1. WHO IS INFORMATION BROKERAGE SERVICES, INC. AND WHAT KIND OF PEOPLE WILL BE HANDLING MY MONEY?
Information Brokerage Services, Inc. and its predecessors have been in business since 1989. In 1995, we developed The Mortgage Manager™ Software and Savings Program, making it possible to provide bi-weekly service at a very low cost to the homeowner. We are listed with Dun and Bradstreet and our D&B number is 14-060-4419. We’re also members of several business organizations.
The Executive Vice President of The Mortgage Management Division of IBS, Inc. has received national honors for his work with homeowners just like you. These honors include being featured in “Who’s Who Among Outstanding Americans”, “International Leaders in Achievement” and the 1996 edition of “International Leaders of Influence”, which is on permanent display at the U.S. Library of Congress in Washington, D.C.
The International Biographical Institute awarded him “Man of the Year” for 1995-96 for his development and production of the software – The Mortgage Manager™. This software program has helped thousands of homeowners just like you save $50,000 to $150,000 and more, eliminate years of mortgage payments and avoid costly lender miscalculations.
You’ll have certified trained mortgage reduction experts managing your mortgage and they are just a phone call away to answer any of your questions.
2. HOW LONG AM I COMMITTED TO YOUR SERVICE? WHAT IF I TRY IT, BUT LATER CHANGE MY MIND?
Using The Mortgage Manager™ Savings Program, even on a trial basis, commits you in no way. With our service, your bi-weekly mortgage payments are fully protected and regulated by the Federal Reserve so your funds are completely safe at all times. If you’re unhappy, you can cancel at any time. However, our past experience tells us you’ll enjoy the service and the savings so much, you’ll be telling your friends and relatives about it.
3. HOW IS MY MORTGAGE PAYMENT PROTECTED WITH YOUR SERVICE?
We all work hard for our money and we want assurance that it’s fully protected. We hear stories in the news every day of “fly-by-night” companies, embezzlement of huge amounts of money, etc. With our bi-weekly mortgage service, your funds are fully protected, insured and are at absolutely no risk whatsoever.
All bi-weekly mortgage service is done electronically and governed by Regulation “E” of the Federal Reserve System. Regulation “E” is a consumer protection law which regulates the transfer of your funds. In its simplest form, Regulation “E” states, “An account holder has 120 days to contact their bank to reverse any unauthorized electronic debit to their account.” This can be verified at your local bank or Federal Reserve location.
Your bi-weekly mortgage payments are also protected by various safeguards to eliminate illegal activities, such as embezzlement. Any fund transfer over $1,000 has to be approved by an officer of the company and NO fund transfer can exceed the maximum amount of any single mortgage we service. Every company employee is covered under a self-insured “employee dishonesty bond” protecting every one of your mortgage payments up to $10,000.
Our software also allows you to track and audit your mortgage payoff and savings every step of the way by using a special code that we send to you after a minimum of twelve months on the service.
4. I’VE HEARD OF THIS SERVICE BEFORE, BUT IT WAS NEVER SO INEXPENSIVE. HOW CAN YOU PROVIDE THIS SERVICE AT SUCH A LOW COST?
The Mortgage Manager™ competes with over 600 banks and other private companies who offer bi-weekly mortgage service. They all charge a fee normally ranging from $395 to over $1,000. We could easily do the same, but homeowners who are just getting by (and who need this service the most) have a hard time paying several hundred dollars even when it’s going to save them thousands of dollars, so that is why we offer the service for just $197.
When we developed The Mortgage Manager™ Savings Program, we wanted to provide the service inexpensively and be consumer friendly and that is why The Mortgage Manager™ is the most popular and efficient mortgage reduction system in use today.
In addition to the $197 set up fee, there is a small banking debit fee of $3.45 to process your electronic transfers. This fee exists with all bi-weekly mortgage services (even our competitors who charge homeowners over $1,000 up-front for the service), however, our debit fee also beats the competition as most other bi-weekly mortgage services charge anywhere from $3.95 up to $15 per debit.
