04 Sep 2009 @ 8:11 AM
One Year Example of how to use your
Home Equity Line of Credit
to pay off your mortgage.
Watch software demonstrating this in action
The way mortgage interest is calculated versus the way a home equity line of credit interest is calculated is a major reason why one can actually use a home equity line of credit to pay off a mortgage much faster while cancelling boat loads of interest charges as well.
Below is a list of 5 differences in the make up of these two home loans. 
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03 Sep 2009 @ 7:01 PM
Interest — Rate vs Cost using 6% Mortgage and 10% HELOC.
1. WHEN CAN YOU BORROW MONEY BUT NOT BE IN MORE DEBT? I am a strong advocate of getting out of debt as soon as possible and staying out as long as possible. The diagram below shows how by borrowing $5,000 from a home equity, personal or business line of credit to use as a principal-only payment to help pay off the balance owing on a mortgage, you aren’t really getting deeper into debt. You are really just repositioning the debt differently. Don’t you still owe the same $200,000 amount but in a different configuration? Why do this? Keep reading.…..
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