Saturday, March 29, 2008
Equity Accelerator Benefits - #5
Best of all . . . pay off your mortgage in half the time or less than a traditional loan! Less time = less interest = less cost to you!
Thursday, March 27, 2008
Equity Accelerator Benefits - #4
Since this type of loan shows as a mortgage account on your credit report, you need never worry about losing access to the account or funds. If a judgment or any kind of collection or lawsuit results in your bank accounts being frozen or seized, this account will not be among them. You can rest assured that you still have a place to deposit all income and maintain full access to your funds, regardless of your current situation.
Equity Accelerator Benefits - #3
Looking to make a big purchase? Perhaps a new car, for example. Simply pay for the car out of your mortgage-connected checking account. Since interest is calculated daily and so much is applied to the principal as a result of the equity accelerator account, this is the best way to make a large purchase as the purchase will be paid off much faster than a traditional car loan. Since you are paying that money back sooner, you spend less on interest!
Equity Accelerator Benefits - #2
Having access to a great deal of your equity (the checking account that is directly connected to your mortgage where you are depositing your income to have it applied to your principal) can be of great help with careful discretion. Never worry again about where to come up with the funds required for home owner’s insurance premiums or real estate tax bills – or even unexpected home or car repairs! What about uninsured medical services? Simply write out a check from your account for those necessary and very important expenses.
Monday, March 24, 2008
Equity Accelerator Benefits - #1
One of the many advantages of the home ownership accelerator that I can see is since you are never making a true mortgage payment, this is the perfect product for someone who is working a commission job.
Since you are not required to make a deposit into the checking/mortgage account for the product to continue to work its magic, you can still use the product even while making sporadic payments into the account. And since you are never actually making a mortgage payment, the pressure is off when it comes to making enough commission in any given month to actually meet all of your expenses - to include a mortgage. This not only alleviates pressure in slow months, it also preserves one's credit rating!
This is a great product for anyone working commission-structured positions, be it a realtor or even a mortgage broker !
Since you are not required to make a deposit into the checking/mortgage account for the product to continue to work its magic, you can still use the product even while making sporadic payments into the account. And since you are never actually making a mortgage payment, the pressure is off when it comes to making enough commission in any given month to actually meet all of your expenses - to include a mortgage. This not only alleviates pressure in slow months, it also preserves one's credit rating!
This is a great product for anyone working commission-structured positions, be it a realtor or even a mortgage broker !
Sunday, February 24, 2008
Macquarie Asset Manager
Hello Folks.
Today I would like to introduce you to the Macquarie Asset Manager™ offered by Macquarie Mortgages USA, a subsidy of Maquarie Group based in Australia. This is another mortgage/checking account hybrid very similar to the Home Ownership Accelerator.
Like the Home Ownership Accelerator, the Macquarie Asset Manager allows the borrower to save on mortgage interest by depositing your paycheck into the account and help keep the mortgage balance low. At the end of the month, after all bills have been paid, the mortgage interest is calculated based on the average daily balance.
The Macquarie Asset Manager offers a great interactive online calulator that allows you to input your personal financial information and can simulate how the product can work for you. There's even an online caculator offered by the Maquarie Asset Manager that can help you determine how much interest you might be able to save over a traditional 30 year fixed rate loan or an adjustable rate mortgage (ARM). The savings can often be quite significant with the Macquarie Asset Manager.
There isn't much information on this Macquarie Asset Manager at the moment, but I will update as more information becomes available.
Today I would like to introduce you to the Macquarie Asset Manager™ offered by Macquarie Mortgages USA, a subsidy of Maquarie Group based in Australia. This is another mortgage/checking account hybrid very similar to the Home Ownership Accelerator.
Like the Home Ownership Accelerator, the Macquarie Asset Manager allows the borrower to save on mortgage interest by depositing your paycheck into the account and help keep the mortgage balance low. At the end of the month, after all bills have been paid, the mortgage interest is calculated based on the average daily balance.
The Macquarie Asset Manager offers a great interactive online calulator that allows you to input your personal financial information and can simulate how the product can work for you. There's even an online caculator offered by the Maquarie Asset Manager that can help you determine how much interest you might be able to save over a traditional 30 year fixed rate loan or an adjustable rate mortgage (ARM). The savings can often be quite significant with the Macquarie Asset Manager.
There isn't much information on this Macquarie Asset Manager at the moment, but I will update as more information becomes available.
