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set Account To Pay Down
Mortgage ????
From: Michael Roback <roback@earthlink.net>
Newsgroups: alt.invest.real-estate
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Date: Tue, 14 Jun 2005 16:50:53 GMT
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I did a refi a few months back and have a 10/1 5.25%. I have a first of
about 650K and a second of about 50K. I want to knock it down as quicly as
possible so that when it hits the adjustable any fluctuation in rates will
not be a problem. I have been looking around the web and there are many
people selling various versions of what I think is the same system, claiming
that you could pay off a 30 year loan in 10 years or so. They talk about
setting up a offset account and putting all of your income in that account
and moving money around. I don't quite understand it yet and came here
hoping that someone could help me out. As best as I can gather what you do
is find a tax free investment that will pay interest on your income that
surpasses the rate on your loan and then take the interst and contribute to
the loan to reduce principal on the loan. They also talk about using a
HELOC or Credit card which I don't understand. Can anyone help me? Is
there a good book on this type of strategy I can read.
Thanks for any help you can be.
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