How can a higher interest line of credit help to payoff my lower interest first mortgage and can you give me more information on the workings of this program?
A. When repaying a mortgage, it’s not the rate you pay that’s most important. What matters is the total amount of interest you pay over the term of your loan. With the Money Merge Account you use your line of credit to reduce the balance owing on your primary mortgage, and you reposition the money you have sitting in your checking and/or savings account to reduce the balance owing on your line of credit to shrink your interest charges. By repositioning your regular income to keep your line of credit balance as low as possible you significantly reduce the interest that would normally be charged on the line of credit. This means more of your money goes towards your principal balance each month, helping you repay your mortgage years earlier and save thousands of dollars in interest. The online software system and customer service provides crucial guidance as to the specific transfer amounts and timing that is needed to provide each individual homeowner with the best interest savings possi
Related Questions
- How can a higher interest line of credit help to payoff my lower interest first mortgage and can you give me more information on the workings of this program?
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