This news came down the pipeline the other day to all United First Financial Agents. It seems that we can now recruit Agents in Canada! Thank goodness because I get many people contacting me from Canada and want to offer the United First Financial Money Merge Account there.
Before everyone from Canada starts contacting me again, I do want to make sure you read this little tid-bit about selling the United First Financial Money Merge Account in Canada:
"Sales of the Money Merge Account system in Canada will not be open until May 1st, 2008 and will be limited to clients with a mortgage and line of credit in the following provinces only: Alberta, British Columbia, Manitoba, Ontario and Saskatchewan."
So, please be sure you are from those provinces before contacting me about becoming a United First Financial Agent.
March 24, 2008
United First Financial Money Merge Account Canadian Expansion
March 7, 2008
Frozen HELOCs and the United First Financial Money Merge Account
One of biggest concerns for many Clients and Agents of the United First Financial Money Merge Account has been the issue of frozen HELOCs. I'm sure you have heard the news of a number of banks freezing the HELOCs of their clients because of the decline in the housing market. Banks are literally preventing homeowners from taking money from their HELOCs since they feel people will borrow more then their properties are worth.
The biggest problem is the banks aren't looking at individual situations. They are looking at which areas are labeled a declining market and then freezing the HELOCs of all their clients in those areas. So, even if a client has a $0 balance on the HELOC or made all payments on time, they can still fall pray to having their HELOC frozen and not being able to access their money.
Since a HELOC is the number one Line of Credit used for the United First Financial Money Merge Account this is a big concern, however, don't fear as there is a way around it.
In a recent post, I explained that clients in Texas cannot get a HELOC, so they have to get a Personal Line of Credit. A Personal Line of Credit is becoming the best way for clients on the United First Financial Money Merge Account to ensure they won't fall pray to freezing of HELOCs by banks.
A Personal Line of Credit works exactly the same way as a HELOC, expect the Personal Line of Credit is based off the credit of the individual NOT the equity in their property. Therefore, even if their property is in a declining area, they don't have to worry about the bank freezing their line. The only drawback is the interest on the Personal Line of Credit is not tax deductable, but the interest you would be charged is so minimal that I don't see this a major concern.
Therefore, if you are considering becoming a client of the United First Financial Money Merge Account or if you are an Agent, then I would suggest looking into a Personal Line of Credit. Here is that list again of banks currently offering a Personal Line of Credit:
US Bank
866-307-3219 ext. 2522
CA, UT, OR, CO, FL
Wells Fargo
888-667-5250
50 States
America One Funding
800-809-0993
50 States
Bank Of America
888-457-2543
50 States
Chase
866-466-8962
50 States
National City
800-622-4036
50 States
Key Bank
800-539-3253
AK, CO, CT, ID, IN, KY, ME, MI, NY, OH, OR, UT, VT, WA
Regions Bank
800-588-1267
AL, AR, FL, GA, IA, IL, IN, KY, LA, MO, MS, NC, SC,
TN, TX, VA
Nationwide Unsecured
877-777-9933
50 States
