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HOW IT WORKS
Bank your money in your mortgage.
With the Home Ownership Accelerator, you
direct-deposit your entire paycheck into your mortgage, instead of your
checking account. This immediately reduces your principal balance. Since
interest is based on your daily balance, you start saving interest
immediately compared to traditional loans!
Access your funds just like you used to.
You pay all of your expenses out of your mortgage,
just like you would with a traditional bank account -- using the
unlimited checks, free ATM/Debit card, and free online bill-pay that
comes with the account. Until you need the money, though, it's in your
mortgage in the form of a lower principal balance, saving you 5-6% in
mortgage interest, instead of earning 1% in a bank account. Less
interest means that more of your take-home pay goes towards principal,
and you pay off sooner. With no change to spending habits!
If you haven't already, play
The Movie: How it Works to
find out why this loan is so powerful. (
Need Flash player? )
How effective is it?
If you're an
average borrower with good cash flow, you could pay off an average sized
loan in as little as half the time – with no changes to spending habits.
Let's look at an example:
Imagine you have net pay of $100,000 annually,
saving 15% of your net income after expenses, and you have a $400,000
30-year fixed-rate mortgage at 5.5%. And, let's even assume that
mortgage interest rates are climbing on a "reverse course" that mirrors
their recent decline (APR 8.19%)! A 'worst case' rate scenario!"
Saves interest, pays off sooner.
In this example, refinancing to the Home Ownership
Accelerator roughly doubles your mortgage efficiency. You could pay off
in as little as 17.3 years and save nearly $89,000 (21%) in interest,
compared to the 30-year fixed rate loan at 5.5%. In fact, to save that
much interest, you'd have to find a 30-year mortgage at 4.4%, which is
very unlikely.
But what if rates go up even more?
In this example, the adjustable rate on the Home
Ownership Accelerator would have to average 9.6% over the entire 17.3
years for the interest payments to equal that of the 30-year fixed rate
mortgage at 5.5%. That's not likely to happen either.
Seeing is believing. Try it for yourself.
Use our powerful
Interactive Simulator
and see how the Home Ownership
Accelerator can help you achieve financial freedom sooner.
Still have questions?
See the answers to
Frequently Asked Questions
that customers often have.
Specifications.
Loan type: Adjustable rate line of credit, based on
1-month LIBOR index.
Adjustment period: monthly
Term: 30 years
Lifetime cap: 5% over start rate
Minimum credit line: $100,000
Maximum credit line: $2,500,000
Minimum down payment: as low as 10%
Minimum credit scores : 680 (excellent credit)
Withdrawals: ATM/Visa P.O.S. card with 8 surcharge-free
ATM transactions per month at any ATM, checks, bill-pay, ACH, EFT.
Payments: Direct payroll deposit (required), EFT,
ACH,Bank by mail.
Statements: Monthly. Online account access.
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