Q. Do I have to refinance my current home loan for this to work?
A. No. You can refinance to increase your interest savings, but it is not necessary. If you need to refinance, TriQuest will be glad to help you get a better interest rate and help you save money each month.
Q. Why have I not heard of this program before?
A. Homeowners in Australia and the United Kingdom have been using this system for the last 12 years. In fact, more than a third of the households in Australia and about one fourth of the households in the United Kingdom are currently using a program to accelerate their equity. The financial institutions in the United States do not like this program because they make less money in interest per household.
Q. Is this a new concept in the United States?
A. No. Many fortune 500 companies use a banking technique called a 'sweep account'. This technique is used to reduce the daily calculated interest. Big companies started moving or 'sweeping' their bank accounts daily to an outstanding interest bearing loan to reduce average daily interest.
Q. Why can't I just make extra payments to the principal on my current mortgage? Isn't it the same thing?
A. TriQuest's program contains an algorithm that systematically creates the highest interest savings possible in the least amount of time. Each individual, due to the uniqueness of their situation, requires a custom plan to achieve optimal results. Plus, if you make additional payments on a conventional 30-year fixed-rate loan, you can't borrow that money without taking out a home-equity line of credit or a home-equity loan. With the mortgage-accelerator program, you already have the line of credit in place. That gives homeowners confidence that they can be aggressive in paying their mortgages and still have money readily available if a financial emergency comes up.
Q. Why do I have to apply for a line of credit for this program to work?
A. TriQuest's program utilizes a line of credit to maximize interest savings. Interest in a line of credit is calculated on an average daily balance. Normally, it would not make sense to open up a line of credit with a higher interest rate. But since you put your pay check into your line of credit account every month, your balance stays lower and you pay less interest.
Q. Do I have to spend less and pay more every month for this program to work?
A. No. If you are currently making more than you are spending per month, you do not need to change your behaviors. Many people that want to pay their home off even faster make changes in their spending behaviors, but changing your budget is not necessary.
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