:1) Most banks have no closing cost HELOCs. This means the bank will pay all the closing costs on the HELOC for the client, which basically gives them a free loan. I would have to charge them a fee to do this, so why not let them get it for free.2) Bank can bend the rules. Most banks will bend the rules for a client if they have a current banking relationship, so people who I normally couldn't get a HELOC for have a better chance if they go straight to their bank.3) Online banking is easier. Most banks have online banking and with both the checking account and HELOC at the same bank it makes it faster and easier for the client to transfer their money to their HELOC rather then sending away a check. 4) Bank close faster. I have a loan


Money Merge Account + Credit Card = Rewards and Faster Payoff
2007-06-07 10:59:00
This was a cool way my brother showed me on how to gain an extra 6 months off your mortgage and rewards by using an American Express credit card with the Money Merge Account from United First Financial. The secret to paying off your mortgage with the Money Merge Account is all about interest cancellation and the amount of time your money can sit in the HELOC. The problem is bills come throughout the month and most people pay them right when they get them. Instead of paying your monthly bills from your HELOC, why not put them on an American Express card and then payoff the credit card at the end of the month. American Express charges an annual fee on the One Card, but doesn't charge you interest if the balance is paid in full every month. So, you charge any bill you can to the American Express card and then pay it off at the end of the month.By doing this, you will see that you payoff your mortgage about 6 months faster AND you earn rewards from American Express from all the charges yo
Read more: Credit Card , Payoff , Rewards

Bi-Weekly Employees and the Money Merge Account
2007-06-06 13:54:00
In my last post about John Doe and his Financial Planner/CPA telling him to invest his discretionary income instead of paying off his mortgage early, we saw that John Doe would payoff a $200K First Mortgage at 6% Fixed Interest for 30 Years in about 10.4 years or 125 months. When I did this example I input John Doe's income as bi-weekly. Believe it or not, if you are an employee who gets paid bi-weekly, you will payoff your loan faster with the Money Merge Account from United First Financial then if you applied your discretionary income yourself to your mortgage. Don't believe me? Let's run some numbers:Bankrate.com has a easy to use mortgage amortization schedule which allows you to see how fast you can payoff your mortgage if you applied more to principal. You can view it here: Bank Rate Mortgage Amortization CalculatorNow, let's input John Doe's scenario: $200,000 Loan, 30 year Fixed at 6% and we get a payment of $1,199.10. Now lets input $500 in the box for adding additional m
Read more: Weekly

My Financial Planner/CPA Said...
2007-06-05 11:11:00
If there is one thing I can't stand is people who think paying off your home is a bad thing. I talk to many people and most of them talk to their Financial Planners or CPAs and want to get their opinion on the Money Merge Account from United First Financial. The most common response I get is their Financial Planner/CPA said that instead of paying off their mortgage to use their discretionary income and invest it. Now, I'm not a Financial Planner or CPA, but I do have common sense. I've ridden the investment roller coaster many times and lost my butt (remember the Internet boom in 1998). So, I don't understand how someone can give advice where it would be better for a person to put money in an investment instead of paying off their mortgage FIRST, THEN investing. To put this to rest, let's look at some hard numbers:John Doe gets paid bi-weekly and has $500 in discretionary income. He has a mortgage of $200,000 at 6% 30 years fixed which has a payment of $1,199. Using the Money Merg


What Is The Money Merge Account and How Does It Work?
2007-06-04 16:48:00
Most homeowners realize they will pay about twice the purchase price of their home on a traditional mortgage—a mortgage that will take about 30 years to pay off.Introducing a way to break that cycle of financial drain—the Money Merge Account from United First Financial. Developed by a team of financial experts with years of experience in the mortgage industry, the Money Merge Account rapidly reduces the principal of your mortgage, practically eliminating the interest from accruing on your loan. Your 30-year mortgage can now be paid off in about 8 to 11 years, with no change to your lifestyle or refinancing of your existing mortgage.The Money Merge Account is not a bi-weekly payment or debt roll-down system. It’s an entirely new approach that gives homeowners flexibility with their money and complete financial freedom.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


Frozen HELOCs and the United First Financial Money Merge Account
2008-03-07 10:08:00
One of biggest concerns for many Clients and Agents of the United First Financial Money Merge Account has been the issue of frozen HELOCs. I'm sure you have heard the news of a number of banks freezing the HELOCs of their clients because of the decline in the housing market. Banks are literally preventing homeowners from taking money from their HELOCs since they feel people will borrow more then their properties are worth.The biggest problem is the banks aren't looking at individual situations. They are looking at which areas are labeled a declining market and then freezing the HELOCs of all their clients in those areas. So, even if a client has a $0 balance on the HELOC or made all payments on time, they can still fall pray to having their HELOC frozen and not being able to access their m
Read more: Frozen

United First Financial Money Merge Account in Texas
2008-02-16 13:35:00
I was browsing the Internet looking at the many different websites on the United First Financial Money Merge Account and came across a couple on why the United First Financial Money Merge Account won't work on a property in Texas . Basically, people think if you live in Texas that you won't qualify for the United First Financial Money Merge Account. Well, I'm here to solve your problems.In a previous post, I explained that you could use other Lines of Credit for the United First Financial Money Merge Account such as a Business Line of Credit or a Personal Line of Credit. Well, by using one of these others Lines of Credit, a person who lives in Texas can qualify for the United First Financial Money Merge Account. Also, if that person happens to own other property in another state (say Florid


