Michael Lush

How Jeff in Virginia Used His Existing Savings to Cut His Interest by More Than 50%

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 mid-2018, I owed $275,000 on the mortgages. My current primary residence has a 30-year mortgage with a balance of $623,000. I have paid down approximately $30,000 of the balance in 2.5 years.

What is the current status of your HELOC and how many months did it take you to achieve it?

I closed on a $300,000 HELOC for my rental on September 13th. This paid off the existing notes.

I was immediately able to put all of my liquid cash and emergency savings into paying down the balance, such that I currently owe only $133,000. Paying interest on $133,000 is a lot less than paying interest on $275,000.

What was your biggest concern when deciding to join RYM?

I wasn't sure if I really needed help from RYM or, having understood the basic strategy, if I could just implement it myself. The joining fee made me consider very carefully whether I would be getting my money's worth, since the strategy is really not rocket science.

Yet, knowing how busy I am, I knew that having the peer pressure, follow-up, and support would make me more likely to take action.

How has using the RYM strategy changed your life?

RYM educated me more about what is possible with real estate.

What advice would you give to a homeowner considering trying the RYM strategy?

No reason to have a mortgage if you can qualify for a HELOC. It's a much more flexible product.

Michael Lush

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.
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