Q: What is Sweep Strategies?
A: Sweep Strategies is a financial education company that teaches people how to utilize bank products to pay down the principal of a loan faster compared to the conventional way. This program will help to increase your cash flow, buying power and reduce debt. The end result is you will have more financial freedom to do what you’ve always wanted to do.
Q: Is this legal?
A: Yes. Sweep Strategies has partnered with local and national banks to teach people how to use utilize the bank and the bank products to their advantage.
Q. Why have I not heard of this program before?
A. Homeowners in Australia and the United Kingdom have been using this system for many years. In fact, more than a third of the households in Australia and about one fourth of the households in the United Kingdom are currently using a program to accelerate their equity.
Q. Is this a new concept in the United States?
A. No. Many fortune 500 companies are utilizing the same banking technique also known as “sweep accounts”. This technique is used to help reduce the interest that is calculated on a daily basis. Big companies move or “sweep” their bank accounts daily to an outstanding interest-bearing loan to help reduce the average daily interest. Sweep Strategies help people setup a sweep account that allows them to pay mostly to principal and less to interest with the same payment.
Q. Why can’t I just make extra payments to the principal on my current mortgage? Isn’t it the same thing?
A. Sweep Strategies’ program contains an algorithm that systematically creates the highest interest savings possible in the least amount of time. Each individual, due to the uniqueness of their situation, requires a custom plan to achieve optimal results and Sweep Strategies can custom tailor the plan accordingly.
If additional payments are made on a conventional 30-year fixed-rate loan, you cannot borrow that money without taking out a home-equity line of credit or a home-equity loan. With Sweep Strategies, you already have the line of credit in place. This program gives homeowners the confidence that they can be aggressive in paying their mortgages and still have money readily available in the case a financial emergency.
Q. Why do I have to apply for a line of credit for this program to work?
A. Sweep Strategies’ program utilizes a line of credit to maximize interest savings. Interest in a line of credit is calculated on an average daily balance. Normally, it would not make sense to open up a line of credit with a higher interest rate. But, with this program, your income will be deposited into your line of credit. When you utilize the Sweep Strategies program your balance remains lower and you end up paying less interest.
Q. Do I have to spend less and pay more every month for this program to work?
A. No. If you are currently making more than you are spending per month, you do not need to adjust your lifestyle. As for the people that want to pay off their debt faster, they could choose to make adjustments in their spending habits.
Q. Do I have to refinance my current home loan for this to work?
A. No. You can refinance to increase your interest savings, but it is not necessary. If you need to refinance, we will be happy to help you get a lower interest rate that will help you save more money each month.
Q. What happens if I sell my home?
A. Sweep Strategies’ program helps people build equity. Essentially it is impossible to move backwards if you follow your custom tailored plan. The line of credit will not affect your ability to sell your home. When you move into your new home, you can utilize the same program to pay off your new home faster while saving thousands of dollars in interest.
Q: What if I don’t have a mortgage?
A: Sweep Strategies is a custom tailored financial program designed to help you achieve your short and long term goals. If you have a student loan, then it could be utilized as a student loan program. If you want to retire comfortably, then it could be utilized as a retirement program. This program can be used with any type of a loan.
Q: How do I get started?
A: Contact our office to set up a date and time to view the introduction presentation.