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Mortgage accelerator with HELOC

post #1 of 3
4/18/10 at 10:16am
Thread Starter 
Anyone of you mamas done this? Any stories please?
TIA
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post #2 of 3
4/18/10 at 12:50pm
I haven't done it but I listen to the Dave Ramsey show and the question comes up often. Here's what he thinks of it - http://www.daveramsey.com/index.cfm?...tItemId=115812

I sometimes listen to Clark Howard and he also advises against them - http://www.youtube.com/watch?v=IQKPw...=youtube_gdata

I know you were looking for feedback from those with experience but I thought I'd share these links with you as well.
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post #3 of 3
4/18/10 at 6:34pm
We don't have a HELOC, (I think it's a huge ripoff) but we do an equity accelerator program.

There's nothing to it. If you want to pay your mortgage off early, just add additional money to the principle each month. We pay an extra $450 each month and we'll pay our house off almost 10 years early. There's nothing fancy about it, and it doesn't cost us anything other than the actual money.
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