What is the Home Ownership Accelerator Program?
The concept is surprisingly simple: The Accelerator combines a traditional checking account with your home loan and home equity line accounts into one master "loan sweep account". Every time you make a deposit, it automatically reduces your home loan balance and minimizes the interest you pay. That's it! This simple change better leverages your cash flow, potentially saving you thousands in interest over the next decade. And, your funds remain available 24/7, just like with your present checking account. Access your money anytime using checks, an ATM Visa card, transfers or the free online bill pay. You can also aggressively pay down your loan with surplus funds, such as your emergency savings, knowing you can get it back anytime you need it.

How does the Home Ownership Accelerator save interest?
The Home Ownership Accelerator helps reduce debt more quickly, simply by putting all your personal income to better use.

• Your income lowers your monthly balance.
• The lower balance saves you interest.
• The saved interest becomes extra principal payment.
• This further lowers your balance, saving more interest.
• This frees up even more money to reduce principal.
• This cycle repeats itself monthly, compounding your interest savings and accelerating the reduction of your debt.

Benefits of an HOA loan:

1. You have the option to make interest only payments for the first 10 years.
2. If offers the ability to aggressively pay down your mortgage, but unlike a traditional loan, you have access to the equity without having to refinance.
3. You can save money without making any changes to your spending habits. Simply point your direct deposit to your Accelerator loan and live your life as before.  You make all of your checks, ATM/Visa, transfers and bill-pay out of the integrated checking account - - just like with your old bank. 
4. Interest on the loan is paid automatically each month out of your available line of credit, so you always make the interest payment on time!

Drawbacks:

1. Rates can change on a monthly basis.
2. This loan requires a minimum of 10% equity in your home.
3. In order for the loan to be effective, you should know your monthly income & expenses and should have a positive cash flow.

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