**** An Update ****
Judging by the popularity of this post, it seems there are a lot of people that are interested in this subject. The main reason is the controversy surrounding it. For this reason, I’ve decided to look up a few more resources, so that readers of this blog can be a little better informed before deciding on taking this route to paying off their mortgage. While a money merge account may not be an outright scam, the marketing scheme used for the program is pretty scary. Think Amway and any other Mulit-Level-Marketing scheme and you’ll understand why you will find such ardent defenders of the program. At any rate, please read through the following resources, as well as all the comments posted here, and make an informed decision.
United First Financial - Looking for the truth
Have you heard of United 1st Financial?
There are many schemes out there today for speeding up the rate in which you pay your mortgage off. These range from simply adding extra money to your payment to apply towards the principal every month to formalized programs offered by your mortgage lender. Money Merge Accounts are simply another form of this type of expedited mortgage payoff plan.
A money merge account is simply a bank account that is set up to pay all of your discretionary income toward your mortgage principal. You set up the account so that you retain a certain amount of your income to pay for the necessities and other mandatory expenses each month. Everything else goes to the mortgage. Typically, this will result in your paying off the mortgage in less than half of the original mortgage term.
The drawback to this setup is that there is literally no flexibility built in. If you should have some type of emergency arise while this program is ongoing, you will need to already have funds set aside to address the emergency. For this reason, it is absolutely necessary for you to consider ALL of the implications and plan for them before deciding to go with a money merge account.
Another drawback to this type of account is the fees involved in setting one up. Typically, the lender will charge an additional $3000 in setup fees to get a money merge account going. This is added to the principal of your mortgage right at the start, which represents, at the least, an additional payment you will have to make in the long run.
A money merge account may be the right choice for those people who cannot trust themselves to maintain the fiscal discipline to make regular additional payments on their mortgage. For the most part, though, a better plan would be to independently make additional principal payments independently and avoid the additional costs and inflexibility of a money merge account. Keep in mind that no matter which course you decide to take, paying down principal ahead of time will save you thousands of dollars in interest charges over a 30 year term. Not paying down your principal as quickly as possible would be tantamount to flushing money down the toilet.
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