Can't Get A HELOC for the United First Financial Money Merge Account? Try These Other Loans...

There are many people who want to get going with the United First Financial Money Merge Account, but have trouble getting a Home Equity Line of Credit (HELOC). The main reason why people don't qualify is they don't have equity in the property you want to payoff.

I wrote in an earlier post (Money Merge: Account Use a HELOC from any property to pay down your mortgage) how you can use a HELOC from another property if you don't have equity in the one you want to pay down. But, what if you don't own another property or the other properties you own also don't have equity? Well, you can also use two different Lines of Credit which will work with the United First Financial Money Merge Account. They are:

1) Business Line of Credit
2) Personal Line of Credit

As long as the above Lines of Credit have the required features in order to utilize them with the United First Financial Money Merge Account then you are good to go. Here are the Line of Credit requirements again so you don't have to go digging for them:

The HELOC must have the following features:
a. Has to be a variable loan
b. Has to have interest only payments
c. Has to apply payments daily
d. Has to have check writing/debit capabilities
e. CANNOT have automatic payments taken from your checking account

I hope this information is helpful for those of you wanting to get started on the United First Financial Money Merge Account. If you have a question, give me a call at 561.756.4279.