1Longshadow (December 31, 1969 at 5:59 pm)

Great point! If we had a persoal coach to show us how they work it would make a hugh difference right? The guy that helped me set mine up does just that. Did I mention that I will pay off my house 22 years early and save over 130k...Now I know exactly whenI will be debt free and when I can retire. The light at the end of the tunnel look real clear now that it is less than 9 years away and will be early retirement.

MiCasaMiDinero (December 31, 1969 at 5:59 pm)

There is only a limit of 500 characters per message and the only way to make my comment fit was to write it that way. FYI: I am very well schooled, I could probably teach you a few things

1Longshadow (December 31, 1969 at 5:59 pm)

Very dangerious.... Home equity lines of credit are just like credit cards, just alot bigger. They are not meant for undisciplined spending sprees or foolish spending. Cut your 30 year to 12 years and you just saved over 155K on avarage. Soft ware guides your every step and cuts your monthly bill paying time to less than 5 min per month. Save tons of time and money... Start building your retirement today!!!!

1Longshadow (December 31, 1969 at 5:59 pm)

Why would a person type like they were getto...Is that what you learned in school last week? WOW

MiCasaMiDinero (December 31, 1969 at 5:59 pm)

Normally these "mortgage accelerator" programs r subordinated to 1stloans, I wasnt talkin bout a 1st position heloc.Who would b dumb enuf 2 get a 1stposition Heloc?As I said b4,it is a simple concept. I understand it and it works. But BELIEVE me when I tell u dat although these "mortgage accelerator programs" r marketed 2 every1, its only suitable 4few dat have small debt, secure large amnts of income & good savings & retirement investments.Can u say dat avrg Joe has all these qualities? NO!

MiCasaMiDinero (December 31, 1969 at 5:59 pm)

As I said before it is a simple concept. I understand it and it works but BELIEVE me when I tell you that although these "mortgage accelerator programs" are marketed to everyone, it is only suitable for few people that have small amounts of debt, secure large amounts of income coming in, and have a good cushion of savings and retirement investments.Can you tell me that average Joe has all these qualities? NO!

karmicdejavoodoo (December 31, 1969 at 5:59 pm)

See... if you put your money in a checking account at 0%... that makes you $0. If you put your income into your debt, that SAVES you money by reducing interest. Simple and smart concept.

karmicdejavoodoo (December 31, 1969 at 5:59 pm)

I'm was not talking about borrowing to pay bills. I was explaining how you can SAVE INTEREST on a HELOC that has a balance on it. If you deposit your paycheck into your HELOC (or even a credit card), and you save (for instance) $10 in interest because that money is sitting in there for a couple of weeks.... that $10 now pays down principle. As long as you are sticking to your BUDGET... treating any revolving debt this way will pay it off faster and save interest.

karmicdejavoodoo (December 31, 1969 at 5:59 pm)

And MiCasa - I think you thought I was talking about a 1st position HELOC. Those CAN be dangerous if someone does not use them properly because you are refinancing your home into a variable mortgage tied to LIBOR. However I was not talking about that at all. If you want to accelerate your mortgage... look at United First Financial. This is a DIFFERENT concept where your have financial software to keep you on track and prevent you from mismanaging it. Works great for the right people.

karmicdejavoodoo (December 31, 1969 at 5:59 pm)

Anyone who is financially savvy enough to understand the concept of canceling interest by treating the HELOC like a checking account is unlikely to be irresponsible with it. Saving money is never dumb either. However leaving money sitting in a checking account and letting the bank make money from it, when you could be using that stagnant money to save interest. That would be dumb.