Mortgages are closed end loans, and HELOC interest is average daily balance.

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Feb 28, 2021
10:47:09pm

seacougar 3rd String

Mortgages are closed end loans, and HELOC interest is average daily balance.

The math works if you want to do the juggling.

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seacougar

Bio page: seacougar
Joined: Oct 5, 2010
Last login: May 6, 2024
Total posts: 1,466 (1 FO)

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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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