Use a HELOC from any property to pay down your mortgage with the United First Financial Money Merge Account

I had a client call the other day and we were on the phone for a while. He told me he liked to use the Money Merge Account from United First Financial to help pay down his home, but he didn’t have any equity to get a Home Equity Line of Credit.

At that point things looked grim, but I asked if he owned any other properties which might have some equity in them. He said he had an investment property with plenty of equity and could get a Home Equity Line of Credit (HELOC) on it. Bingo! Needless to say, he is in the process of getting the HELOC and we are moving forward with the Money Merge Account.

This is another reason why I like the Money Merge Account so much. You can use a HELOC from another property you own to pay down the mortgage on a different property. This is great because if you were trying to use the Money Merge Account to pay down the loan on a commercial property or piece of land, chances are you couldn’t get a HELOC on those types of properties. But, you could get a HELOC on your primary residence and then use the HELOC with the Money Merge Account to pay down your mortgage on the commercial or land. Very Cool!!!

So, if you want to use the Money Merge Account from United First Financial to pay down you mortgage and you don’t have enough equity in the property to qualify for the HELOC, let me know if you have another property with some equity in it and we can get the HELOC on that property.