Velocity Banking: Thoughts, Opinions and Experiences

[Clay Hollingsworth]

Hey all! Im a 32 year old seeking to make my first property purchase in the next 6 months. I have the capital for a down payment. After looking at what I would be paying in interest to the bank across the life of a 30yr fixed mortgage, I was astonished. Inevitably, it lead to to start reading about something called Velocity Banking. Whereby one leverages a home equity line of credit against their mortgage. 

Im curious if anyone has used this method? How qualifying for a HELOC differs from a mortgage, or if this is more fishy financial advise?

Thanks!