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 Florida), they can get a Line of Credit on that property and use it to payoff their mortgage on the property in Texas. Great, so where can you get these other Lines of Credit? Well, here are some of those places: US Bank 866-307-3219 ext. 2522 CA, UT, OR, CO, FL Wells Fargo 888-667-5250 50 States America One Funding 800-809-0993 50 States Bank Of America 888-457-2543 50 States Chase 866-466-8962 50 States National City 800-622-4036 50 States Key Bank 800-539-3253 AK, CO, CT, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, WA Regions Bank 800-588-1267 AL, AR, FL, GA, IA, IL, IN, KY, LA, MO, MS, NC, SC, TN, TX, VA Nationwide Unsecured 877-777-9933 50 States I hope this information helps some of the potential clients and Agents of the United First Financial Money Merge Account.

Get Your Free Money Merge Account Analysis Today!

Become a United First Financial Agent and offer the Money Merge Account

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 home 2) 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 $100 b) If you sell your current home and the mortgage WASN'T completely paid off yet with the United First Financial Money Merge Account, then you can transfer the United First Financial Money Merge Account to your new property and pay down that mortgage for a fee of $100 c) If you sell your current home and the mortgage WAS completely paid off with the United First Financial Money Merge Account, then you can transfer the United First Financial Money Merge Account to your new property and pay down that mortgage for a fee of $500 d) After your subject property's mortgage is paid off with the United First Financial Money Merge Account, you can transfer it to another property (like a second home or investment property) and payoff that mortgage for a fee of $500 This is great news since many people think that once they paid off their mortgage on one property, they would have to pay the full fee again for the next property they want to payoff. As you can see, this is not the case. I hope this information clears up a lot of the debate on the United First Financial Money Merge Account and if you have any other questions, feel free to call or email me.

Get Your Free Money Merge Account Analysis Today!

Become a United First Financial Agent and offer the Money Merge Account

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 payoff time on the United First Financial Money Merge Account 2) Running the risk of overdraft charges Let me address both these issues. 1) In order for the United First Financial Money Merge Account to work the best, you should never have money sitting in your checking/savings account and it should all be in your HELOC. Therefore, you should always have a $0 balance in your checking/savings account. When you elect to have automatic payments on your HELOC, the bank will take the payment on the HELOC from your checking account. Therefore, you will have to transfer funds from your HELOC to your checking account or not transfer all the money in your checking account to your HELOC to make sure you have the funds available to make the payment. Yes, your funds transfer from your checking account to your HELOC should count as a payment, so you shouldn't owe a payment to the HELOC, but some banks have a minimum financial charge or fee for the automated payments. This minimum finance charge or fee will be taken from your checking even if you tranfer your funds from your checking to HELOC. 2) If the bank tries to take money from your checking account for the payment and there isn't enough there, then they could charge you an overdraft fee. I have seen these fee as high as $50 for each occurance. Therefore, to safeguard yourself, you will have to keep money in your checking account instead of keeping in your HELOC. So, you can see why having the automatic payments on your HELOC is a problem when you are on the United First Financial Money Merge Account. My advice is don't worry about the saving on your HELOC rate as the potential problem of overdraft fees and increasing your payoff time is a bigger problem then a .25% to .50% savings on your HELOC rate.

Get Your Free Money Merge Account Analysis Today!

Become a United First Financial Agent and offer the Money Merge Account

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 contact is Credit Financial Solutions, Inc. Here is their info: Credit Financial Solutions, Inc. John Grimm 4403 1st Ave. SE, Suite L3 Cedar Rapids, IA 52402 319-294-6651 877-294-6651 (toll free) jgrimm@creditfinancialsolutions.com www.creditfinancialsolutions.com They can help get your credit repaired and then you are on your way to getting your HELOC for the United First Financial Money Merge Account. Hope this helps!

Get Your Free Money Merge Account Analysis Today!

Become a United First Financial Agent and offer the Money Merge Account

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 all.

Get Your Free Money Merge Account Analysis Today!

Become a United First Financial Agent and offer the Money Merge Account

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 Credit 2) Personal Line of Credit As long as the above Lines of Credit have the required features in order to utilize them with the United First Financial Money Merge Account then you are good to go. Here are the Line of Credit requirements again so you don't have to go digging for them: The HELOC must have the following features: a. Has to be a variable loan b. Has to have interest only payments c. Has to apply payments daily d. Has to have check writing/debit capabilities e. CANNOT have automatic payments taken from your checking account I hope this information is helpful for those of you wanting to get started on the United First Financial Money Merge Account.

Get Your Free Money Merge Account Analysis Today!

