Your Money Merge Account ALOC(HELOC)

An ALOC or HELOC is a line of credit, based on the equity of your home. Hence the term ‘Home Equity Line Of Credit’. This is what you will use as your primary checking account throughout the Money Merge Account Program. You put all your paychecks into it, and pay all your bills out of it. Any feature your Bank offers, you can use with a HELOC, from checks, to Debit/ATM cards and even eBill pay online. As you pay down your primary mortgage, you can go back into your bank or lending institution and request an increase on your credit line.

However, HELOC’s must fall within certain guidelines to work with the Money Merge Account Program. HELOC's must be:

1. Must be an open ended Home Equity Line of Credit.

2. Must have an interest only payment option.
3. Must be a variable rate.

For BEST functionality for check writing:
• Lowest dollar amount minimum per check writing from HELOC.
• No fee per check written from HELOC.
• No limit to the number of checks written from HELOC each month.
• Shortest amount of time to clear and process checks from HELOC account.

For BEST functionality for online banking:
• Ability to transfer money from checking to HELOC and HELOC to checking.
• No limit to the number of transfers per month.
• No fee for on-line transfers.
• No dollar amount limitation on transfers.
• Ability to link Equity Line to Checking account as an overdraft protection.
• No fee for overdraft protection.
• Shortest turn around time for posting on line transfers to designated accounts.
• On-line bill pay.
• No fee for on line bill pay.

Questions to ask at the closing of the HELOC:
Q. Lenders will ask client if they want their monthly Equity Line payments automatically withdrawn from a designated checking account.
A. No (this will amortize the HELOC payment to one time per month, which defeats the Money Merge Account process).
Q. Lenders will ask client if they want to lock their rate.
A. No (this will remove the interest only payment option).

By using the Money Merge Account Program, your equity can dramatically increase, while improving your credit rating.

The most common misconception with the Money Merge Account, is the end result of the HELOC. This Program keeps the balance of the HELOC in check, as well as your primary Mortgage. At the end of the Money Merge Account Program, you have a ZERO BALANCE on your primary Mortgage…as well as your HELOC!

You owe nothing, title deed in hand. Your home is free and clear.