Money Merge Account (MMA)

Mortgage Checking Account

Original Australian Method

Traditional Mortgage Accelerator

Traditional Checking and Mortgage

by United First Financial

by Sydney Financial Group

by Various Companies

by Various Institutions

by Various Institutions

Is the method based on the Australian Concept?

YES

YES

YES

NO

NO

How much can you save through these debt reduction strategies?

Depending on your circumstances, you can save tens, or even hundreds of thousands of dollars and cut years off your mortgage, car loans and credit card debt without the need of extra income.

Depending on your circumstances, you can save tens, or even hundreds of thousands of dollars and cut years off of your mortgage assuming you have equity in your home.

You *may* be able to save tens of thousands of dollars. However, it could also cost you tens of thousands of dollars.

Bi-weekly or other mortgage accelerators can save you a few thousand dollars. They are better than doing nothing at all, but fall way short of the Australian concept.

You will save nothing.
You will end up paying the most interest by just using a traditional checking account and mortgage (though the CMG and Macquarie programs *can* cost you more).

Note:

This program requires you to redo your first mortgage at a much higher interest rate. Unless you put a LOT of extra money towards your house each month, this will cost you more money than doing nothing at all.

What type of company provides these mortgage reduction strategies?

uFirst provides The Money Merge Account(MMA) through trained  Independent Agents such as myself.

Sydney Financial Group is a Mortgage Broker in the US.

Since you will need to refinance your existing mortgage and qualify for a new HELOC, this program is typically provided by Mortgage Brokerage companies in the US.

While there are a variety of companies that offer debt consolidation and mortgage acceleration services, they can't help you pay off your mortgage as quickly as you can with the Australian concept.

Any local bank or financial institution 

What happens to your current mortgage?

Your first mortgage remains unchanged.

Your first mortgage remains unchanged, however, a separate Home Equity Line of Credit (HELOC) will be required.

Your current mortgage is replaced with a first-position Home Equity Line of Credit. HELOCs always have interest rates that are several points higher than traditional mortgages. As a result, the extra interest you pay on your loan will wipe out much of the good that the Australian  concept can do for you.

Nothing happens to your current mortgage. You simply pay more towards the principal and/or pay the principal sooner than you otherwise would.

Nothing.

What are the risks?

A Line of Credit will be helpful, but not required for the MMA to work. There is little to no risk using the MMA. Your initial (one time) investment is fully refundable and satisfaction is 100% guaranteed!

A Home Equity Line of Credit is required to apply the Mortgage Checking Account (MCA) in the US
Note: If you are the type who can't have a credit card because you always max it out, you could get further into debt with a Mortgage Checking Account.

You need extra money each month just to break even. If you don't have a lot of extra disposable income each month, you will pay a lot more in interest than you are currently paying.

You don't stand to lose much with most traditional mortgage acceleration programs. Of course, you don't stand to gain very much, either.

You will pay a lot more interest and for many more years than you need to.

Extra Benefits

In addition to the Program, uFirst includes free training, setup, and Lifetime Support including software updates at no additional cost.

In addition to the MCA, includes a free financial training seminar and lifetime access to in-house financial advisors.

None.

Extra benefits depend on the institution you choose to work with.

Extra benefits depend on the institution.