Can you pay off your mortgage faster by using a HELOC? Broker says no WAY! скачать в хорошем качестве

Can you pay off your mortgage faster by using a HELOC? Broker says no WAY!

Here is an updated video that is shorter, includes more material, and gets to the point faster:    • Video reply to the comments for my video o...  . Thank you. NOTE: I use a whiteboard demonstration in this video to illustrate how charges on the HELOC must eventually be paid, they just don’t disappear. Its NOT a “velocity banking” presentation. 0:00 – 3:18 Introduction to the Experiment 3:20 – 8:09 What is Amortization 8:12 – 20:21 The Amortization Schedule and so-called "Front-loaded Interest" 20:29 – 23:08 Whiteboard Demonstration Part 1 23:09 – 25:42 Whiteboard Demo Explanation Break 25:43 – 36:15 Whiteboard Demo Part 2 36:18 – 39:05 Conclusion and Experiment Results 39:06 – 44:05 Closing Comments and my Challenge to Velocity Mortgage Proponents Using a Home Equity Line of Credit (HELOC) to pay a first mortgage off faster does not work – and on some levels is a scam. The idea of using a HELOC to pay off a first mortgage centers around the belief that the interest on a first mortgage differs from the interest on a HELOC and that the interest on a first mortgage is “front-loaded”. Proponents of this idea also believe that daily interest accrual not only saves you interest but allows you to completely avoid paying interest.