Velocity Banking for paying off mortgages

[Carlos Silva]

Has anyone tried velocity banking? Does this strategy utilizing HELOC really work on saving money and paying off mortgages much quicker? Are there any downsides to it?

[Chris Seveney]

Quote from @Carlos Silva:

Has anyone tried velocity banking? Does this strategy utilizing HELOC really work on saving money and paying off mortgages much quicker? Are there any downsides to it?

 Does it work. No  - why?

You are taking money from a heloc at a higher interest rate to pay down your first mortgage at a lower rate. The time, effort and amount you will save is typically inconsequential. My recommendation is to have someone put in excel and show you the actual numbers.