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Frequently Asked Questions

Q. How long has this type of service been helping clients save money on their loans?
A. This service was established in 2000 and is one of the most successful payment processing systems in the nation.

Q. Is the SmartPay Principal Paydown Program offered on any type of loan and by any lender?
A. You never have to worry about what type of loan you’ll end up with or which lender you use, because our Principal Paydown Program works with any loan from any lender. Our program has no limits – it will work with your mortgage, car, boat and RV loans and even work toward payment of credit card and utility debt.

Q. Are there qualifications or requirements to participate?
A. No credit checks or qualifying are needed. No one is turned away from using our loan repayment acceleration products. We always strive to help you save your hard-earned money.

Q. Is there a fee to enroll my loan in the SmartPay program?
A. Transfer any loan to our program at no cost!

Q. How will my payment be processed when enrolled with SmartPay?
A. Forget about the worries of writing a check, looking for the envelope, buying a stamp or making certain that your payment arrives there on time. Our program will do all of it for you … automatically. A secure login provides online access to your account information at any time, where you can easily monitor your funds and draft schedule.

Q. How much will I save if I use SmartPay?
A. By using SmartPay’s services, you will be accelerating the payment of your loan and eliminating unnecessary interest. Because of that, most clients save $35,000 to $90,000 in unnecessary interest. You can also choose to accelerate your loan even faster by adding extra ($10, $25 or any additional amount) to each payment. We can even customize a payoff date for you and reduce the length of your loan by 6 to 10 years!

Q. How will the SmartPay program shorten my loan?
A. Our programs are designed to save you time as well as money. Most of our clients reduce their 30-year loans by 6 to 10 years. We can also help you get your loan paid off by a certain target date. You may want to make sure your loan is paid off before your children start college and the tuition bills start coming in. Some clients want to make sure their loan is paid off before they reach retirement age.

On mortgages, the SmartPay program helps to build your equity faster! Because our system is applying extra money to your principal every year, you will build up your home equity much faster. Many of our clients are building their equity 50% to 150% faster in just the first 5 years – meaning if you are a typical homeowner and move in 5 years, you’re going to have a lot more money in your pocket to use for a down payment.

Q. What happens if my loan is sold?
A.. Our program is completely portable. It will go with you from loan to loan for the rest of your life and you will never pay another start up fee. It doesn’t matter if your lender sells your loan to another company or if you move across the street or across the country, it goes with you anywhere.

Q. Can I target my loan payoff date?
A. Would you like to get your mortgage paid off before your child goes to college so you can use the equity to pay for school? Would you like to get your mortgage paid off before you retire? Our Principal Paydown Program can be customized to help you reach any target date you have!

Q. I understand the SmartPay program can help to increase my credit score faster. How does that happen?
A. Because our program reduces your debt faster, the fact that you have less debt increases your credit score. In addition, the higher your credit score is, the better your interest rate will be the next time you are shopping for a loan.

Q. Will SmartPay help drop my PMI (Private Mortgage Insurance) sooner?
A. Many homeowners end up needing PMI (Private Mortgage Insurance) because they put down less than 20% towards their loan. By using our mortgage acceleration products you will reach the 20% point 4 to 7 years faster than you would normally. If you were paying just $50 per month for PMI, that could save you an additional $4200 over and above what our program would do for you.

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