Paying Off Your Mortgage FAST!


— Step 2: Apply for Your ALOC Account —

ALOC Required Characteristics:

  • must be an open ended Home Equity Line of Credit
  • must have an interest only payment option
  • must be attached to the primary residence in a second lien position
  • must be a variable rate account
  • must have an credit line amount of $20,000 or more

    download this ALOC characteristic sheet to use when shopping for your home equity line of credit


    Important Note: if you have an existing home equity line the has the above characteristics, it can be used as your ALOC

    if you have an existing home equity loan that is being paid down, shop for an ALOC to payoff and close your home equity loan

    your new ALOC must be in a second lien position

Shopping and Finding Your ALOC

  1. review our home equity module within this site
    for more information about home equity product terms and features

  2. download our shopping sheet
    that lists the ALOC characteristics and helps you shop lenders for best terms

  3. use our LTV calculation to estimate how much
    you may qualify. You will need a credit line of $20,000 or more. Be prepared to get a 100%LTV equity line if needed to payoff existing debt and maintain an open credit line of $20,000 or more

  4. use our network of lenders to shop your ALOC
    be prepared to negotiate best terms and rates

    note: don't get hung up on interest rate. The MMA program will minimize the interest rate charges since income going into the account will keep the average daily balance down

  5. use your ALOC to consolidate and payoff all of your debts. This will free up discretionary income that will be used to pay down your ALOC
you can bookmark this page for future reference
or print our 10-step guide
 

go to Success Plan: Step 3

 

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10-Step Success Plan