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Message
re: Replacing mortgage with HELOC to pay house off quicker
Posted on 4/9/17 at 8:53 pm to hombreman9
Posted on 4/9/17 at 8:53 pm to hombreman9
quote:
Just get a HELOC as a second. You can use it to pay off chunks of your mortgage at a time if that is your thing. I don't use mine for this, but it is very handy. I pay it down a bit with every paycheck, then use it for big expenses like taxes and tuition. It is also my emergency fund and my go to source whenever an investment opportunity comes up.
I laughed when I read your comment. I do the exact same thing. Used mine as a down payment on investment property, to pay for part of the kid's college tuition, and my taxes last year. Why pay high credit card interest on unplanned purchases when a HELOC is low interest and it is tax deductible?
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