Have you ever thought how one little change in the way you handle your money could make a vast difference in your financial situation? How about the way you look at your home mortgage?
In today’s economy, if you are a homeowner with a decent amount of equity in your home, and not in an upside down mortgage situation, you should probably consider yourself lucky. To own your own home is a dream that most people in the U.S. have and it is the largest investment and expense that most will incur in their lifetime.
The average homeowner accepts the fact that their mortgage loan is structured the way that it is. They understand that they will end up paying more than twice as much as the original cost of their home loan by the time their home is paid off. And this is only if they do not Read the rest of this entry
You no longer have to agonize over your finances using the Money Merge Account system. No more guesswork trying to figure out the best way for you to eliminate debt. Optimize debt payoff now with United First Financial’s Money Merge Account system. You can save years off your debt and ten’s of thousands of dollars in interest.
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I want to recap what I covered in “My Journey to Financial Freedom Part 4” where I told you about how we had trouble with the bank where we had our home equity line of credit (heloc) from the very beginning.
To reiterate when we signed for the heloc loan all of the paperwork was accurate, but when the heloc was funded, and we received a copy of the loan papers with my husband’s name on them and a stranger’s name. My name was not even on our loan. We didn’t have a clue who this woman was nor did the bank and to make matters worse it took a long time before we could get her name taken off our heloc account. Because of this error we had never made an advance from our heloc account until we became clients of United First Financial and started using the Money Merge Account.
In spite of the problems with our bank, our experiences with the Money Merge Account system were well beyond expectations. Over a period of six months from August 2008 until February 2009 our average interest payment on our heloc loan $39.00 a month.
Watch how the Money Merge Account is helping one man invest in his children
In August 2007 my husband and I applied for a home equity line of credit (heloc) because we were looking to invest in more rental properties. We decided to use one of our current rental properties as collateral for the heloc. At that time the property was estimated at $450,000 with a mortgage of $149,000. The loan officer recommended that we request the maximum line of credit amount of $195,000. We had only planned to use around $80,000 max in our investment quest but based on his suggestion we went for the larger loan amount which proved to be a mistake later on.
The bank where our heloc was established was a problem from the beginning. When we signed all of the paperwork for the loan everything was in order. All of our information was accurate including my husband’s and my name. We signed the notarized papers and the loan amount was authorized. When the money was funded, a copy of the loan documents were sent to us and instead of my husband’s and my name on the loan there was an unknown woman’s name in place of mine on our loan. Not only had we never heard of this woman’s name, but the bank seemed baffled as to how her information got on our loan documents. We went around and around with the bank for a number of months before we were successful in having her name removed from our account. Due to the mess we had experienced with this heloc, we allowed it to sit for a year without use.
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Pay Off Date of Our 26.5 Year Mortgage: 16.3 Years
In August 2008 my husband and I contacted a United First Financial agent and requested an analysis to see if we qualified for the Money Merge Account system. Our agent was very conservative when he put our financial information into the program. In our estimation we surmised that at the end of the month on average we had approximately $150 left over. This amount became the discretionary income that was put in the report.
Our financial information is quite a bit different than the norm because since 1992 we have invested in rental property and since that time had acquired several properties in three different states. With those properties and our home mortgage we had a total of 7 first mortgages and 2 second mortgages. We also had a zero balance heloc that we had gotten in case the opportunity arose to purchase additional investment properties. Besides those home mortgages, we had a car loan.
Our mortgages were scheduled to be paid off in 26.5 years and amounted to $489,869 in debt. As most of you know the total debt amount that you normally pay on a mortgage is around twice the cost of the loan. Ours was no different because we still owed $479,869 in interest even though we had been paying on these loans for three and a half years. The total amount of debt liability we would be paying on these mortgages was $969,738.
When my husband and I got a copy of the results of our United First Financial Money Merge Account analysis Read the rest of this entry
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Going Green Does Not Need to Hinder Your Ability to Become Debt Free
It was in February 2008 when my husband and I first learned about United First Financial® and the Money Merge Account™ program. Our financial planner called and was all excited about a service he had come across that could helps us become debt free very quickly. We met with him and he told us about United First Financial and all the success they were having helping homeowners achieve financial freedom with the Money Merge Account service.
He demonstrated the software and we found it to be very impressive in its ability to help eliminate debt. Because it was so new to us, we really didn’t understand the whole concept of what the Money Merge Account system could do and it seemed like the $3500 cost was a lot to spend on something that we weren’t sure would work. Our financial planner showed us how the software program would pay for itself within a few months, but we felt at that time it wasn’t right for us. We continued on with our everyday normal lives, not making a dent in our goal to eliminate debt and have financial freedom.
In June we heard an ad on the radio about a company that sold homeowners solar electricity via a lease program that would literally pay for itself within 10 years. Instead of giving your monthly electricity payment to PG&E (our electric company) the money instead would go towards the lease purchase of the solar electric and your regular electric bills would be greatly reduced. In addition there were energy tax incentives and tax credits from our city, our state and the federal governments to entice us to convert to solar electricity.
Have you ever thought how one little change in the way you handle your money could make a vast difference in your financial situation? How about the way you look at your home mortgage?
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