What was your mortgage situation prior to starting with Replace Your Mortgage?
I had just closed on my first home using a conventional 30-year mortgage at a fixed interest rate of 4.50% in February 2018.
After putting 10% down on a $160,000 purchase, I had financed $144,000.
What is the current status of your HELOC and how many months did it take you to achieve it?
After three months of applying the RYM strategy and utilizing a newly-opened 0% credit card as my primary operating expense account, my HELOC principal balance remains unchanged.
However, my biggest accomplishment was paying the principal down enough to pay off a student loan in full (approximately $13,000 balance remaining, paired with a fixed payment of around $240 / month).
Having calculated the cost-benefit of making the move in advance, it benefited me long-term to consolidate that student loan account into the HELOC and snowball the debt reduction by adding that ~$240/mo to my positive cash flow.
What was your biggest concern when deciding to join RYM?
I've made emotional decisions about personal finance that I have since regretted (college, marriage, divorce, timeshare, etc).
Looking ahead, I plan to only make objective calculated decisions about money. I was skeptical of the RYM strategy at first, but after creating an Excel spreadsheet and realizing that the math doesn't lie, it was a no-brainer.
How has using the RYM strategy changed your life?
Between the RYM strategy with purchasing personal property and investment property, and the Be Your Own Banker strategy with tailored whole life insurance policies, I don't think I will ever need to borrow money from anyone other than myself ever again.
That sense of freedom, independence and self-reliance is unexplainable.
What advice would you give to a homeowner considering trying the RYM strategy?
Honestly, reviews or opinions are meaningless.
If I had been presented with scores of testimonials, I'd still have been skeptical.
Crunch the numbers. Do the math. See for yourself. The system works.
But with great power comes great responsibility. As you pay down your HELOC balance, it takes restraint to keep from tapping into that readily available credit line.