Most Americans choose the standard 15 or 30 year mortgage to pay off their homes because it's the way things have always been done. The problem is, it takes the next 15-30 years to actually pay them off.
In fact, “mortgage” literally translates to "death pledge." It's a payment method built to keep you paying off the principle in small amounts as the interest accumulates for as long as possible.
BUT THERE'S ANOTHER WAY TO PAY OFF YOUR HOME. IT'S CALLED A HOME EQUITY LINE OF CREDIT (HELOC).
A Home equity line of credit (HELOC) is a different type of home loan that allows you to use 100% of your income to pay off the principle of your home much quicker. On average, in 5-7 years.
IT'S WHAT THE WEALTHY HAVE BEEN USING FOR YEARS.
So why haven't you ever heard of them?
Because banks don't make as much money from them. Banks are in the business of making money, so if there is a more profitable product to sell, they will sell it.
AND THAT'S EXACTLY WHY WE STARTED
THE HELOC SOLUTION: HOW IT WORKS
Most people are skeptical when first hearing about us because, "it's not what everyone else is doing."
But, after learning more about the process, getting us to run their numbers for free, and seeing the HUGE economical benefits of utilizing a HELOC, many of our homeowners decide to make the leap.
IT'S MATH, NOT MAGIC.
And when they do, they realize that they're freeing up their cash to go to the things in their lives that REALLY matter to them, like paying for their children’s college, retiring with enough money to live, and buying investment properties.
HERE’S HOW A TRADITIONAL 30 YEAR MORTGAGE STACKS UP AGAINST A HELOC.
Traditional 30 Year $250K Mortgage
Closing Costs $7,500
Mortgage Insurance $15,750 ($187.50/Month x 7 Years)
Disclaimer: Replace Your Mortgage does not offer mortgages, Helocs, or loans of any kind. Replace Your Mortgage is not a bank, and does not provide credit offers. Replace Your Mortgage is strictly for educational and informational purposes only.