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No, the software is a financial tool that tracks and maximizes the interest and floating time to eliminate backend interest on your mortgage. The software does not have direct access to any of your personal banking information.
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No you do not. In fact the average person spends $4,000-$6,000 on each refinance which helps them pull out money or change their rate, but each time it prolongs the day of ever owning their home free and clear. It doesn't feel like $4,000-$6,000 because all of the finance charges are added on top of your loan. With Equity Leverage you will be paying down your principal so fast, the current mortgage may be your last!
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No, we do not ever have access to your bank accounts. Is my financial information secure in the online software? Yes, of course. We use a 128-bit security for any of your personal information.
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Banks have their loans structured a certain way for a reason. They are maximizing the accrued interest. Since the average person stays in their home between 5-7 years they are paying down very little principle. The banks collect over 80% interest on each payment in the beginning. If they offered a program similar to this they would lose all of the interest that you will be saving with this software.
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This program only works for one home at a time. Once the principal home is paid off, you can talk with an Equity Leverage advisor to have the software help pay off any additional properties you may have.
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The reason this software is so beneficial is that you are accelerating your equity so you are not stuck in the same rut of paying 85% interest and starting over at 30 years each time you move. On average, you will accumulate equity at more than double the rate so your equity on your 1st home will follow you to the next home where you can continue the program (contact an Equity Leverage advisor if you move). Equity Leverage will also give you tools to understand the best type of mortgage program to use, if you do move.
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YES. Regardless of your loan type, whether it is a 30yr fixed, (ARM) Adjustable Rate Mortgage, or Interest only, the software gives you a precise financial assessment to each particular financial situation. Regardless of the term or rate, the software will maximize your money to the fullest.
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No, In fact, the software will help you generate equity in your home which you can leverage for your benefit in case of a unexpected job loss, hospital bill, or buying a new car, ect. The most important thing is to fill in your most accurate financial information so the software can maximize the most savings for you.
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This will all depend on your financial situation. Make sure you take a few minutes to fill out the calculator to see your total savings.
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Bi-weekly programs are a way to pay a little extra on your home, and therefore pay off your mortgage quicker. The negative is that the extra money that is paid on the mortgage is difficult to get back if you have any unforeseen financial problems, such as medical expenses or a lost job. Through Equity Leverage, any additional amounts that are paid on the mortgage can be retrieved through your HELOC.
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This concept has been around for over 15 years in places such as Australia and Canada and the UK. It has been in the United States for about 5 years. This program has been proven time and time again and is currently being used by thousands of homeowners like yourself.
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There are several ways that you can pay your mortgage off quicker on your own. What Equity Leverage provides is a complete program that will maximize interest savings and help you every step of the way. The software was developed by a team of mortgage professionals and programmers that understand how mortgages work, and through this experience they have developed a method for paying off your mortgage in the fastest time possible, all without altering your current spending habits.
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Making extra payments to your principal each month is a good way to pay down your mortgage quickly, but like most people they need some of this money later when unforeseen circumstances arise. Through Equity Leverage you will be able to get access to this money if this happens. For example, say in 6 months you have a big payment to be made on a car. In the mean time, you save your money and put it in your savings account earning 1% interest. Through Equity Leverage you will be able to fully leverage this money while you are saving, and then use it for the car when you need it.
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This would not be possible through extra principal payments, Equity Leverage makes this possible AND easy.
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Even if you take advantage of a high interest savings account, Equity Leverage can save you money. For example, if you have a 5% savings, you will earn 5% minus taxes (30% tax bracket, so 3.5%). Suppose you have a mortgage at 6%, which you can tax deduct so it is effectively 4.2%. Why would you want to earn 3.5% and pay 4.2%. You want to eliminate the 4.2% debt as quickly as possible and then have the ability to invest all your earnings in the high yield savings account. Even if your savings rate was higher, the way Equity Leverage maximizes the float interest between the credit card, line of credit and mortgage, you will almost always benefit from using the system.
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A home equity line of credit, commonly referred to by its acronym "HELOC", is a loan that gives you access to a revolving line of credit up to a certain amount, which is secured by your home. You only borrow what you need and only pay interest on the amount you borrow. You're not locked into a high monthly payment, so if money becomes available to pay down the loan, your monthly payment will go down.
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A fixed 2nd mortgage is similar to a first mortgage. It is tied to the value of your home and is structured like an installment loan. It has a fixed monthly payment with a fixed term and a fixed rate. All of the funds are disbursed at closing and you cannot draw against the loan again after you have paid it down. (It is not an open end loan)
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When qualifying for a HELOC there are a couple of important requirements:
- You must have equity in your home
- Your ability to make the loan payments (see documents required)
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Full documentation (For W2 employees)
- Credit score (620+)
- 1 month of pay stubs
- 1 to 2 yrs of W2
Stated (For Self Employed and commission employees)
- Credit (680+)
- Verification of employment
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No, most banks offer programs where the total closing costs are paid for. Sometimes the bank will offer a lower rate for a small upfront fee. If you choose the small fee for the lower rate, the fees and associated closing costs are incorporated into the loan so you do not have to pay any out-of-pocket expenses.
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The average time is about two weeks. It can be done sooner if you have your financial documents ready at application. (Ask ahead of time for the necessary documentation)
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Generally there are 2 ways to use your Home Equity Line:
- Checks: Most line of credits come with a book of checks
- Credit/Debit Card: Functions just as a credit/debit card
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There are several places to obtain a HELOC that are quick and convenient: Your current bank, Credit Unions, Countrywide, Wells Fargo are a few of the many options.
Most importantly, find a bank that provides:
- An opened end loan
- Access to your money 24/7
- Ability to pay your loan down to $0 at anytime
- Payment and interest is charged only to the current monthly balance
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