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“are we making a mistake if you are paying off my second mortgage with a HELOC?” See more inside movie.
All right. We recently got a question that expected, “are I making a mistake if you are paying off my second mortgage with a HELOC?” Let’s assume that the second home loan is a conventional mortgage, absolutely. You want to pay that off with a property equity line of credit. Think of it in this manner, just about any traditional mortgage in which this has an amortization routine and installment loan, you’re dripping cash.
Consider it in this manner, you have a container that you are attempting to fill-up with liquid and having an installment loan, mortgage, or auto loan, all that you’re doing is having holes in your bucket. You are placing money into that bucket, and by having those types of loans, you simply can’t get 100per cent usage of your money, therefore, your hard earned money is leaking completely.
Insurance firms a property equity personal credit line, throw all your financial obligation involved with it and your earnings involved with it, now you’re permitting finances to get results obtainable as you sleep. Definitely, you are not making a mistake by paying down your next mortgage with property equity credit line, as long as you treat the home equity credit line appropriately.
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