United First Financial Money Merge Account Restructuring Fees
2008-01-25 11:13:00
Some of the questions I've been asked about the United First Financial Money Merge Account are about fees associated with the following situations: 1) What would happen if a person on the United First Financial Money Merge Account were to sell their home2) After they paid off their home if they can transfer the United First Financial Money Merge Account to another property.Well, a couple of days ago, all Agents received a notice from United First Financial Corporate addressing the restructuring and transfer fees of the Money Merge Account. I thought it would be a good idea to post them here this way your know exactly what they are. a) If you refinance your First Mortgage or HELOC on the subject property, then the fee to restructure is $100b) If you sell your current home and the mortgage W
Read more: Restructuring

Why Can't You Have Your HELOC Payments Automatically Taken From Your Checking Account on the United First Financial Money Merge Account?
2008-01-21 13:25:00
I have been getting a lot of emails and calls recently concerning the question of why can't you have your HELOC payments automatically taken from your checking account when you are the United First Financial Money Merge Account . Well, I thought I would address this as a post since it seems it is a hot topic.It is true that most banks will give you a lower rate on your HELOC if you elect to have payments for the HELOC automatically withdrawn from your checking account. The interest rate savings varies from each bank as is usually about .25% to .50%. So, instead if getting a 8.00% rate on your HELOC, you could get a 7.75% to 7.50% rate. Sounds good, but wait.The main reason why I tell clients not to elect for the automatic payments is because you run into two problems:1) Increasing your payo
Read more: Automatically , Taken

Need Help Repairing Credit For The United First Financial Money Merge Account
2008-01-18 15:35:00
I have been getting some emails recently from potential clients whos credit is preventing them from getting a Home Equity Line of Credit for the United First Financial Money Merge Account . So, to help out I decide to provide a Credit Repair Guide which was sent to me showing how to repair your credit. The Credit Repair Guide goes over step-by-step how to repair your credit and even has some sample letters to send the Credit Reporting Agencies. You are more then welcome to download and use the Credit Repair Guide to help repair your credit on your own, but I am not responsible for anything that should happen by you using this guide. Also, if you don't have time to repair your credit on your own or have trouble, you might want to hire a company that does this for you. One good company to con


Thank You Rebeca G.!!!
2008-01-04 11:53:00
I just wanted to say "Thank you" to Rebeca G. She is an Agent with United First Financial who is not part of my team, just someone who read my blog on the Money Merge Account.She wasn't getting the support she needed from her team, so she wanted to know if I could help her out. Even though she wasn't on my team I gave her the advice she needed. She called me again about a month later and again I helped her out.I know my experience in the mortgage industry helps a lot with some of the questions clients and agents have with the Money Merge Account. I just feel that helping people out is the right thing to do. Anyway, I was away for the holidays and she left me the sweetest voice message expressing her gratitude for my help. It really made me happy! Just thought I would share that with you al


Can't Get A HELOC for the United First Financial Money Merge Account? Try These Other Loans...
2008-01-04 11:33:00
There are many people who want to get going with the United First Financial Money Merge Account , but have trouble getting a Home Equity Line of Credit (HELOC). The main reason why people don't qualify is they don't have equity in the property you want to payoff.I wrote in an earlier post (Money Merge: Account Use a HELOC from any property to pay down your mortgage) how you can use a HELOC from another property if you don't have equity in the one you want to pay down. But, what if you don't own another property or the other properties you own also don't have equity? Well, you can also use two different Lines of Credit which will work with the United First Financial Money Merge Account. They are:1) Business Line of Credit2) Personal Line of CreditAs long as the above Lines of Credit have the
Read more: Loans

United First Financial Money Merge Account Canadian Expansion
2008-03-24 13:37:00
This news came down the pipeline the other day to all United First Financial Agents. It seems that we can now recruit Agents in Canada! Thank goodness because I get many people contacting me from Canada and want to offer the United First Financial Money Merge Account there.Before everyone from Canada starts contacting me again, I do want to make sure you read this little tid-bit about selling the United First Financial Money Merge Account in Canada:"Sales of the Money Merge Account system in Canada will not be open until May 1st, 2008 and will be limited to clients with a mortgage and line of credit in the following provinces only: Alberta, British Columbia, Manitoba, Ontario and Saskatchewan."So, please be sure you are from those provinces before contacting me about becoming a United Firs
Read more: Canadian , Expansion

United First Financial Money Merge Account Credit Card Option
2008-04-30 11:43:00
As 99% of you know, a Line of Credit (either a Home Equity Line, Personal Line or Business Line will do) is required in order for the Money Merge Account Program to work. Because of the decline in the housing market and many lenders tightening their lending guidelines, Lines of Credit are becoming harder for some to obtain. Well, United First Financial has come up with a temporary fix to this problem.As of April 2, 2008 a Credit Card can now be used with the United First Financial Money Merge Account as an alternative to a Line of Credit. If you really think of it for a moment, this makes complete sense since a Credit Card is nothing more then a Line of Credit. Granted the rates, fees and credit limit vary greatly, but this is a great way for a client to get started on the Money Merge Acco


Still Here...
2008-09-17 12:18:00
I know I haven't been posting much on the Money Merge Account recently, but that all is about to change. Look out for a bunch of new updates!


Get On Version 4 If Your HELOC Is Frozen
2008-10-06 16:08:00
I had a client on the Money Merge Account Version 3 who had their HELOC frozen. When the bank freezes your HELOC, you will be notified by mail. Keep this letter from the bank and fax or email it to United First Financial Client Support (you should have their toll free number if you are currently a client). They will then get you up and running on Version 4.0 of the program.Remember, Version 4.0 of
Read more: Frozen

It's Finally Over! God Bless Obama!
2008-11-05 07:13:00
Sorry that is post has nothing to do with the Money Merge Account and is political. I always said that three are three things you should never talk about with people if you want to avoid confrontation: money, religion, and politics. Well, I can't avoid talking about money on this blog because of my job, but I try to avoid the other two.Anyway, I'm am so happy that Barack Obama won and we can final
Read more: Bless , Finally

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