| The most powerful weapon | | | | me. I knew exactly what went wrong and after |
| No doubt, the mortgage checking account is a | | | | analyzing his statement we were able to pinpoint |
| powerful weapon for a homeowner. It allows you to | | | | some of the errors: |
| become a financial genius overnight and can change | | | | 1. The bank charged him $20 every time he withdrew |
| your life around. It is a simple tool that allows you to | | | | cash from his mortgage checking account. |
| pay less mortgage interest than you have to, and you | | | | 2. He was charged $5 each time he made an online bill |
| can use the interest "savings" to pay off your current | | | | payment from his account |
| mortgage, free up extra cash, go on a vacation ... | | | | 3. He was charged additional fees, which are part of |
| But! | | | | the standard contract, and of course, no one informed |
| There is one SMALL challenge... | | | | him he had the ability to decline those fees any time he |
| The banks do not want you to use this to pay off | | | | wished. Knowing this simple piece of information could |
| your mortgage early. Therefore, they end up restricting | | | | have saved him over $235 a year. |
| the functions and will try to penalize you for using this | | | | 4. The bank froze his checking account after 3 |
| account. | | | | months of use. |
| Here is the dilemma... | | | | Just stop and imagine for a second, when your entire |
| If your mortgage checking account is not set-up | | | | financial life lies in your checking account and your |
| correctly, you could end up spending more money in | | | | account is frozen. |
| bank charges than you would have originally saved. In | | | | And this was just the tip of the iceberg. |
| fact, I have personally seen over 37 clients setting up | | | | As you can imagine this caused a huge amount of |
| their mortgage checking account, begin saving but | | | | pain and frustration. He went from excitement to the |
| ending up worse off as a result of the 'hidden | | | | house of pain within three months. |
| charges", rather than just paying their normal monthly | | | | You must take one critical step before you set up |
| mortgage payment. | | | | your mortgage checking account. This one step alone |
| John's Costly Mistakes | | | | will solve 80% of all the problems with your mortgage |
| I had a client, John, who was really excited about using | | | | checking account. |
| the mortgage checking account. Prior to meeting me, | | | | The key is to recognize that your mortgage checking |
| he read an e-book, in his excitement called up the | | | | account is not a "traditional checking account," but it |
| bank, and set up the mortgage checking account | | | | needs to be set up correctly so that it functions as a |
| immediately. The bank assured him that the account | | | | checking account. If not this could cost you hundreds |
| was set correctly and off he went. | | | | of dollars. |
| Within the first month, John had bank charges well | | | | I still agree that the mortgage checking is the most |
| over $350. He soon realized all the interest savings he | | | | powerful tool and will give you an unfair advantage to |
| generated by using the mortgage checking account | | | | generate a significant amount of savings, if you apply |
| was completely wiped out by the bank charges and | | | | these techniques correctly. |
| he eventually ended up paying more to the bank more | | | | You do not have to discover these costly mistakes |
| than he had to. | | | | through trial and error. |
| He was furious and by chance happened to talk to | | | | |