Quote Originally Posted by keylay31 View Post
Tagging this thread for future use. When I have a bit more money, I'm going to play as well.

CM, I'm buying a house this month for myself, do you hve any advice? I her about people paying off mortgages in short periods of time with different types of loans like HELOCs. I'm set up for a 30yr fixed, but haven't closed.
Those were the days when we were still able to secure first position lien HELOC. Simply put, you deposit your paycheck directly into the heloc hence lowering that month principal balance in which the interest is based upon - meanwhile you still make sure a full monthly payment is still being applied (less interest that month = more payment toward principal).

This 'trick' is highly depending on your payroll amount and interest of heloc to make it work. I did try it once.. had a 87k heloc on first position, and yes it was being paid down aggressively by the system. Good luck finding a bank that will do heloc purchase though.