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Any experience with United First Financial's Money Merge Acc

Posted on: 16th Sep, 2007 09:21 pm
I was wondering if anyone had experience using United First Financial's Money Merge account program. The program is designed to pay the mortgage off more quickly by depositing your paycheck into an equity line of credit account then using the equity line to pay your bills. Is it a ligitimate program? Does it work? Any concerns with using the program? Thanks for your time...
Hi Ednorton,

Welcome to the forum.

United First Financial Money Merge account program uses a sort of calculator which will tell you that if you increase your mortgage payments, the loan will be repaid faster. But paying off your mortgage faster is not a good idea as you may have to face prepayment penalty for the early repayment. Through this penalty charge, the lender will compensate for the interest and other charges that would otherwise be lost.
Posted on: 16th Sep, 2007 10:59 pm
I have used the Money merge account and it's wonderful. It helps you pay off your mortgage fast.

The major difference between the Money Merge Account (MMA) and other mortgage acceleration programs launched by lending institutions is that, the latter involves an entire first position HELOC. But United Financial has developed the MMA such that it is based upon a smaller second position HELOC.

An HELOC in a first position increases interest rate exposure to you because it is a variable rate loan. Also, it decreases the ability to accelerate your loan. This is because the HELOC is attached to the Prime Rate.
Posted on: 18th Sep, 2007 09:23 am
Alex, Thanks for sharing your experince. Does the MMA account allow you to continue to invest (Stocks and Mutual Funds) outside of the account and can you stop at anytime?
Posted on: 18th Sep, 2007 08:58 pm
I am a United Financial First representative and yes you can continue to invest outside of the account. When you do your analysis just include it as one of your expense so it is not recorded in your disposable income which is a main variable used in the calculations. If you are able to consider opening a MMA account I encorage you to do so! If you need help send me an email
Posted on: 18th Sep, 2007 10:33 pm
Hi Ednorton,

With a Money Merge Account, you can continue to invest in stocks and Mutual Funds.
Posted on: 18th Sep, 2007 10:54 pm
Hi there,

I am on the MMA for about 4 months now. I am very happy with it. So happy with it I have become an agent as well. Please let me know if you have any questiuons.
Posted on: 19th Sep, 2007 10:59 am
Ok seriously I need some clarification.

"I was wondering if anyone had experience using United First Financial's Money Merge account program. The program is designed to pay the mortgage off more quickly by depositing your paycheck into an equity line of credit account then using the equity line to pay your bills. Is it a ligitimate program? Does it work? Any concerns with using the program? Thanks for your time..."

So you take your paycheck... and in order to pay your mortgage off faster (lol) you take a second mortgage(laughing even louder lol) and use your paycheck direct deposit to pay the second mortgage which pays the first mortgage? How could this possibly pay your mortgage off faster?

Wouldn't you just pay your first with your paycheck? Skip the middle man and not worry about a second mortgage. As long as the contract says it you can always pay off your mortgage by making additional payments to the principle. (note that not all mortgages allow this).

What it sounds like to me is a play on words of "money market account". And this whole thread seems more like an ad for whoever this company is.
Posted on: 19th Sep, 2007 11:07 am
Hi, in the end its all about managing your money correctly you need to follow through with the program if you want it to work for you. What happens is you use your HELOC to pay all of your bills and your mortgage and then deposit all of your paycheck minus the money you plan to invest and some nessesary cash into the HELOC (you need a positive cashflow in order for this to work and you need to be responcible enough to do what is nessesary
Posted on: 19th Sep, 2007 11:11 am
upon seeing their website I would like to add...

This is not unlike any other heloc or home equity line of credit.

You can not save money by paying off debt with debt unless the interest rate and closing costs are significantly lower than the first debt.

You can right checks and make payments with any equity line of credit. However this is like paying bills with a credit card.

Why would you pay interest and fees to them when you could pay out of your own interest bearing checking account?

