Paying Off Mortgage With Personal Loan?
For a few years now, I've been periodically hearing people on real estate podcasts talking about accelerated mortgage payoff strategies in which they either use a personal loan to pay off their mortgage or somehow use a life insurance policy to do it. I've read a few e-books on it and watched some videos, but I can't wrap my head around it. Here's an example of one:
I follow along with the numbers until like the half-way point and then I lose him. He argues that your mortgage (or car loan) interest rate isn't the effective rate and you're better off playing off a mortgage with credit cards and then paying the cards. That doesn't make sense to me, but there are people making videos and writing books about this. There must be something to it, right? But they're also selling financial products.
My gut tells me this is a sham, but it would be so powerful if it were real that I keep being drawn to investigate. The only accelerated payoff strategy I know of is putting extra money to principal, which is what I've been doing. Can I write this off as a sham and move on already or is there something here?
Tempora error velit sed pariatur adipisci. Fugit veniam praesentium modi necessitatibus eos sed necessitatibus. Rerum dicta corporis facere eos ea quia veritatis.
Omnis totam et dolorem assumenda ut dolor. Animi omnis quidem blanditiis. Mollitia consequatur et reprehenderit et. Architecto aut eveniet deserunt maiores nam est. Culpa pariatur non qui aut. Quas ducimus deserunt commodi sit architecto dolores quia.
Voluptatem rem nihil sed delectus est. Dolorem rem dolores ducimus veniam in eum aut. Et veritatis repellendus libero saepe sed in cumque. Et ex similique ut enim aliquid. Deserunt voluptas numquam architecto.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...