5. CAN I DO THE SAME THING MYSELF WITHOUT YOUR SERVICES?
Almost! You can pay off your mortgage early and save money by increasing your monthly payment and making additional principal payments, but human nature is against you. Statistics show 97% of people who try to do this fail consistently and never save any substantial money – those aren’t good odds to gamble with on what will most likely be the biggest investment of your life. Plus, when you start making these increased monthly payments, that’s where a lot of the mistakes indicated by the FDIC occur. The 3% of American’s who have the self discipline and resources to make increased monthly payments have a 50/50 chance of losing a lot of their savings due to errors in loan amortization, interest compounding, index and margin calculations, etc.
Our service includes AUDITING your mortgage to track your savings and catch possible lender mistakes. To have an outside company audit your mortgage can cost $100 to $150 per year and is critical since the FDIC estimates errors occur in nearly every other mortgage, with the average mistake costing the homeowner over $1,500. Below are two articles that emphasize the seriousness of this fact.
ATTORNEY GENERAL OF NEW YORK – After ordering the nation’s largest mortgage lender to refund $150 million in overcharges; “We dug deeper and deeper and found that this system of overcharging is virtually universal. It runs across the entire mortgage lending industry.”
THE HERALD – “Lender holds principal payments: About four months ago, my wife and I decided to start making extra payments on our mortgage. We were shocked when we realized the lender held these checks more than 60 days before applying them to our loan.”
6. I CONTACTED MY MORTGAGE LENDER AND THEY SAID THEY WOULD NOT ACCEPT ELECTRONIC BI-WEEKLY PAYMENTS, SO HOW CAN YOU DO IT?
Your mortgage doesn’t actually change to a bi-weekly mortgage because that would require refinancing (which involves new appraisals, surveys, inspections, title verification, financial statements, etc.) and a cost of several thousand dollars. Rather than you budgeting a full payment once per month, you’ll budget a half payment every two weeks. We restructure your mortgage onto a bi-weekly mortgage “schedule” through electronic fund transfers (EFT) to give you the same savings and benefits of paying your mortgage bi-weekly without the cost of refinancing or changing your existing mortgage agreement with your lender. This reduces your loan amount much quicker than a “monthly schedule” and builds your home equity up to 300% faster.
The funds will be automatically debited from your bank account every other Friday and forwarded to your lender in the form of a check or EFT each month. This creates no problem with your lender and is very convenient for you. No more writing a check each month and no worries about your payment’s ever being late.
7. I’M ON A SAVINGS BUDGET, ALWAYS PAYING MY BILLS AT THE LAST POSSIBLE MINUTE. CAN I STILL ENJOY THE SAVINGS?
Absolutely! In fact, you’ll find “bi-weekly” payments much easier to budget than “monthly” payments. It might take a little getting used to at first, but the benefits and savings you’ll enjoy make it well worth it. The National Council of Savings Institutions says “bi-weekly payments are ‘pro-consumer’ because they equal the paycheck flow.” Since bi-weekly payments correspond to America’s paydays, it makes mortgage payments much easier for homeowners who are on a tight budget or have difficulty saving money.
If your budget is so tight that you commonly mail checks before you have the available funds in your account, knowing the check will not be presented for a few days, you can still take advantage of the bi-weekly mortgage savings. Asking your bank for “overdraft protection” will allow your bi-weekly electronic fund transfer to occur, even if you deposit funds a few days later.
8. WHAT EFFECT WILL YOUR SERVICE HAVE ON MY ABILITY TO DEDUCT INTEREST PAYMENTS ON MY TAXES?
Many people are led to believe it’s bad to pay off their homes early because they will lose the tax write-off. This couldn’t be further from the truth. In reality, it gives you added income. For example, if you’re in a 25% tax bracket and you write off $10,000 in home interest payments, you save $2,500 on your taxes. That’s $10,000 in expenditure to save $2,500. On the other hand, if you owned your home and didn’t pay $10,000 in interest payments, you would have to pay $2,500 in taxes on this money, but you end up with $7,500 in spend able income.
It’s a fact that most Americans sell their homes after about 7 years. It’s also a fact that you can make monthly mortgage payments for 7 years and still not have enough equity in your home to pay a realtor to sell it. By tripling the accumulation of home equity, you’ll have additional money at your disposal to pay for education, vacations, a new car or boat, retirement, etc. You’ll be able to deduct those interest payments where you normally wouldn’t be able to if you took out a loan for such items.
You also have the ability to dramatically upgrade the quality of the home you live in by building equity up to 300% faster and transferring this extra equity into a more expensive home if you desire.
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