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Frequently Asked Questions
- Is this product for consumers living in the United States?
- Using this method, how fast can I really pay off my home?
- Do I have to take out a new mortgage or refinance my home to make this work?
- How does mixing a checking account with a mortgage help?
- Why haven't I heard of this before?
- Is this a Mortgage Accelerator?
- How is this program possible without increasing the monthly payments on my mortgage?
- Do you make payments for me?
- Why don't the banks offer this program?
- What happens if I sell my home?
Q: Is this product for consumers living in the United States?
A: Yes. This type of program has been available in Australia, Great Britain, and Canada for more than two decades. It has just recently become available in the United States.
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Q: Using this method, how fast can I really pay off my home?
A: It depends on your specific circumstances and spending habits. Many people are able to pay off their home in half the time or even a third of the time--all without having to make more money than they are right now. If you would like to see how it will work for your home and your personal situation, contact the owner of this site and ask to fill out a client profile.
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Q: Do I have to take out a new mortgage or refinance my home to make this work?
A: No. We have devised a way to convert a Home Equity Line of Credit or a second mortgage into a Mortgage Checking Account (MCA). This way, you can get all of the benefits of an Australian mortgage checking account without having to redo your mortgage.
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Q: How does mixing a checking account with a mortgage help?
A: A Mortgage Checking Account (MCA) leverages ALL of the idle money in your checking account every day of the month. Whenever you deposit money into your MCA, that money is automatically applied toward the balance of your home loan saving you money on the daily calculated interest that you are charged.
When you need to pay your necessary expenses, it comes back out at that point. In the meantime, it has helped reduce the interest accumulating on your home loan.
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Q: Why haven't I heard of this before?
A: This type of system has been in use in Australia for several decades. It has since spread to New Zealand, the UK, Canada, and now to the United States.
The financial institutions in the United States aren't excited about this because it means they make less money on your loans. They will only adapt to this type of offering when faced with significant competition. That competition has arrived.
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Q: Is this a Mortgage Accelerator?
A: Some people refer to a Mortgage Checking Account (MCA) as a mortgage accelerator since it helps you pay off your home more quickly. However, there is a difference between our product and a traditional mortgage accelerator.
A traditional mortgage accelerator relies on splitting your mortgage payment in half and making two payments each month. Since it speeds up the payment on half of your monthly mortgage payment, it helps you to pay off your mortgage more quickly. Sydney Financial Group offers a far superior product.
A mortgage checking account leverages ALL of the idle money in your checking account every day of the month. Whenever you deposit money into your MCA, it automatically goes towards paying off your home. When you need to pay your necessary expenses, it comes back out at that point. In the meantime, it has helped hold down the interest accumulating on your home.
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Q: How is this program possible without increasing the monthly payments on my mortgage?
A: The Mortgage Checking Account system makes a connection between your bank account, the advanced line of credit, and your primary mortgage. Each time you transfer income into your account, it registers as a decrease to your mortgage balance. By decreasing your mortgage balance, you now lower the balance in which interest accrues. By decreasing the balance in which interest accrues, you increase the portion of your monthly payment which is credited toward your principal pay down. The Mortgage Checking Account software determines the specific timing and amounts for each transfer required to produce the quickest payoff time and highest interest savings possible. There are also multiple financial options programmed into the Mortgage Checking Account software which assist homeowners in paying down their mortgage as soon as possible.
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Q: Do you make payments for me?
A: No. We do not have any access to your accounts. You will be initiating all transactions by following the prompting of your online Mortgage Checking Account. You will be in complete control.
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Q: Why don’t the banks offer this program?
A: The Mortgage Checking Account utilizes banking principles that are accepted by most banks across the nation. The Mortgage Checking Account program simply provides you with the necessary tools to use your money to REDUCE interest, instead of the bank USING YOUR MONEY to earn interest. This is the primary reason the banks do not offer the Mortgage Checking Account program.
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Q: What happens if I sell my home?
A: The Mortgage Checking Account program is fully transferable. If you sell your home and purchase another residence, we simply reactivate the Mortgage Checking Account on the new residence with no additional sign-on or set-up fee for up to 3 homes.
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