Nov
14
2018
by
Michael Lush
/
0
Comments

How Robert in New York Paid Down $100,000 of Principal in 7 Months — and Then Became a Lender from His HELOC

What was your mortgage situation prior to starting with Replace Your Mortgage?

I had a traditional 30-year mortgage with balance of $390,000. I joined RYM in March 2018.

What is the current status of your HELOC and how many months did it take you to achieve it?

I received a HELOC loan for $420,000. replaced the mortgage and paid down the loan to $320,000. But then I loaned out $85,000 to a home flipper at 10% while I pay 4.99%.

I'm only 6 months in and, right now, I have $421,000 balance due to an $85,000 loan I made.

What was your biggest concern when deciding to join RYM?

I was worried about rising interest rates, but I understand that if I pay off the loan quickly, a slightly higher interest rate is not a big deal due to quicker payoff.

How has using the RYM strategy changed your life?

It has allowed me to make some investments in the form of loans that will help me pay down my mortgage more quickly.

What advice would you give to a homeowner considering trying the RYM strategy?

Rate is not the most important factor. Access to the right accounts and transfer of money is more important.

Michael Lush

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