My Account
Sign up, and you'll be able to vote in polls.
Sign up
Report problem with this ad
Start a related thread
Start a related poll
Reply via Boardmail
Feb 28, 2021
10:37
:14
pm
Pimpin4Paradise
Truly Addicted User
My HELOC rate is like 3.74% and my mortgage is 3%. Why would I do that? How is this methodology somehow preferable
to just having a HELOC for emergencies and dumping every dime of discretionary income on your mortgage each month?
This message has been modified
Originally posted on Feb 28, 2021 at 10:37:14pm
Message modified by Pimpin4Paradise on Feb 28, 2021 at 10:41:09pm
Start a related thread
Start a related poll
Reply via Boardmail
Report problem with this ad
Pimpin4Paradise
Previous username
ChubbyChaser
Bio page
Pimpin4Paradise
Joined
May 2, 2008
Last login
Nov 12, 2022
Total posts
56,121 (5,737 FO)
Report problem with this ad
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
Report problem with this ad
Posting on CougarBoard
In order to post, you will need to either
sign up
or
log in
.
Report problem with this ad