Any tips for paying a mortgage early?
I have been reading about Home Equity Lines of Credit (HELOC) and "Velocity Banking"
I was skeptical when I first read about it, but after running the numbers
So as it stands we have a 30 yr mortgage (payoff in 2046) and are paying "3.875%" interest and if we change nothing will end up paying $135k in interest
After running the numbers with a 4.5% HELOC and using 65k for that Velocity banking scheme, we will pay it off in 2025 and only pay 40k in interest (both on the HELOC and Mortgage)
Thoughts?
Opinions?
Advice?
The only CON I can think of is the variable interest, but my calculation has the interest rate going up in a curve with max .45% increases and .20% decreases
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