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 through 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? We have a limited time promotion going on that waives the signup fee. So there is no cost to sign up. As an agent of The Mortgage Maximizer you will be paying $9.99 to order reports to present to your clients. For this we fund an account with a check for $100 to cover your first 10 reports through us. When the account gets down below $50 we will ask for another check to refund that account. Your first two reports are free during our current promotion.
Does this program work with pre-payment penalties? Yes, because The Mortgage MAXIMIZER spaces it's payments out over the life of the mortgage you avoid the pre-payment penalty restrictions for your mortgage.
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 so. Our fees are priced to meet or beat nearly every banks pricing structure. Click here for a detailed explanation of how a bi-weekly mortgage works. 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 interest 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 now you owe less in principal 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. This is how your borrower can pay their loan off years early by using the biweekly program. The biweekly program allows them to put 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 in extra bi-weekly payments. The program is pretty much a no-brainer for any borrower out there - you would have to be crazy not to sign up for it!
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. This feel also supports the toll free tech support for any questions your borrowers might have. Without the software to calculate and audit your existing mortgage you would have no idea how much you would save by paying bi-weekly. Plus it's human nature to not pay a bill unless you have to - do you pay your credit cards off every single month? If you answered no, then you can see why the bi-weekly program needs to be structured. Human nature dictates that we pay the bills that are due, and we spend the rest. Studies show that 95% of people left to make extra payments will stop within a few months. We structure it for your borrowers so it's just a bill they pay every two weeks. This keeps them on track, and on target for the goal of paying their mortgage off early.
Can I charge less or more for these reports? You can charge less than the $499 fee, but keep in mind that the cost to you to set up the program is $149. 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 get referrals and repeat business. Some brokers charge up to $499 on the loan amount as a signup fee.