The Equity Building System (EBS) is based on the simple concept of making one extra payment, per year, to principal. This, in turn, will reduce the total amount of interest paid over the course of the loan. Gemcap accomplishs this by systematically collecting ½ of a loan payment every other week. Since there are 52 weeks in a calendar year, this totals 26 half payments. The 26 half payments are the equivalent of 13 full payments, with the extra payment being applied directly to principal. This simple concept significantly reduces the total amount of interest paid over the course of the loan.

Is this the same as a bi-weekly mortgage payment plan?

The amount of interest savings varies, depending on the terms of the loan. You can get a customized savings analysis sheet by contacting us at info@myfloridarates.com. The following is a typical example of the interest savings:

It is common practice to send money above the normal loan payment to your lender for the purpose of paying taxes and insurance premiums. These funds are deposited into an escrow account, from which the taxes and insurance are paid when due. With the EBS program, this extra amount will also be applied to principal once per year. This extra amount enhances the interest savings, equity buildup, and reduction of the loan term. It is very important for you to keep GemCap Equity Management, Inc. informed of changes in your escrow payments. It is common for your taxes and insurances premiums to increase from time to time. If we are not informed of changes, the required monthly payment my become deficient and create avoidable problems.

The EBS electronically debits your bank account through the Automated Clearing House (ACH) system. This ensures the prompt and precise transfer of client funds. The Client enrollment form authorizes GemCap Equity Management, Inc. to debit your specified account. We monitor each client’s account to make sure that the fund transfer was successful.These funds are deposited in an FDIC insured bank. GemCap then draws upon this depository account to make your loan payment.

Your loan payments will be made by the due date each month. One of the great benefits of our program is that you’ll never have to be concerned with coupons or monthly billings. It’s all automated! You must ensure that there are sufficient funds in your account on the scheduled debit dates of our plan. If the transfer of funds did not occur because on insufficient funds, there will be a charge of $29 incurred on this same account. It is recommended that you have overdraft protection on your debited account to ensure that thischarge is avoided.

If you want to change the account from which GemCap Equity Management, Inc. is debiting, you simply need to notify us of this change. We will request a new voided check or deposit slip to ensure accurate account numbers. It is imperative that this information is communicated from the client to us. We would always like to avoid insufficient funds charges in all cases. Also, failure to notify us could cause loan payments to be misdirected or late.

The great thing about our EBS program is that it is transferable for life. If you are planning to refinance are sell your property, you must notify GemCap of any change of loan terms or Lender. This is very IMPORTANT! In addition, loans are sometimes sold from one Lender to another. If you receive any notice of change of Lender, please notify GemCap IMMEDIATELY. The EBS program is transferable to new loans at no additional cost. This benefit does not apply to clients who cancel the program.

The EBS program works with almost all types of loans or lines of credit. New home purchases, second mortgages, investment properties, RV.s, cars, boats, and credit cards are some of the common types.

Who Do I Contact With Questions?

For more information or to enroll please contact:

Anthony J. Rigney
Phone: 800-461-2986
Email: info@myfloridarates.com  

For customer service with your Gemcap account please contact:
(Current Enrollees Only)

Phone: 419-866-1910
Fax: 419-868-2933
Email: customerservice@gemcap.com

Calculator

Use our bi-weekly payment calculator to see how much you can save!

Downloads

EBSBrochure.pdf

Browse our website for information on our competitive interest rates and low closing costs.