Why am I applying for a line of credit, and how is itassociated withmy savings and checking accounts?
• The MMA Program uses the equity line of credit solely as a vehicle or a tool to drive the program. The MMA system is coordinated through systems created by United First Financial and works independently of the lender. The equity line of credit must have the capacity to operate similar to a primary checking account and be set up with an open-end interest calculation rather than a closed-end interest calculation. Combined with the MMA web-based system, this creates a formula in which the money in your line of credit account generates an interest cancellation on your primary mortgage. • Do I have to change banks? • It is not necessary to change banks. After signing up for the program, we have a customer support team that will assist you in orchestrating your banking needs with your MMA program. • Do you make payments for me? • No. We do not have any access to your accounts. You will be initiating all transactions by following the prompting of your online MMA account. You will be in comp
Related Questions
- How many transfers per statement cycle can I make from my Passbook Savings, Statement Savings or Money Market Checking accounts?
- Why am I applying for a line of credit, and how is itassociated withmy savings and checking accounts?
- Online Savings and Interest Checking Accounts: Where are the Good Deals?
