FREQUENTLY ASKED QUESTIONS
How long does it take to get started with this program? Our sign up form is automated so getting started with us is quick and easy. If you submit your information Monday - Thursday we will be in contact the next business day or sooner to get you started and answer any extra questions you may have.
Is there any cost when I sign up? Our agent program allows you to pay $50 a month to rent our software, generate an unlimited number of your own reports, and pay only $75 per signup.
Does this work with pre-payment penalties? Yes, because The Mortgage MAXIMIZER spaces it's payments out over the life of the mortgage and makes no large lump sum payments, we avoid the pre-payment penalty restrictions on the loan. .
How does a biweekly mortgage work? Biweekly mortgages have been around for years, and are an accepted way to pay your mortgage off early. Many banks are now offering biweekly programs because their mortgage customers are demanding that they do. Our fees are priced to beat nearly every banks pricing structure. When you make a normal mortgage payment every month, a certain percentage of that payment goes to interest, and the rest to principal. Principal is the original amount that you borrowed. The percentages that go to each of these parts is determined by a formula when the loan is taken out. Sadly, the vast majority of your payments in the beginning of your loan go to interest, and not principal. For example, a borrower taking out a $145,000 mortgage over 30 years at a low 7.5% interest rate will only pay back $16,370 in principal during the first 10 years of their loan. So they have paid for 1/3 the loan amount time, but still owe 88.71% of their loan balance. This is how compound loans, like mortgages work. You won't see the amount applied to principal be greater then the amount applied to interest until year 22 of your loan! This is where The Mortgage MAXIMIZER comes in - with a biweekly program you simply pay 1/2 your normal mortgage payment every 2 weeks instead of once a month. Because you are paying every 2 weeks throughout the year you end up making one full extra principal payment every year to the lender. This payment is applied 100% to the principal and nothing to interest. Now, the lender is required by law to use the original formula that they quoted you when you signed up for the loan, but wait, you owe less in principal now because you have been paying extra money through your biweekly deductions. Because of this, when the lender gets your next check, they are forced to apply a larger percentage to your principal, and less to your interest payment. Every payment, and every month this percentage works in your favor and more and more will get applied to your principal, and less and less to interest. That is how your borrower can pay their loan off years early by using the biweekly program, they are using the power of compound interest in their favor instead of the banks. In fact even if your borrowers used their biweekly program for one year and then quit, they would receive the benefits for the entire length of their mortgage, and save far more than what they paid into the program. It's a win win situation for them.
If this is so easy, why can't I do this myself? Good question. In order for a biweekly program to work, each payment must be collected every two weeks from the borrower, and sent to the lenders account number to assure that the correct amounts are applied. The Mortgage MAXIMIZER uses a bank debit system that automatically collects the payments and sends them to the lender. There is a small wire transfer and handling fee of $3.95 each debit to handle this process. Our system is designed to let you concentrate on selling the product, collecting your fee, and leaving the servicing aspects with us.
Can I charge less for these reports? Yes. The $495 fee is a suggested fee. If you want to charge your borrowers less, or even nothing at all, that is up to you. Some brokers use The Mortgage MAXIMIZER as a sales tool, and pay for the fee's out of their loan profits. They "give the service away for free" to derive referrals and repeat business.
Can I charge more for these reports? Yes. We have a suggested price for The Mortgage MAXIMIZER of $495 to stay under our competitors prices in the biweekly market, but if you have a specific situation you can change this price as you see fit.
