I just heard about a company that offers a program that accelerates the rate at which you pay off your home without increasing your monthly payments. Essentially it works by combining your checking account with a second HELOC account. Your money works for you the second it goes in to your account as opposed to waiting for the monthly payment and thus over time accelerates the payoff.
On an initial calculation for me, a 30 year fixed rate loan would be paid off in 21 years instead of the 30 years by making the exact same payments. It’s not a once every 4 week payment schedule instead of once a month. The payments are identical to your current loan. You get some software that tells you when to transfer $$ from the HELOC to your current loan.
Does anyone know anything about this type of program?
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