1) Are you my Lender?
We are Nationwide Biweekly Administration – the nation’s largest and most recognized administrator of the Biweekly Program. We administer the program to your lender as well as 5,000 other lenders across the country. This means your Biweekly Program is 100% transferable to any other lender. We are registered with the Better Business Bureau and Dunn & Bradstreet.
2) Does my Lender offer this program?
95% of Lenders do not offer a biweekly program. Of the 5% of Lenders who do, we have discovered some big disadvantages you should know about. “The Washington Post” discovered that, at least 43% of the time, lenders are not applying extra principal payments to the principal of your loan. Some Lenders hold onto the first extra debit until the second extra debit is collected! While they earn interest on your first extra debit, you loose out on valuable savings. And, when they do collect the second debit, they apply it as a PRE-PAYMENT, which causes a majority of your money to be paid toward interest instead of principal!
And, if you think about it, offering a biweekly program is a conflict of interest for Lenders . After all, they are the ones charging you interest on your loan, yet – at the same time – they are going to help you eliminate interest?!?! If you lent me $100,000.00, would you teach me how to lower the amount of money I was going to pay you back?!?!
Our Biweekly Program eliminates the maximum amount of interest charges while providing lenders with specific instructions requiring them to apply 100% of your extra money directly to principal as soon as it is received.
What motivation do lenders have to offer, monitor, and correctly adhere to a program that dramatically reduces the interest they would normally earn from lending you money?!?!
3) Why should I do this with you instead of my lender?
Your lender is not in business to help you save money. They work to earn as much money in interest charges as possible. Lenders also sell loans to make money all the time. They have no loyalty to you. You are just a number to them. We will be serving you, working for you, for the rest of your life.
In 2010; we processed a billion dollars in payments, saved our Clients $117,572,000 in interest charges, generated $81,604,000 in equity benefits, and eliminated 539,376 monthly.
4) Will my Lender know who you are?
Yes! Most Lenders know who we are because of the payments they already receive from us. However, not all of their employees will necessarily recognize our name. For example, if I were to call your employer, the person who answers the phones at your company may or may not know who you are. Only the personnel in the departments which process our payments would have a reason to recognize our name.
5) Is this OK with my Lender?
We cannot speak for your lender. Many lenders see the benefits of biweekly and weekly programs, while others may not. The Interest Minimizer Program is a fantastic savings program for you. Lenders may view this as a loss of revenue to them. However, your lender’s main concern is receiving your payment on time. We guarantee that your monthly payment will arrive to your lender on time each month.
6) Are you going to contact my Lender?
Your Lender does not require us to contact them during the enrollment period. They are content to learn we are administering the payments upon receipt of the first payment. Plus, we already administer thousands of payments to your Lender. We’ll just be adding you to the payments they already receive from us.
7) What if I’m already paying extra on my mortgage?
That’s great! You can also add extra to your Biweekly / Weekly Program as well! Our Savings Analysis will show you how much!
8) What if I get a bonus and want to apply it to my mortgage?
You can always make an occasional, additional payment anytime you want. You would send that directly to your Lender by using your regular payment method (coupon book, statement, etc). If you want to add an additional amount each payment, we can make that happen.
9) I’ve had my loan for several years – will this still help me?
The Biweekly Program will still eliminate years of payments plus thousands in interest charges unless, you are near the end of your mortgage term.
10) How does this save me money?
There are 4 months in a year that have 5 Friday’s. 2 of these months will fall on your Biweekly cycle creating an extra payment. We take the extra debits in those months and direct them to the principal of your loan. By applying these extra debits 100% to the principal of your loan each year, we save you thousands of dollars in interest charges, build the equity in your home much faster, and cut years off the term of your loan.
11) If I pay off my loan sooner, I won’t get the tax deduction – right?
Many Homeowners have felt that accelerating their mortgage would cause them to loose their tax deductions. What they have found is that while the Interest Minimizer Program will reduce the interest expense on your mortgage, it won’t eliminate it. And, the interest savings are achieved over the life of the loan – so, the impact on a yearly basis will have very little effect on your tax deduction. Plus, depending upon your tax bracket, every $1 paid as mortgage interest may only be worth .15 to .28 cents in tax savings. Most Homeowners would rather save the whole $1 versus spending that $1 just to save .15 to .28 cents.
12) What is the money back savings guarantee?
As long as the information you provided us is accurate, we guarantee your savings at the payoff of your loan.
