What was your mortgage situation prior to starting with Replace Your Mortgage?
We had a 20-year mortgage, with a starting balance of $180,000.
When we joined RYM in March of 2018, we owed $143,000 after 5 years of payments.
What is the current status of your HELOC and how many months did it take you to achieve it?
After paying off all other debt AND paying as many recurring bills up for a year (life insurance, car and home insurance, etc.), we are at $164,000.
We started at $171,000 in April 2018.
What was your biggest concern when deciding to join RYM?
It just sounded too good to be true. So I needed some time to process all the information on YouTube.
We had our discovery call, and once I plugged in all of our numbers, I knew that this strategy was solid.
How has using the RYM strategy changed your life?
RYM simplified everything. We have peace of mind, knowing our equity in our home is available for us to use should that need arise.
We are also excited to know, the further along we get in paying off our mortgage, we can explore investment opportunities.
What advice would you give to a homeowner considering trying the RYM strategy?
Make the phone call to RYM and let them plug in your numbers. They will give you an honest assessment of how the strategy can work for you.
What was your mortgage situation prior to starting with Replace Your Mortgage?
I had a 20-year mortgage that had been refinanced four times since 2000. Our original financed mortgage amount in 2000 was $95,000.
The frequent refinances had my last balance prior to my HELOC refinance (Thank you, RYM for the education) at $88,000. All those years of paying and working, and we had only reduced our principal by a measly $7,000.
What is the current status of your HELOC and how many months did it take you to achieve it?
After only 2.5 months and the HELOC-as-Checking auto-deposit method, I've reduced my balance to $76,000. More progress than I've made in almost 20 years.
What was your biggest concern when deciding to join RYM?
The initial investment in RYM made me nervous, it was a lot of money. I had to put it on a credit card, and I was virtually done with credit cards for the first time in my life.
But I read online testimonials and spoke with several banking specialists about the basically ZERO cost of refinancing into a HELOC (first-lien position). It cost me NOTHING for the appraisal and, at the end of the process, I was only out $75.00.
To give you an idea, the last time I refinanced my mortgage, it cost me $2,100. You could say that difference put me over the top.
How has using the RYM strategy changed your life?
Right now, I am set to pay off my mortgage and own my home free-and-clear in less than 4 years.
I have the security of knowing, if there was a catastrophic change in my income, that I have the flexibility of being able to stay ahead of my bills and just hop on the "treadmill" until I'm back on my feet.
That kind of security is just something you can't go buy in the store. Being able to rest at night for the first time knowing that I'm not living paycheck to paycheck is the most liberating feeling I've ever experienced.
What advice would you give to a homeowner considering trying the RYM strategy?
Do not hesitate to do your research. The initial call with RYM cost me nothing. They are educators first and foremost and not a bank ally funneling your time and energy into someone else’s pockets.
Having a financial advisor is a great choice, but having the RYM team and the Facebook community behind you to advise you on your future real-estate moves? THAT is worth the price of admission, ten-fold.
Rent gains you nothing. Mortgages are basically just as bad.
RYM's strategy is the only ticket to true home ownership and beyond I have ever found. If you want to be 65 by the time you pay off your home, by all means, do what we were all trained to do as kids and young adults… Get a mortgage and plug away for 30 years.
I only wish I would have known about HELOCs back in 2000.
What was your mortgage situation prior to starting with Replace Your Mortgage?
We had a 20-year mortgage with a starting balance of $360,900.
When we joined RYM, we had a $345,000 remaining principal balance after paying our monthly payment and a little extra money each month for almost 2 years.
What is the current status of your HELOC and how many months did it take you to achieve it?
After 12 months we have reduced our principal by $64,000.
What was your biggest concern when deciding to join RYM?
We were worried about how the adjustable-interest rate in a HELOC compares to the fixed interest rate in our mortgage.
But after speaking to David Bruce, we felt that we can make big progress on our HELOC despite the higher interest rate. We then decided to move forward with the process.
How has using the RYM strategy changed your life?
The RYM strategy increases our financial flexibility, cutting down the time to reach our financial goals.
It's like having our own bank, allowing access to funds when opportunities arise.
What advice would you give to a homeowner considering trying the RYM strategy?
This method works, but you have to be focused and disciplined through the process.
