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Feb 28, 2021
10:23
:54
pm
jjshol1126
Walk-on
Who here uses HELOC to pay off mortgage in chunks, and dumps income into HELOC?
Any good experiences doing so? Safe? Comfortable?
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jjshol1126
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CertainDeath
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jjshol1126
Joined
Sep 10, 2014
Last login
Oct 16, 2021
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Messages
Author
Time
Who here uses HELOC to pay off mortgage in chunks, and dumps income into HELOC?
jjshol1126
2/28/21 10:23pm
Too much work/hassle; spend your time & energy on bigger stuff
ColoSpgs
2/28/21 10:26pm
My mortgage rate is lower than a lot of HELOC rates out there.
cougstyle
2/28/21 10:27pm
Seems pretty unsafe. Especially because HELOCS can be closed without any notice. This bit people hard in 2009. Wrecked
cougsrule
2/28/21 10:27pm
My HELOC rate is like 3.74% and my mortgage is 3%. Why would I do that? How is this methodology somehow preferable
Pimpin4Paradise
2/28/21 10:37pm
Mortgages are closed end loans, and HELOC interest is average daily balance.
seacougar
2/28/21 10:47pm
I personally don't, but have known several people who have done so successfully.
seacougar
2/28/21 10:47pm
I have used them for investments and then aggressively pay them down. Mortgage
johnnybyu
2/28/21 10:52pm
We went from a 15 year to just a heloc. So far we love it.
FT487
3/1/21 12:34am
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