Saturday, February 23, 2008
Home Ownership Accelerator
I stumbled across a new type of mortgage several months back called a Home Ownership Accelerator that claimed it could help you increase your equity quicker by combining your checking account with your mortgage. I thought this was an interesting idea so I did some more research.
The Home Ownership Accelerator is offered by a company called CMG Mortgage and based on a product that is common in Australia and the UK. The basic idea is that you combine your mortgage and your checking account and by depositing your paycheck into your checking/mortgage account, your paycheck acts as a payment towards your mortgage principal and acts as an equity accelerator. You then use the same account to pay all your monthly bill. At the end of the month the Home Ownership Accelerator calculates interest based on the average daily balance of the principal and then adds the interest charge to your mortgage balance.
Advantages of the Home Ownership Accelerator
There are several advantages to this type of set-up. For one, you never technically make a "mortgage payment." You simply deposit your paycheck and then use the account as your normal checking account and the Home Ownership Accelerator does the rest. Keep in mind you must have direct deposit from your employer in order to utilize the Home Ownership Accelerator, but for most people, this probably isn't a problem. If you do not have direct deposit through your employer, you can contact the Home Ownership Accelerator company and advise them that you have physically deposited your paycheck into your personal bank account (make sure the check has cleared), and then tell them to "go get it", and they can make the transfer for you.
By depositing your paycheck into the Home Ownership Accelerator, you are able to have the advantage of having your entire paycheck amount applied as a principal payment. This is great because as most people know, at the beginning of a normal mortgage, very little of your payment is actually applied towards the principal. With the Home Ownership Accelerator, the entire payment goes to principal, and since the payment decreases your mortgage balance by a large amount, the interest that is charged is less because the interest is based on the average daily balance.
What about your monthly bills, you may ask. You maximize the benefits of this payment program by making all or most of your payments at the very end of the month (even if it is for the following month - if you are unable to change your present "due dates"). Then, you are still using your paycheck just the way you are accustomed and also getting the benefits of the interest being calculated based on your daily balance.
If only I had the 20% equity that this type of loan required when it was first introduced here in Florida. I'd be in so much better shape right now!
The Home Ownership Accelerator is offered by a company called CMG Mortgage and based on a product that is common in Australia and the UK. The basic idea is that you combine your mortgage and your checking account and by depositing your paycheck into your checking/mortgage account, your paycheck acts as a payment towards your mortgage principal and acts as an equity accelerator. You then use the same account to pay all your monthly bill. At the end of the month the Home Ownership Accelerator calculates interest based on the average daily balance of the principal and then adds the interest charge to your mortgage balance.
Advantages of the Home Ownership Accelerator
There are several advantages to this type of set-up. For one, you never technically make a "mortgage payment." You simply deposit your paycheck and then use the account as your normal checking account and the Home Ownership Accelerator does the rest. Keep in mind you must have direct deposit from your employer in order to utilize the Home Ownership Accelerator, but for most people, this probably isn't a problem. If you do not have direct deposit through your employer, you can contact the Home Ownership Accelerator company and advise them that you have physically deposited your paycheck into your personal bank account (make sure the check has cleared), and then tell them to "go get it", and they can make the transfer for you.
By depositing your paycheck into the Home Ownership Accelerator, you are able to have the advantage of having your entire paycheck amount applied as a principal payment. This is great because as most people know, at the beginning of a normal mortgage, very little of your payment is actually applied towards the principal. With the Home Ownership Accelerator, the entire payment goes to principal, and since the payment decreases your mortgage balance by a large amount, the interest that is charged is less because the interest is based on the average daily balance.
What about your monthly bills, you may ask. You maximize the benefits of this payment program by making all or most of your payments at the very end of the month (even if it is for the following month - if you are unable to change your present "due dates"). Then, you are still using your paycheck just the way you are accustomed and also getting the benefits of the interest being calculated based on your daily balance.
If only I had the 20% equity that this type of loan required when it was first introduced here in Florida. I'd be in so much better shape right now!
Sunday, February 17, 2008
Payment Free Mortgage
Welcome to Payment Free Mortgage. This site provides information about several mortgage products available today that can help you build equity faster than a traditional mortgage. These products include the Home Ownership Accelerator, Macquarie Asset Manager, and the Money Merge Account.
Feel free to contact me if you have any questions at info@PaymentFreeMortgage.com
Feel free to contact me if you have any questions at info@PaymentFreeMortgage.com
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