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  #21  
Old April 9th, 2015, 03:34 PM
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Rugbier
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Gustavo
110 Tdi - 110 N/A - D3 HSE - RRS SC
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Quote:
Originally Posted by tjfslaughter View Post
Yes I have heard of it. My Aunt did it.


She had a traditional loan with a fixed rate of lets say 6% with 7-8 years left on it. She took a HELOC at sub 3% and paid off her house, she will make the same payment but now has options if she needs to.

No options a HELOC remains attached to the Real Estate as a 2nd Mortgage , the only benefit she gained was a lower interest, hence accelerating the payoff day if submitting the same monthly payment

Furthermore , a HELOC is mostly prime +, not a fixed APR like the 1st Mortgage usually is

( yeah yeah I know, there are ARMS, Balloons, int only etc 1st mortgages )

Damn, I had to google all these to make it sound like I have an idea of Finances LOL
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  #22  
Old April 9th, 2015, 03:50 PM
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thomas
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Originally Posted by Rugbier View Post

Damn, I had to google all these to make it sound like I have an idea of Finances LOL

We know you roll like Shayne and pay in Benjamin's
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  #23  
Old April 9th, 2015, 04:00 PM
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Rugbier
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Gustavo
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Originally Posted by tjfslaughter View Post
We know you roll like Shayne and pay in Benjamin's

Tom,

comparing me to the Down Under Wank Stain is an insult LOL

However , nothing wrong with remaining close to the Founding Fathers *LOL*
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  #24  
Old April 9th, 2015, 08:30 PM
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Chad
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Quote:
Originally Posted by Grover View Post
Anybody ever use a line of credit ( HELOC) to reduce the number if years on a home loan? I've been reading up on it and playing with excel to figure out how it can work. Cheers...
If you want to talk, I can walk you thru this tomorrow afternoon, just PM me.

There's no mystery here just simple math.
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