You are paying interest on the balance in the HELOC (whose interest rate is higher than the 1st mortgage interest rate). Why in the world would you want to do that? Paying money to save money? They’re getting you coming and going (cost of the software and HELOC interest). Why wouldn’t you put your money in money market account, earn interest on that and pay your mortgage down?
I just don’t get it. I’d say banks are dying for you to know. Perhaps someone can explain this to simple old me.
