What was your mortgage situation prior to starting with Replace Your Mortgage?
Prior to starting with Replace Your Mortgage (RYM) in November of 2017, my wife and I had just closed on a brand new home with a 30-year conventional mortgage at a 3.875% interest rate.
We put 5% down at closing and had a balance left of around $205,000 by the time we joined RYM in June of 2018.
What is the current status of your HELOC and how many months did it take you to achieve it?
After joining RYM, and diving head first into the education, we closed on our HELOC in June of 2018 with a 90% Loan-to-Value (LTV) making our principal balance $209,000.
This was the first time we had ever received money at closing instead of having to fork over everything we had to the bank. We actually started our HELOC with $4,000 already sitting in the account. How crazy is that?
After putting all our money into the HELOC that we had sitting laying around in various checking and savings accounts, 4 months later we now have a balance of $171,230.
Who knew we had that much money in accounts that were doing nothing for us when it could have been helping us pay down our debt all along?
What was your biggest concern when deciding to join RYM?
Our biggest concern when deciding to join RYM was the initial up-front cost of the program. It wasn't cheap.
However, after speaking with our consultant (who was very knowledgeable and seemed honest, I might add), we were more than willing to pay for the education and guidance we felt was needed to get things done...the right way.
Also, MATH DOESN'T LIE.
How has using the RYM strategy changed your life?
The RYM strategy has changed our lives for the better in many ways.
I love logging into my HELOC account every time I get paid to see “the bottom line” going down and down.
Also, being part of the Facebook community (that is included free of charge) has helped me find many additional ways to make my money work for me.
I now think about money in a totally different way than I did before. The last few months have been such an eye opener and a positive experience.
What advice would you give to a homeowner considering trying the RYM strategy?
One of the main reasons I decided to take the plunge was the amount of money I was going to save in Principal Mortgage Insurance (PMI) going with the HELOC instead of keeping the conventional mortgage.
Before implementing the RYM strategy, I was paying $840 a year in PMI alone. In my opinion, the money you save not having to pay PMI pretty much pays for the program and then some.
Also, it's just math.