Do not fall for this I see from other forums that the consensus unless you work for them is that this is A SCAM.

Do a google search for "money merge account"
Posted on: 19th Sep, 2007 11:27 am
I am a rep. with them and it makes a lot of sense.

Most people do not have large amounts of monthly disposable income to make additional payments so by using a small line $10,000.00 max you are able to make an additional payment toward the principal on the mortgage effectively each quarter canceling years of interest owed. So you ask what is the magic, there is none! It is called leverging your disposable income by paying little interest on a Interest only Heloc which outstanding balance is always managable and drawn down on small increments, thus costing you the least amount of interest per month. For example if your disposable income is $500.00 a month the software will ask you to take $1,500 off your line and make an extra payment of principal to your mortgage, this $1,5000 may cost you $20.00 in interest. Then the software will wait till you pay HELOC down some more and then ask you next quarter to pay another $1,500.00 thus canceling more interest to be paid and so on and so on. So there is no scam it is just like using a loan to buy a house you cannot pay cash for.
As it relates to middleman comment there is no middleman just the client, the software and financial discipline. One last note when you do this program without a HELOC you can never use the money again if you need access to it because of an emergency. However with the MMA and HELOC you can choose not to make the extra principal payment to deal with your emergency and the effect is instead of paying off in 10 years you may pay off in 11.5 years or so. This is very practical and straight forward no gimmick!!
Posted on: 19th Sep, 2007 05:43 pm
Livinginnky your are right the world is flat.

I can assure you I have no relationship with this program other than a desire to pay off my mortgage more quickly.

For the rest of the forum I spoke to my financial planner who assured me it would be a beneficial program. He did say the company's claim that you can pay your mortgage of in 8-11 years is overstated. He said through his research it is probably closer to 11 years.

Thanks to everyone...
Posted on: 19th Sep, 2007 08:59 pm
I agree with you Eugene here. The thing is, one should follow a disciplined plan to manage his finances. From what Tim explined I found the program quite interesting thoiugh I haven't used it. But, what I am concerned about is, I am paying one debt using another debt - a point raised by Eric. And, it's with a HELOC, the rates of which keep changing. So fine, it pays off my mortgage faster but don't I pay more due to rising payments? Any thoughts..
Posted on: 20th Sep, 2007 05:34 am
It's been hours and now that the facts have been posted all the sales people have disappeared. I notice that I can't comment on most of the other forums that these trolls well troll.

I still want someone to show me some better math.

ps. If I use the figures used in the main sites examples the situation is even worse for the customer. I apparantly was being to fair and unfortunately the costs to take part in such a program will be higher than what I stated.
Posted on: 20th Sep, 2007 05:33 pm
I was approched by someone selling this also and just could not figure out what was missing ... it was the cost of the HELOC .... Suckas ... thanks sir
Posted on: 21st Sep, 2007 06:04 am
They use all the common scam tactics.

1. They insult your intelligence.
2. They throw out a bunch of real facts
a. coupled with misconceptions and outright lies
b. this combination when delivered properly sounds good
3. They like to drop big names without any actual names. ie. an attorney, a banker, a aeronautical engineer, etc. By the way what does an aerospace engineer have to do with finance.
4. They like to attack people like me who do state the facts.
a. with things like I was sceptical too if you just by the software you will understand. This always makes me laugh.
b. or just use their previous loose arguments of the actual facts they provide. Even though these things have nothing to do with using the program.


Important Note: For all those people out there who say this really does work but it is not worth the money for the software are just trying to sell heloc's to people. The reason why this is so popular with brokers and bankers, and something these MMA companies leave out, is that you have to pay fees to the lenders just to get the heloc. I know that most lenders will pay between $750-$1500 just for signing a customer up for the heloc. So it is in there best interest to back up the program even if they know that it doesn't work as it gets you to buy a product from them.
Posted on: 21st Sep, 2007 08:42 am
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