Become a United First Financial Agent and offer the Money Merge Account

In my last post, I was telling everyone how my brother and I were talking on the phone and he told me he was escrowing for his taxes. I told him to remove them since it would payoff his loan faster with the Money Merge Account. Anyway, he ran a scenario for my in his Money Merge Account Software and it said it would lower his payoff time from 5.75 years to 5.25 years. Well, I have to appologize to everyone who reads this blog, all the United First Financial Agents, their customers and the people at United First Financial. Yes, my brother's payoff time was completely wrong once he called Countrywide and got the escrows removed (he did this yesterday) and then was able to truely update the Money Merge Account Software. The payoff time went down it 4.8 years!!! Here is what he wrote to me tonight: ======================= Charles, Just wanted to thank you for the advice you gave me on letting the MMA system handle the paying of my real estate taxes by removing the escrow payment from my mortgage. Here are the results: Before my mortgage payment was 526.91 with an escrow payment of 372.04 for a total payment of 898.95. At that point I had 5.7 years left to pay off my mortgage. I removed the escrow payment and now have the MMA handling my tax payment by adding a $2200.00 yearly expense for taxes like you told me. By just doing this, my years left went down to 4.8 years! So I knocked 9 months off by doing basically nothing and just letting the MMA manage my real estate taxes. I can’t even begin to image how much in interest on my mortgage that is going to save me. This system is definitely worth every penny. ======================= There you have it, the true power of the Money Merge Account. You now can see that without my brother making any more money, just putting it to better use for him, he is able to knock 9 months off his mortgage.

Get Your Free Money Merge Account Analysis Today!

Become a United First Financial Agent and offer the Money Merge Account

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 is the answer: Instead of the $372.04 sitting in the bank's account, he will now have $372.04 more being deposited into his Money Merge Account HELOC. This will bring down his daily average balance more, thus allowing the Money Merge Account Software to make more principal transfers. He was able to run this scenario in his Money Merge Account Software and put a future payment every November for his taxes. The Money Merge Account Software will notify him of the upcoming payment for his taxes and he can pay for his taxes right from his HELOC. This is a great example of why homeowners need the Money Merge Account from United First Financial. Most people would simply think that since you have to pay your taxes anyway, why not just escrow. Most would never think that they could save 6 months or more in mortgage payments simply by not escrowing. If these people were on the Money Merge Account, they would be able to utilize the interest cancelation effects of the Money Merge Account to make this happen. But, most people are just looking at the price tag for this program or thinking all they have to do is make extra payments to their mortgage to save. They don't realize that the Money Merge Account will save them more in the long run. Oh well, maybe after reading this post, more people will realize the benefits of the Money Merge Account and contact me to get on the program.

Get Your Free Money Merge Account Analysis Today!

Become a United First Financial Agent and offer the Money Merge Account

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 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 on your primary residence and then use the HELOC with the Money Merge Account to pay down your mortgage on the commercial or land. Very Cool!!! So, if you want to use the Money Merge Account from United First Financial to pay down you mortgage and you don’t have enough equity in the property to qualify for the HELOC, let me know if you have another property with some equity in it and we can get the HELOC on that property. Get Your Free Money Merge Account Analysis

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 fully amortized payment and the interest only or negative amortization payment are, then the Money Merge Account will work. For example: $200,000, 30 Year Fixed Mortgage at 6% = $1,199.10 monthly payment $200,000, Interest Only Mortgage at 6% = $1,000.00 monthly payment Difference between payments is $199.10 monthly. In the above example, the difference between the payments is $199.10 monthly. Therefore, in order for the Money Merge Account to work for this person, they need to have at least $199.10 in discretionary income. Now, discretionary income can come from a number of places. It is not just left over money once all your other bills are paid. It can also come from payments toward a debt. For example, a person has $10,000 in credit card debt that they are paying $400 a month. The current rate on a Home Equity Line of Credit (HELOC) is 7.50%. If we were to put the $10,000 in credit card debt on the HELOC, the payment would be $62.50. The difference between these payments is $337.50. Therefore, the Money Merge Account would utilize a portion of the $337.50 towards the client’s discretionary income. I actually just ran a Money Merge Account Analysis for a client who has a situation similar to the one above and they knocked 10 years off their interest only mortgage. The same would hold true for someone with a negative amortization loan. As long as they have enough discretionary income to cover the difference between the minimum payment and fully amortized payment then the Money Merge Account would work for them as well. I hope this clears up some misconceptions of the Money Merge Account. If you haven’t done so, let me run your Free Money Merge Account Analysis and see the results for yourself. Free Money Merge Account Analysis