@Ucodegen
I understand what you are saying about the cost of a HELOC but I still can’t give up on the basic idea that the money sitting in my checking each month could be used to reduce the average daily balance of my mortgage. My wife and I are both paid monthly so our checking account balance is always around 10k at the begining of each month and then back down to 1k or 2k by then end of the month. HELOC or not, is there a way to “park” that 10k in my mortgage loan just for the days I am not using it? And, if so, would it make a significant impact on the payoff time for my loan?
Update:
As of today the Home Ownership Accelerator program at CMG Financial is listed as “(not currently available)” and the Macquarie Mortgages webpage no longer has a link to a USA division within their residential mortgage page. So much for that ringing endorsement!
