What was your mortgage situation prior to starting with Replace Your Mortgage?
We had a 30-year mortgage with a starting balance of $165,000.
When we joined RYM, we had $160,000 in remaining principal balance after paying our monthly payment for 4 years.
What is the current status of your HELOC and how many months did it take you to achieve it?
We paid off our car, so we started with a balance of $175,000.
After 12 months, we have reduced our principal balance to $150,000 (more than what we had done in 4 years with our traditional mortgage).
What was your biggest concern when deciding to join RYM?
We were concerned about the cost of the program, how long it would take to recoup it, as well as the variable interest rates since we have been told for years to look for the lowest interest rate possible.
Once our consultant ran the calculator, it totally made sense.
How has using the RYM strategy changed your life?
Having the flexibility to pay as much or minimum for a month, if needed, has given us peace of mind.
Having access to our equity line also provides peace of mind.
What advice would you give to a homeowner considering trying the RYM strategy?
Run your numbers on the calculator. Numbers don't lie. Run worst-case scenarios, and you will see that RYM is still a much better option.