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Frequently Asked Questions
Q. Will I have to refinance in order to enroll in the Bi-Weekly program?
A. No! You can keep your current mortgage or loan.
Q. Does the Bi-Weekly program work with loans other than mortgage loans?
A. You bet! It works with just about any type of loan you can imagine: student loans, car loans, commercial loans, second mortgages, you name it!
Q. Is the Bi-Weekly program compatible with my lender?
A. Yes!
Q. Will I need to contact my lender or bank?
A. No! This will all be taken care of for you!
Q. Will I have to pay a penalty if I cancel my enrollment in the Bi-Weekly program?
A. No! The only "penalty" you would pay is the savings you'd be missing out on!
Q. What if I refinance or sell my property?
A. Your account will be transferred to you new mortgage. There is no additional charge to you.
Q. What if my mortgage is sold?
A. Same as above. It's all taken care of for you at no cost.
Q. Will my payments remain the same?
A. Your Bi-Weekly payments will be half your current monthly payments (plus a small debit free of $3.75) made every 2 weeks instead of once every month.
Q. How long has Build-Home-Equity been in business?
A. Build-Home-Equity.com is an approved broker for Mortgage Saver. Mortgage Saver (a division of AutoLink Payment Services) has been in business since 1996, and is an affiliate member of the Federal Reserve's ACH division, NACHA, and licensed by the Financial Institutions Division of the Department of Business and Industry.
Q. What assurance do I have that my account is secure?
A. Federal Regulation E protects consumers from unauthorized electronic debits. All funds are FDIC insured.
Q. Why can't I just contact my lender and set up Bi-Weekly payments myself?
A. There are very few lenders who will accept Bi-Weekly payments from you, but they will accept them from Mortgage Saver. As members of the Federal Reserve, all banks and lenders must follow the Federal Reserve's policies for ACH transactions.
Q. How will I make my bi-weekly payments?
A. It's all done for you! Payments will be auto-drafted from your bank account (either checking or savings account, your choice) every other Friday. No more hassle writing and mailing checks, or remembering to make payments.
Q. When will my account be debited for Bi-Weekly payments?
A. When you enroll in the program, you will receive a "welcome package" that lists the dates of your debits and the dates payments are applied to your loan. You will also get a yearly statement detailing the debit dates for the coming year.
Q. On what day is my account debited?
A. On Fridays, every other week.
Q. How can I be sure my payments have been made?
A. They will appear on your monthly bank statements.
Q. Will enrollment in the Bi-Weekly program in any way help to eliminate my PMI (Private Mortgage Insurance)?
A. It sure will! Once you've reached certain equity levels, mortgage insurance companies must (by law) eliminate your mortgage insurance. Since you will be paying off your equity much sooner, that level will be reached years sooner than it would be otherwise?
Q. What is the "effective interest rate"?
A. The "effective interest rate" is based on the actual interest you'll pay over the life of your loan when you enroll in the Bi-Weekly program.
"Interest rate" depends on the amount you pay in interest as a percentage of the amount you borrow. By shortening the time it takes to pay off your loan, the amount you pay in interest is far less than you would have paid otherwise, while the loan amount remains the same. Thus, your actual (or "effective") rate of interest is far less than the rate you would otherwise have paid.
Q. How do I get started?
A. CLICK HERE to register for the Bi-Weekly program. Once you have paid your initial fee, you will be redirected to a form to fill in and submit.
Q. What information will I need to submit?
A. In addition to your personal contact information, you will need:
- The date of your original loan
- Original loan amount
- Original term (how many years was the loan for?)
- Interest rate
- Monthly principal & interest
- Monthly Escrow
- Address of the property
- Name, address, & phone number of lender
- Loan account number
- Name & phone number of your bank (from where you want Bi-Weekly payments to be debited)
- Your bank account number and routing number
Q. Where do I find this information?
A. Most of the above information can be found on your monthly statement or on the original loan paperwork. Your bank account information can be found on one of your checks, or on your bank statement.
Q. How long will it take between the time I submit my enrollment information and the time I'm officially "signed up"?
A. Usually one business day or less.
Q. So how much is all this going to cost me?
A. We're currently offering a $100 instant rebate that will be ending soon.
While the rebate lasts, your entire enrollment fee is $394.65 TOTAL paid over six months as follows:
- An initial payment of $144.90 (Includes a $94.95 set-up fee plus the first of 6 monthly installments of $49.95 each)
- 5 additional monthly payments of $49.95/month
(You will also be charged a small transaction fee of $3.75 with each Bi-Weekly debit)
Now compare your total enrollment fee to the $50,000 to $60,000
you will save (on average) over the life of your loan!
Your cost will be a paltry 0.8% - 0.65% of you savings in interest payments! Not to mention the fact that you'll be building equity in your home up to 3 times faster and pay off your loan years sooner!
Now ask yourself:
"Does it make any sense NOT to enroll in the Build-Home-Equity Bi-Weekly Program?"
Bottom Line ........................
"So How Much Will I Save?"
How much you will save with the Build-Home-Equity Bi-Weekly Program will depend on the following factors:
- The balance on your current mortgage
- The remaining term (number of months left on your loan)
- The interest rate on your loan
CLICK HERE and enter the above information.
We will provide you with a comprehensive Loan Amortization Comparison Table.
Enroll Me NOW!
To enroll in the Build-Home-Equity Bi-Weekly Program take these 3 simple steps .....
- Look up the following information - refer to your monthly loan statement or the original loan paperwork.
- The date of your original loan
- Original loan amount
- Original term (how many years was the loan for?)
- Interest rate
- Monthly principal & interest
- Monthly Escrow
- Address of the property
- Name, address, & phone number of lender
- Loan account number
Also look up the following - refer to your check or deposit slip, or call your bank.
- Name & phone number of your bank (from where you want Bi-Weekly payments to be debited)
- Your bank account number and routing number
- CLICK HERE to pay your initial fee of $144.90 ($94.95 Set-up fee
plus $49.95 for the first of 6 monthly installments)
- You will be directed to a page where you will enter and submit the information you collected above.
THAT'S IT!
We do the rest! You'll never again have to write a check, address an envelope, stamp and mail it, or even have to remember when your payments are due.
It's all taken care for you. All you'll have to "worry about" is how you're going to spend the extra thousands of dollars you'll be saving!
Contact Build-Home-Equity.com
Feel free to contact us with any questions.
By Email:
support@build-home-equity.com
By Telephone:
859 240-4987
(Weekdays 9:30 AM - 3:30 PM Eastern Time)
By Fax:
253 498-7382
By Mail:
eBusiness Power
Attn: Jim Eastman
81 Lumley Avenue
Ft. Thomas, KY 41075
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