Michael Lush – Page 3 – Replace Your Mortgage

What was your mortgage situation prior to starting with Replace Your Mortgage? I had just purchased a country home in California. The cost was $450,000. We are blessed to know that we will pay that off in 11-12 years vs the 30-year mortgage we had. What is the current status of your HELOC and how…

What was your mortgage situation prior to starting with Replace Your Mortgage? Sandy and I had a 30-year mortgage with a starting balance of $51,000. We had been making payments for 7 years and 2 months, which included double payments for 6 months. Our remaining balance was $41,700, with annual interest of around $2,183, when…

What was your mortgage situation prior to starting with Replace Your Mortgage? I had a VA 30-year fixed mortgage. The original principal was $150,400, and I had a $146,200 remaining principal balance after living there for just over a year. What is the current status of your HELOC and how many months did it take…

moWhat was your mortgage situation prior to starting with Replace Your Mortgage? We had a 30-year mortgage with a starting balance of $169,000. We had lived in the house for 5 years and had paid off only around $10,000. What is the current status of your HELOC and how many months did it take you…

What was your mortgage situation prior to starting with Replace Your Mortgage? I had a 30-year traditional mortgage with a balance of $365,000 and a second-position HELOC with a balance of $61,000. What is the current status of your HELOC and how many months did it take you to achieve it? We got our first-position…

What was your mortgage situation prior to starting with Replace Your Mortgage? We started with a 25-year mortgage with $150,000 and about $150,000 in other debt. What is the current status of your HELOC and how many months did it take you to achieve it? Our HELOC balance has barely gone down over this year…

What was your mortgage situation prior to starting with Replace Your Mortgage? Initially, we had a 30 year fixed mortgage starting with a balance of $360,000 in California. After only two years, I received and accepted a job offer in Ohio and decided to join RYM before purchasing my next home. We bought the home…

What was your mortgage situation prior to starting with Replace Your Mortgage? We refinanced our home in 2014 to a 15-year mortgage with a starting balance of $353,554. When we joined RYM, we had a remaining balance of $276,000, but we were making double payments and, because of that, we developed a large amount of…

What was your mortgage situation prior to starting with Replace Your Mortgage? I bought a home in 2008 for $475,000, with primary (80%) and secondary (15%) mortgages. I re-financed the primary twice, ending up with a 15-year note. We moved in the beginning of 2016, but kept the original property as a rental. As of…

What was your mortgage situation prior to starting with Replace Your Mortgage? My family and I had just moved to Florida from Tennessee, where I knew Michael from a previous traditional mortgage transaction. He reached out to me about RYM, and I was all in from the get-go. Before enacting the strategy on my Tennessee…

What was your mortgage situation prior to starting with Replace Your Mortgage? I had a 30-year mortgage on a house that I originally purchased for $372,000. Due to a couple of refinances (chasing interest rates), after three years of making payments, I actually owed $377,000 on the house when I began the RYM program. What…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a 30-year mortgage at 3.25% starting in 2013. Our beginning balance was $190,000. When we began with RYM, our balance had gone down to $168,000. What is the current status of your HELOC and how many months did it take you…

What was your mortgage situation prior to starting with Replace Your Mortgage? We were first-time home owners who got into a 30-year mortgage with a starting balance of $400,900, paying Private Mortgage Insurance. When we joined RYM, we had $398,000 in remaining principal balance after paying our monthly payment for a year. What is the…

What was your mortgage situation prior to starting with Replace Your Mortgage? Our primary home was five years into a 15 year fixed 2.875% mortgage, and we had just purchased an investment home on a 30-year 4.25% mortgage. Our combined debt was $650,000, with monthly payments of $3,400 and $2,500, respectively. What is the current…

