MONEY MERGE ACCOUNT SYSTEM, MMA & ALOC - ADVANCED LINE OF CREDIT:

What is an ALOC - (advanced line of credit)?

An ALOC is actually a HELOC:
An ALOC (Advanced Line Of Credit is the same as a HELCO (Home Equity Line of Credit but it is HELOC that has specific features! 

Will my Banker know what an ALOC is?
They probably will not but they will most certainly recognize the term HELOC!   They also may not be familiar with United First Financial™ or the Money Merge Account program.  That's not a problem, read on.

Can I use any bank that offers a HELOC?
Regardless of which financial institution you use, to be successful and get the most benefit from your Money Merge Account software...

Your HELOC (ALOC) must...
• have an open ended Home Equity Line of Credit — HELOC (for our purposes aka an ALOC ).
• have an interest only payment option.
• be a variable rate loan program.

For best functionality for check writing, your ALOC must have...
• Lowest dollar amount minimum per check writing from ALOC.
• No fee per check written from ALOC.
• No limit to the number of checks written from ALOC each month.
• Shortest amount of time to clear and process checks from ALOC account.

For best functionality for on-line banking, your ALOC must have...
• the ability to transfer money from checking to ALOC and ALOC to checking
• No limit to the number of transfers per month
• No fee for on-line transfers
• No dollar amount limitation on transfers
• the ability to link Equity Line to Checking account as an overdraft protection
• No fee for overdraft protection
• the shortest turn around time for posting on line transfers to designated accounts
• On-line bill pay
• No fee for on line bill pay

Questions to ask your banker at the closing of the ALOC.
Q. Lenders will ask client if they want their monthly Equity Line payments automatically withdrawn from a designated checking account.
A. No (this will amortize the ALOC payment to one time per month, defeats the Money Merge account system process)
Q. Lenders will ask client if they want to lock their rate.
A. No (this will remove the interest only payment option) the variable option allows for the  interest to be calculated based on the daily average balance on the account.   This is again, one of the important features of the Money Merge Account program.

What if my Banker has questions I can't answer?
Suggest that they visit us online at www.FFHNL.com and view the Money Merge Account presentation to help them get a clearer understanding of the program or call us direct at 887 220-1020. 
Once again, some lenders may have not been exposed to the Money Merge Account program and may not be familiar with the terms "ALOC", “Money Merge Account software”, "United First Financial" or "U First" and will not be able to fully explain how the Money Merge Account program functions.  Also keep in mind that the Money Merge Account System will only work with the HELOC characteristics outlined above. 

Where can I find a Banker who knows about the Money Merge Account?
To speed up the process,  ask your qualified UFirst™ Agent to put you in contact with a banker or loan officer who already understand the Money Merge Account and ALOC programs.