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Home Ownership Accelerator
How it works.
Bank your money in your mortgage. With the Home Ownership Accelerator, you direct-deposit your entire paycheck into your mortgage, instead of your checking account. This immediately reduces your principal balance. Since interest is based on your daily balance, you start saving interest immediately compared to traditional loans!
Access your funds just like you used to. You pay all of your expenses out of your mortgage, just like you would with a traditional back account – using the unlimited checks, free ATM/Debit card, and free online bill-pay that comes with the account. Until you need the money, though, it’s in your mortgage in the form of a lower principal balance, saving you 5-6% in mortgage interest, instead of earning 1% in a bank account. Less interest means that more of your take-home pay goes towards principal, and you pay off your loan sooner.
Play The Movie: How it Works to find out why this loan is so effective.
How effective is it?
If you’re an average borrower with good cash flow, you could pay off an average sized loan in as little as half the time – with no changes in spending habits.
Let’s look at an example:
Imagine you have net pay of $100,000 annually, saving 15% of your net income after expenses, and you have a $400,000 30-year fixed rate mortgage at 5.5%. And, let’s even assume that mortgage interest rates are climbing on a “reverse course” that mirrors their recent decline. A ‘worst case’ rate scenario!
Saves interest, pays off sooner
In this example, refinancing to the Home Ownership Accelerator roughly doubles your mortgage efficiency. You could pay off in as little as 17.3 years and save nearly $89,000 (21%) in interest, compared to the 30-year fixed loan at 5.5%. In fact, to save that much interest, you’d have to find a 30-year mortgage at 4.4%, which is very unlikely.
This innovative and powerful loan uses the power of your income to slash thousands off the interest you pay and chop years off the time it takes to pay off. All without changing your spending habits, or your access to the cash you earn.
Find out if the HOA program is right for you. Take a moment to fill out an application or call to speak with an experienced Loan Officer today.