What was your mortgage situation prior to starting with Replace Your Mortgage? Prior to starting with Replace Your Mortgage (RYM) in November of 2017, my wife and I had just closed on a brand new home with a 30-year conventional mortgage at a 3.875% interest rate. We put 5% down at closing and had a…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a traditional mortgage on our primary home, which we purchased for $395,000. When we joined RYM, we owed about $316,000 on the primary mortgage on a 20-year note, and our only “asset” was the home, so we had $395,000 in assets.…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a 30-year mortgage fixed rate mortgage with a low interest rate (around 4 percent) and a starting balance of $220,000. When we joined RYM we had about $214,000 remaining in principal balance after paying our monthly payment for 4 years. What is…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a 30-year mortgage with a starting balance of $185,000. We also had a 30-year mortgage on an investment property with a starting balance of $100,000 balance. When we joined RYM, we owed $180,000 on our primary residence and $80,000 on our…

What was your mortgage situation prior to starting with Replace Your Mortgage? We moved to Waxhaw, North Carolina from Portland, Oregon and purchased a home for $170,000. After chasing rates and refinancing a couple of times, as well as taking out a line of credit for remodels and improvements, we sold that same house for…

What was your mortgage situation prior to starting with Replace Your Mortgage? My wife and I bought our home for $125,000 in 2011. When we started RYM, we were down to $115,000 with a refinance in 2016 to lower the payment. What is the current status of your HELOC and how many months did it…

What was your mortgage situation prior to starting with Replace Your Mortgage? My wife and I had a 30-year mortgage. We were about 2 years into a refi with Amerihome. We had $482,000 in debt at 3.8%. Our house was increasing in value, yet it looked impossible to get at its value and do something…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a 30-year mortgage with a balance of $310,000. We had moved a lot in previous 16 years, so the mortgage was six months old with no end in sight for payments. Lots of interest paid for years on home loans and…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a 30-year mortgage with a balance of $158,000. When we joined RYM, I refinanced the mortgage into a HELOC for $202,000, and we almost maxed out the HELOC.(bumping up the balance to $200,000). What is the current status of your HELOC…

What was your mortgage situation prior to starting with Replace Your Mortgage? We purchased a new home in April 2016. In the first 15 months, we paid $22,000 in mortgage payments. $17,000 went to the bank and only $5,000 to our principal balance. What is the current status of your HELOC and how many months…

What was your mortgage situation prior to starting with Replace Your Mortgage? At age 57, we had our original 30-year mortgage, which started with $465,000 (May 2016). We had 28 years remaining at $461,000 when I took the deep dive into RYM. I found RYM in October 2017 and finally signed up in December of…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a 30-year mortgage with a starting balance of $343,000. When we started talking with RYM, we had $342,000 in the remaining principal balance after paying our monthly payment for four or five months. Unfortunately, six months before starting with RYM, our…

What was your mortgage situation prior to starting with Replace Your Mortgage? Prior to RYM, I had two rental properties, each on 30-year terms at 5.25% with about $42,000 balance on each after 7 years. I used the RYM strategy to refinance both properties into interest-only HELOCs at 5.75%, which unlocked about $35,000 of equity…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a conventional 30-year mortgage with a starting balance of $525,000. We really only had that for about 8 months before I saw RYM come across the weather channel app. That’s when I dove in and read everything and couldn’t quit reading…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a 30-year mortgage with a $384,000 balance. What is the current status of your HELOC and how many months did it take you to achieve it? We have been using this strategy since February 2018. Our balance went down $30,000 the…

What was your mortgage situation prior to starting with Replace Your Mortgage? Rental properties were due to be refinanced. I used the RYM strategy to pull one property out free and clear to use the equity via a line of credit to invest in an apartment complex and another startup. On a case by case…

What was your mortgage situation prior to starting with Replace Your Mortgage? We were midway through a Lease with Option to Purchase. I was able to buy the townhome for $195,000, BUT the appraisal came in at over $280,000… with an immediate $95,000 increase in our equity. What is the current status of your HELOC…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had just purchased a home for about $255,000 about a year and a couple of months ago. However, we were researching how to more efficiently pay down a mortgage. What is the current status of your HELOC and how many months did…

What was your mortgage situation prior to starting with Replace Your Mortgage? We started with $218,000 owed. What is the current status of your HELOC and how many months did it take you to achieve it? After one month we reduced our HELOC balance from $218,000 to $211,000. What was your biggest concern when deciding…

