Does anyone have a Home Ownership Accelerator Program mortgage? - mortgage accelerator calc
If you have one, you're glad you're there, instead of a traditional mortgage? What are the pros and cons? Hidden in the fine print?
Friday, February 5, 2010
Mortgage Accelerator Calc Does Anyone Have A Home Ownership Accelerator Program Mortgage?
1 comment:
I have one, but I have studied in depth the concept. It is based on a traditional mortgage and a line of credit based on mortgage (HELOC). The idea is that you file your income HELOC on the account and then use your current account as a regular bills, including their traditional mortgage and pay cash. In theory, the money is to save for your mortgage as a whole, while their deposits because they are sitting on the HELOC, the balance of your mortgage is low, then owe less interest. The traditional mortgage payments only once a month (the first of each month) and the balance does not fall if you pay a couple of days.
However, it seems that this approach only if your HELOC interest rate is lower than the traditional mortgage, which is not the case in today's market works. It is certainly no additional costs to implement this provision.
You can see that people do not push this agreement clearly explain the math and tell you step by step. This is because mathematics is notit did not work for most people!
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