mortgage free ASAP…

Want to be mortgage FREE ASAP?

There are MANY ways to pay off your home quickly, but one of the NEWEST and most INNOVATIVE may also be the BEST. 

A first lien HELOC is one of the most popular mortgages types outside of the US, and is EXPLODING in the Charleston market.  For many clients, this is the LAST mortgage they will ever have.

This loan provides a first lien HELOC combined with a checking account.  ALL DEPOSITS are swept into the HELOC account nightly, paying DOWN your loan balance with ALL income, not just the income sent to the mortgage company. 

You can then pull from the HELOC AS NEEDED for expenses. 

IF – and this is the BIG IF-  you are consistently saving more than you spend, this can take years off your mortgage, and save you tens if not hundreds of thousands of dollars in interest payments. 

I recently ran an analysis for a client looking to refinance their relatively low 5.625% fixed rate mortgage.  Even though they were already paying over $1,000 EXTRA every month, this program resulted in a mortgage payoff in less than 5 years with savings just under $100,000.  

P.S. I’m not only an advocate for this loan, I am a CLIENT.  I was an early adopter of this product almost 15 years ago, and it helped me payoff my previous residence years ahead of schedule.  For those of us with variable income, a HUGE ADVANTAGE with this loan type is the ability to make LARGE PAYMENTS against your mortgage, while also having ACCESS to that equity down the road.

HOWEVER, this loan is NOT for everyone – you will need at least a 700 credit score, 10% to 15% equity (or down payment) and LOW debt ratios showing you are consistently saving more than you spend.  Want to know more, just give me a call.