13)How can I trust your Company with my money?
We are one of the nation’s largest and most recognized independent processors. We are fully licensed, bonded, and registered with FinCEN – the Financial Crimes Enforcement Network – as a Money Services Business. And, we are also listed with Dunn & Bradstreet and the Better Business Bureau.
We have been independently audited by the C.P.A. Firm of Flagel, Huber, Flagel, & Company – and we earned a Gold Seal of Approval documenting that:
- Our Savings Estimates are Accurate.
- Your funds are protected by FDIC Insured Banks.
- Our Client’s funds are being remitted to lenders accurately and timely.
- Our Program operates as indicated in contracts.
Our corporate office is located in the State of Ohio, and is audited annually by the State to ensure strict compliance to all State and Federal Regulations. All payments are securely processed through the Federal ACH Banking System, and enjoy protection under Regulation “E” of the Federal Reserve. Under Regulation “E,” funds debited from your account are protected against fraud or loss for a period of 60 days from the drafting date. In short, you are completely protected & have nothing to worry about.
14)Why haven’t I heard of this before?
Lenders do not promote Biweekly Programs because your savings represents a loss of profit for them. Lenders also know that even the best-intentioned Homeowners will fail to make extra payments on their own. We provide the discipline and consistency needed to save you thousands in interest charges, build your equity faster, and pay your mortgage off years sooner!
15)What if your Company goes bankrupt?
The worst thing that could happen is that you would have to start making your payments monthly again.
16) How large is your company?
We have over a quarter of a million Clients, and 14 million in revenue and currently have 120 people that we employ.
17) I can do this myself, right?
I can understand that you might feel that way. We’ve had other customers who have felt the same way, but we wanted to find out if it actually worked for them. So we called 100 customers who canceled their Biweekly Program because they believed they could do it themselves. We found that after just one year had passed 81% of the clients were not making any extra payments on their own. But then, we waited 2 more years and then called the other 19% and found that only 1 client was actually paying extra on their own. In the end, we found that after 1 year 81% failed to do it themselves and after 3 years 99% failed. We just want to inform you about what works and what doesn’t work so you can make the right decision to be successful. By the way, the majority of these customers agreed that they would be further along if they had stayed on NBA’s biweekly program and most of them wanted to reactivate.
18) Does my mortgage change?
No. Everything about your mortgage remains the same. The only thing that changes is your payment schedule.
19) What happens if I sell my home?
Just call our exceptional Customer Service Department at 1-800-564-5693, and we will transfer the Program to any other type of loan, your next home, or to another person at no additional cost.
20)I’m planning to refinance – should I wait?
No. There is no need to wait – we can change/update your information as soon as you receive it. The sooner you enroll, the sooner you will start saving & accumulating real equity!
21) Is my Program transferable if I pay off my loan early?
Yes! Our outstanding Customer Service Department can take care of that for you at no additional cost!
22)How do I know your Savings Analysis is accurate?
As long as the information you provide(d) us with is accurate, we guarantee the accuracy of our Savings Analysis. The accuracy of our Analyses have been verified by Flagel, Huber, & Flagel – an Independent Certified Public Accountants Firm! [Our Gold Seal]
23) Do you have a website?
Yes! Our website is: www.interestminimizer.com (and/or www.nbabiweekly.com).
24) Is there a penalty if I stop the Program?
No! Once your setup fee is paid in full, you can stop and re-start your program at any time, with no penalty. We will even put your Program “on hold” if needed due to job loss, medical emergency, or any other reason, and re-instate it for you at no additional cost!
25) Do you earn interest on my money?
Unfortunately, Lenders will not accept mortgage payments biweekly, so we do put them in an interest bearing account until they are remitted monthly. If they would accept biweekly payments, we would apply them biweekly, just like we do with all other loans.
We earn around $0.20 cents a month in interest. The benefits of our Biweekly Program far outweigh that of keeping half of your mortgage payment in your checking account.
David Bach, the author of The Automatic Millionaire is one of the most popular and prolific financial authors of our time with eleven consecutive national bestsellers. In this book he describes many marvelous concepts to become debt free. One of the simplest concepts he talks about is setting your mortgage up on biweekly payments. He explains, some of the most powerful benefits of an automatic biweekly mortgage payment plan is:
“Thanks a lot for your excellent service, detailed information, and all the help in the set up process.” -Amar, Edison, NJ
