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FREQUENTLY ASKED QUESTIONS
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. Return to Top | Ask more specific questions to a Sydney Financial Group Advisor >> 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 talk to a Sydney Financial Group Advisor for more specific guidance and answers, click here. Return to Top | Ask more specific questions to a Sydney Financial Group Advisor >> 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. Return to Top | Ask more specific questions to a Sydney Financial Group Advisor >> 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. Return to Top | Ask more specific questions to a Sydney Financial Group Advisor >> 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. Return to Top | Ask more specific questions to a Sydney Financial Group Advisor >> 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. Return to Top | Ask more specific questions to a Sydney Financial Group Advisor >> Q: Are there any states where this program isn't allowed? A: There are currently two states where we cannot offer this product: Texas, and Wisconsin. We are hoping to offer Mortgage Checking Accounts in those states soon. Return to Top | Ask more specific questions to a Sydney Financial Group Advisor >> |
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