I saved over $90,000 in future mortgage interest charges by using this method just in the first year.
I used the money saved to buy my Tesla Model 3 basically for free.
If you have a 30-year mortgage that is a few years old, then this method might work for you as well.
The basics:
You take out a HELOC on your house, then use the money to pay down some of the principal balance of your mortgage. Only borrow up to what you can pay it off within a year so you don't create an additional financial burden.
You can potentially save a lot of money on interest by skipping over many months of mortgage payments.
If I didn't take this route, then I obviously would have had to pay the full mortgage interest charges based on the payment schedule plus the cost of the Model 3 including financing cost.
During the COVID-19 era, many banks are shutting down a lot of the HELOC programs, but if you already have a line of credit or have a steady job with good FICO scores, there might still be opportunities out there for you to take advantage of.
I happened to buy a Tesla, but you can do whatever you choose with the money you save on your mortgage interest fees.
I used the money saved to buy my Tesla Model 3 basically for free.
If you have a 30-year mortgage that is a few years old, then this method might work for you as well.
The basics:
You take out a HELOC on your house, then use the money to pay down some of the principal balance of your mortgage. Only borrow up to what you can pay it off within a year so you don't create an additional financial burden.
You can potentially save a lot of money on interest by skipping over many months of mortgage payments.
If I didn't take this route, then I obviously would have had to pay the full mortgage interest charges based on the payment schedule plus the cost of the Model 3 including financing cost.
During the COVID-19 era, many banks are shutting down a lot of the HELOC programs, but if you already have a line of credit or have a steady job with good FICO scores, there might still be opportunities out there for you to take advantage of.
I happened to buy a Tesla, but you can do whatever you choose with the money you save on your mortgage interest fees.