What was your mortgage situation prior to starting with Replace Your Mortgage?
We had a 30-year mortgage with a starting balance of $388,000.
When we joined RYM, we had a $339,000 remaining balance after 7-plus years of making monthly payments.
What is the current status of your HELOC and how many months did it take you to achieve it?
After 13 months, we have reduced or principal balance to $99,900 (and I am ecstatic).
NOTE: I came into $200,000 after selling an old house. I resisted the urge to go out and buy a Corvette ZR-1 and, instead, put every penny into the HELOC payments like I have been trained by RYM.
What was your biggest concern when deciding to join RYM?
A skeptical coworker of mine said that the whole HELOC thing that's online is "sketchy" at best and warned me to avoid it. My wife also felt that it was too good to be true.
I chose to use my better judgment and join anyway (after convincing my wife). My wife is now very happy, and my coworker has asked me to teach him the program. I declined his request and told him to join RYM and learn from the pros instead.
How has using the RYM strategy changed your life?
At the current moment, I'm kind of broke because I put every penny into the HELOC. We've become so obsessed in getting it paid off that we have been denying ourselves just about everything (like vacations, restaurant meals, toys, etc).
So, currently, my life is slightly changed for the worse, but I have my eye on the prize. At the current rate, we will own this home free and clear in just 2 more years.
The thought of that excites me. I know that my life will truly change for the better at that moment.
What advice would you give to a homeowner considering trying the RYM strategy?
I've told several people how great it is, but I've warned a couple of my spendthrift friends to avoid it if they don't plan to stay disciplined to the plan.
If you have plans on not following the system and are looking to pay the minimum interest only each month so you can buy cool stuff, then don't do it.
If you have a passion for paying off your mortgage and possibly even turn that into rental property purchases, then do it now.
Don't think about it. Just do it. As it is, I'm annoyed that I did not know about RYM eight years ago.