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 the free RYM ebook. I showed my wife and she was very skeptical, but she understood everything and how it worked.
What is the current status of your HELOC and how many months did it take you to achieve it?
We found a bank that gave us a fixed rate of 4.25 for ten years. With our high balance we started with, that helped us out tremendously.
So now we are able to continue to use the strategies and not be so concerned with the interest rate increasing each month.
We currently owe $502,000 after switching banks in three months. We are on pace to pay our house off in less than 10 years.
What was your biggest concern when deciding to join RYM?
Is it really something to good to be true?
After reading everything in the free ebook, I discussed it with my wife and we both kind of felt that it does make sense.
I kept remembering Michael talk about the fact that it’s just math and that’s it. We analyze numbers for our family business, and I have always thought that way when I give my numbers and profit-and-loss statements to my brother in law. My numbers don’t lie. So I guess that’s what helped me understand how this whole strategy works. It’s just numbers and math.
How has using the RYM strategy changed your life?
It’s definitely given us the desire to pay our house off early, and knowing that we have access to our hard-earned money is extremely satisfying.
The RYM strategy has also allowed us to talk to our children about it to help them understand how money and mortgages work.
What advice would you give to a homeowner considering trying the RYM strategy?
Do it. Don’t buy the banker a house, too. (RYM staff note: The interest on an average 30-year mortgage is like buying a second house.) Allow your hard earned money to work for you and not for the bank.