With the Federal Fund Rate dropping back down to near record lows, many people are asking if it makes any sense to try and leverage this rate to pay off their first mortgage. At first glance, my thought was that that Home Equity rates are too volatile to try and risk it, but after learning and understanding how money merge accounts work, it makes a lot of sense. Before you go out and get a Home Equity Loan to replace your first mortgage, you need to know that it is not advisable to use a Home Equity Loan in that manner.
So what should you do? Unless you are a math or computer whiz and can calculate daily interest up against paying down a mortgage and balancing your other debts, you will need software to do this. Even if you are a math or computer whiz, my guess is that your calculations just won't compete with the software that has been created and continually updated by a team of mortgage finance experts. I have looked at many of the companies out there that sell software to help you do this, and I settled on The Money Merge Account (MMA) by United First Financial after seeing one of their presentations. Until you see it, you may have trouble wrapping your traditional thinking around how it works.
Even better, U First's MMA Software can help you reduce your mortgage not only on you primary residence, but on a second home, or investment property. If you want to learn how to use a Home Equity Loan to pay off your primary mortgage in 1/3 to 1/2 of the time without refinancing, then you need to visit http://www.MortgageZapper.com or call me at 800-453-9290.
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