Rhode Island, you've read about it online and in the newspaper. You've heard it on the radio. Now discover for yourself the power of putting your money to work for you, not the bank.

How it works.
Bank your money in your mortgage. With the CMG Home Ownership Accelerator, you direct-deposit your entire paycheck into your mortgage, instead of your checking account. This immediately reduces your principal balance. Since interest is based on your daily balance, you start saving interest immediately compared to traditional loans!

Access your funds just like you used to. You pay all of your expenses out of your mortgage, just like you would with a traditional bank account -- using the unlimited checks, free ATM/Debit card, and free online bill-pay that comes with the account. Until you need the money, though, it's in your mortgage in the form of a lower principal balance, saving you 5-6% in mortgage interest, instead of earning 1% in a bank account. Less interest means that more of your take-home pay goes towards principal, and you pay off sooner. With no change to spending habits!

How effective is it?
If you're an average borrower with good cash flow, you could pay off an average sized loan in as little as half the time – with no changes to spending habits.

Let's look at an example:
Imagine you have net pay of $100,000 annually, saving 15% of your net income after expenses, and you have a $400,000 30-year fixed-rate mortgage at 5.5%. And, let's even assume that mortgage interest rates are climbing on a "reverse course" that mirrors their recent decline (APR 8.19%)! A 'worst case' rate scenario!"

Saves interest, pays off sooner.
In this example, refinancing to the CMG Home Ownership Accelerator roughly doubles your mortgage efficiency. You could pay off in as little as 17.3 years and save nearly $89,000 (21%) in interest, compared to the 30-year fixed rate loan at 5.5%. In fact, to save that much interest, you'd have to find a 30-year mortgage at 4.4%, which is very unlikely.

But what if rates go up even more?
In this example, the adjustable rate on the CMG Home Ownership Accelerator would have to average 9.6% over the entire 17.3 years for the interest payments to equal that of the 30-year fixed rate mortgage at 5.5%. That's not likely to happen either.

Specifications
Loan type: Adjustable rate line of credit, based on 1-month LIBOR index.
Adjustment period: monthly (three and five year rate caps are now available)
Term: 30 years
Lifetime cap: 5% over start rate (1% rate caps are now available)
Minimum credit line: $100,000
Maximum credit line: $2,500,000
Minimum down payment: as low as 10%
Minimum credit scores: 680 (excellent credit)
Withdrawals: ATM/Visa P.O.S. card with 8 surcharge-free ATM transactions per month at any ATM, checks, online bill-pay, ACH, EFT.
Payments: Direct payroll deposit (required), EFT, ACH, Bank by mail.
Statements: Monthly. Online account access.