I have recently been asked what is the difference between all the different types of programs that are available that help you payoff your mortgage faster. One of the best tools I've found to accomplish this task is what we call Mortgage Interest Cancellation Account (MICA). There are many other names such as Money Merge Account (MMA). Each company has their own name for the process in which they help you pay down you mortgage. If you are like most people you probably haven't heard about these programs. They are relatively new to the industry, although they have been utilized in other countries for the past 20-30yrs. If you have heard about them then I'd venture to guess that you probably have already formed some sort of opinion about the program. Usually those that have been made aware of these programs fall into one of two categories.
The first opinion that someone usually forms is a negative one. Its human nature. When we dont understand something are first intuition is to become skeptical. The problem that usually occurs is that skepticism turns into negative remarks. I've seen numerous blogs and forums where one uninformed person negatively speaks about the program only to later have the program explained to them properly and then they usually end up endorsing the same program they spoke so poorly about before. These programs are effective!
The next big objection I hear is "anyone can do it, why pay for software"? My question is if any can do it then why don't they? Everyone can mow their own grass, but they will hire contractors to tend to their lawns or have their children do it. Or why do we take our cars to the car wash when we can do it ourselves? Wouldn't you agree there is a difference between us doing something ourselves and having a professional do it? There is a difference in spending our time doing something more productive then washing the car or cutting the grass. Then there is the convenience factor. The catch to these programs is discipline, anyone attempting to use these programs that lacks discipline will fail.
There are at least 3 companies that I am aware of that offer these programs. I've spent some time researching them before choosing which one I thought was right for me and my clients. The companies I have seen are United First Financial (UFF), Sydney Financial (WEXL), and uWin Financial. I will explain the differences between the programs that these companies offer. This is not an attempt to smear any company. I am only relaying the information as it was given to me by representatives of these respective companies. If I misrepresent or leave out any key factors of any particular program it is not with intention and welcome anyone with more detailed information to contact me. From what I'm told the cost of the software for UFF and WEXL is between $3500 and $5000. UFF offers their MMA. To join or use their program one must first secure a HELOC. Once that is done then you as a customer can utilize their program. My understanding is that UFF software is focuses on mortgage elimination only. WEXL is similar however the also offer an investment program. This makes total sense! That way you can invest the money you have save and prepare for retirement, travel, college funds etc. uWin has 4 parts to their program.
1. Credit Restoration. Credit Card Elimination. Debt Guide.
2. Mortgage Eliminator. Mortgage 101
3. Tax Affiliate Program. Tax Coaching. Wealth Guide.
4. Investment Coaching. Income Builder.
Thats a lot of different services and remember that their software cost $500 (plus tax & shipping.) Thats a fraction of the other programs and they offer more services. As a customer you can utilize their program immediately. You do not have to secure a HELOC first. You can also use uWin if you dont have a mortgage. If you have bad credit, car loans, student loans, credit card debt, or need advise on taxes or investments, you can utilize the uWin program. That made it the hands down winner in my opinion. As professional we have the responsibility to offer our clients the best products or service at the best price. Thats what uWin does.
Bottom line is all of these programs can help, whether you choose UFF, WEXL, or uWin you can payoff your mortgage faster.
If you are looking into one of these programs I encourage you to look into all 3 and decide which is best for you and your situation. I have contacts that I can introduce you to that work with each company.
If you are a representative for one of these companies and would like to add more information about the services you feel make your company stand out, I welcome your comments. I will caution those of you who to choose to comment to keep your comments professional and not to attack anyones character or company. This should be used to inform others of what is available. Any comments that violates this condition will be removed.
Thank you for your interest.