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What is a Mortgage Checking Account?
Sydney Financial Group offers a financial product that was pioneered in Australia about 25 years ago, but is new the United States. This product, a Mortgage Checking Account, combines a mortgage with a checking account to help our customers pay off their mortgages faster than a traditional mortgage by saving on daily compounded interest.
We are headquartered in United States and are one of only a small handful of companies offering this product (we call it a Mortgage Checking Account) so far in the United States. We are named Sydney Financial Group since the concept for the Mortgage Checking Account was originated in Australia.
Here is an example of how a Mortgage Checking Account works:
Suppose an individual has a mortgage where they still owe $200,000. In addition, suppose that they receive a $5,000 paycheck at the beginning of each month. A typical person would deposit their paycheck in a checking account that earns 0% or maybe up to 1% interest.
Using Sydney Financial Group's Mortgage Checking Account that combines a mortgage with a checking account, the person would deposit their $5,000 paycheck in against their mortgage dropping the balance to $195,000.
As monthly expense occur, money is paid back out of the account and the balance at the end of the month is near $200,000 again. However, in the meantime, money was saved on the daily calculated interest of the mortgage (more towards the beginning of the month and less toward the end of the month as money was spent).
Over the life of the mortgage, this mortgage checking account can save a tens of thousands of dollars in interest and cut years off of your mortgage.
To learn more about a Mortgage Checking Account from Sydney Financial, please Contact Us.
What is this new Australian Mortgage Concept?
- See a Video explaining the Australian Mortgage concept and how it is used in a Mortgage Checking Account.