What was your mortgage situation prior to starting with Replace Your Mortgage? We sold our home in Texas that had a 20-year home-equity loan (recommended as a cash-out refinance after our remodel was finished) and moved to Utah. When we found RYM we were renting, looking to invest the money we netted from our home…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a 30-year mortgage with a balance of $375,600 for our home that is appraised at $480,000. We bought our current home in May 2016 so we were less than 2 years into the mortgage. What is the current status of your…

What was your mortgage situation prior to starting with Replace Your Mortgage? We had a $561,000 30-year mortgage at 3.125%. What is the current status of your HELOC and how many months did it take you to achieve it? We closed on our HELOC in May 2017 at a rate of 4.93%. After 18 months,…

Are you looking at refinancing your mortgage? Are you thinking it’s the best way to pay off your home faster? Would you consider another option if it’s just as easy and saves you $10,000+ in interest? Turns out, there’s a rarely discussed strategy to pay off your home in 5-7 years on average without any…

Does paying your mortgage every month cause you stress? Do you ever look at your statement and think, “How could I possibly still owe that much after all this time?” Would you be excited to pay off your home off in 5-7 years… without having to make any more money? Good news… Financial technology now…

“According to Forbes, a massive amount of homeowners are taking advantage of this “bank pay-off” secret because of this rising interest rate environment.” Homeowners are tired of not seeing their balance go down on their 30 year mortgages. The cost of living is going up. Families are strained because the breadwinner is having to work…

Dear friend, If you’re a homeowner in the process of paying off your home with a traditional mortgage, I’m very happy you’ve found us. What we’re about to teach you could change your life like it has for so many of our clients. Hello, my name is Michael Lush, I’m a recovering mortgage broker, and…

Elliot Hallum, a Williamson county realtor, used to be the guy slaving away to pay off his mortgage (like most people) with dreams to own some investment properties; now he has access to cash for those promising real estate deals. No, he didn’t win the lottery or increase his income, he simply learned how to…

Congrats to Greg Michne and his wife Stacey who cut $25k off his mortgage in just 9 short months while still finding time to make maple syrup as a hobby. Yeah, the dude makes his own maple syrup! No, he didn’t win the lottery or increase his income, he simply learned how to better use…

I never dreamed I would write a book someday. Let alone a book exposing why mortgages are bad and what to do about it. I was a mortgage lender for fifteen years for Gods sake. I had helped thousands get into a mortgage. What changed you might ask? Pure and simple, information. It was a…

Dave Ramsey is great but does he have it wrong on home equity loans? Should you pay cash for a home even if you can? We talk about it here. Hey – Do you agree with me? Disagree and think I am way off base? Transcript Hey, folks. This is Michael Lush. Recently came across an…

Having a traditional mortgage vs a home equity line of credit can be causing you to pour thousands of dollars down the drain. Find out the differences on this video so you don’t miss out. Transcript Hey folks. Michael Lush. I wanted to talk to you today about the baseline differences between a mortgage and…

Home Equity Loan VS Mortgage. There is a big difference and you should know about each of them. Transcript Hey gang, Michael Lush again. Wanted to talk today about the differences between a mortgage and a Home Equity Loan. See, a mortgage is a compounding interest, closed-end loan. Meaning, money can only go in, it…

A home equity line of credit is great…and smart to have instead of a traditional mortgage. However, don’t make these mistakes when it comes to HELOC’s. If so, you might as well stay on the treadmill of having a traditional mortgage. It’s not going to allow you to pay off your home in 5-7 years…

Rates are looking good so you decide that you want to refinance your home. But do you refinance to a HELOC or a traditional mortgage? Let’s talk about it. Transcript Hey gang, Michael Lush. We recently got a question from a subscriber. “Should we refinance or get a Home Equity Line Of Credit?” Both. See,…

So you have decided to pay off your home faster so you are not burdened by your biggest debt. Awesome! Congrats on your decision. So which option works best? You could do bi-weekly payments. you could make extra payments. You could even switch home loans to a HELOC. Which one will work best for you?…

So you have done your research and found out the shocking truth that using a home equity line of credit (heloc) will allow you to pay off your home faster. Good for you. The problem is you just purchased a home so how long do you have to wait before you can get into a…