The Equity Building Program
EBP works on the concept of making bi-weekly payments, equal to 1/2 your normal monthly mortgage payment. With this automated program and due to the nature of the calendar, you will make an extra payment yearly, without even noticing an affect on your checkbook. Since there 52 weeks in a year, you will make 26 half payments, or 13 Full payments. This additional payment is placed directly towards your loan principal balance, therefore reducing interest charges year after year. Due to the large amount of compounding interest you are eliminating, you will take interest from your lender and put it into your pocket.
· Save $50,000 in interest or MORE!
· Save 7-10 years off your mortgage
· Lifetime Enrollment, works with every mortgage you ever have!
· No need to refinance to use this program
· Works with ANY mortgage
· Zero out pocket cost
QA QUESTIONS & ANSWERS
Q. How much will my savings be?
A. The amount of savings will vary depending on the terms of your loan. You can call me at my office and I will gladly print you a savings report based on your information, at no cost.
Q. What if I change bank accounts?
A. If you change bank accounts just call customer service and they will happily change your payment information.
Q. How will my funds be collected?
A. The Equity Building Program utilizes the Automated Clearing House “ACH “ to automatically debit your bank account. This ensures a prompt and accurate transfer of funds. Each client account is monitor to ensure the transfer was made successfully and you will be notified if there is a problem with the ACH. Your funds are transfer into an FDIC insured bank account, so your funds are always safe.
Q. When will my loan payment be made?
A. Your loan payment will be made the last Friday of each month, ensuring your payment are received by the lender in a timely manner. Once per year the successfully collected extra payment will be sent to your lender and applied to your principal balance. I f you have requested additional funds be applied to your normal bi-weekly payment, these funds will be sent to your lender on the last Friday of the month with your normal payment.
Q. What happens with my escrow payments?
A. Your escrow payments will be withdrawn and applied on the same schedule as your normal monthly payment. 1/2 your required monthly escrow will be withdrawn and send in the payments on the last Friday of the Month.
Q .What if I sell or refinance my home?
A. The great part of this product is that YOU are signed up to lifetime enrollment, not your loan. So if you change lenders, sell, refinance, whatever the case may be, just call into customer service and they will happily adjust your payment information, at no cost!
