Updated over 11 years ago on . Most recent reply
Line of Credit
Me and my wife recently bought a new residence place for primary living. This is our first property
We are under conventional loan at 4.1% interest rate for 30 years. We dont want to keep paying for those many years cause of the interest it eats
We both want to get the loan wrap up pretty sooner. We have read about Line of credits options. We both have a good cashflow and definitely dont want to end up paying for 30 yrs.
Questions
1) Have anyone used LOC options for their primary mortgage?
2) Advantages/Disdvantages?
3) Anything we should lookout when going for such option?
Please share thoughts as both, me and my wife, are pretty new here
Most Popular Reply
Harpreet Walia is your thought to eliminate debt by taking out more debt to pay it off? Why would you want to use a LOC to pay off a mortgage already at a low int rate? Why not just pay one or two extra payment a year and knock off how ever many months/years that would take off the loan term? Perhaps I am misunderstanding..?