December 4, 2007

Update: Will Not Escrowing Payoff your Mortgage Faster with the United First Financial Money Merge Account?

In my last post, I was telling everyone how my brother and I were talking on the phone and he told me he was escrowing for his taxes. I told him to remove them since it would payoff his loan faster with the Money Merge Account. Anyway, he ran a scenario for my in his Money Merge Account Software and it said it would lower his payoff time from 5.75 years to 5.25 years.

Well, I have to appologize to everyone who reads this blog, all the United First Financial Agents, their customers and the people at United First Financial. Yes, my brother's payoff time was completely wrong once he called Countrywide and got the escrows removed (he did this yesterday) and then was able to truely update the Money Merge Account Software. The payoff time went down it 4.8 years!!!

Here is what he wrote to me tonight:


Just wanted to thank you for the advice you gave me on letting the MMA system handle the paying of my real estate taxes by removing the escrow payment from my mortgage.

Here are the results:

Before my mortgage payment was 526.91 with an escrow payment of 372.04 for a total payment of 898.95. At that point I had 5.7 years left to pay off my mortgage.

I removed the escrow payment and now have the MMA handling my tax payment by adding a $2200.00 yearly expense for taxes like you told me.

By just doing this, my years left went down to 4.8 years!

So I knocked 9 months off by doing basically nothing and just letting the MMA manage my real estate taxes.

I can’t even begin to image how much in interest on my mortgage that is going to save me. This system is definitely worth every penny.

There you have it, the true power of the Money Merge Account. You now can see that without my brother making any more money, just putting it to better use for him, he is able to knock 9 months off his mortgage.