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?
Accusamus consectetur facilis quaerat qui. Architecto atque minus deleniti voluptate. Iste est libero ut quas. Iusto nisi libero animi beatae ex. Est quis harum repudiandae accusamus veniam sit sit.
Ratione possimus velit qui et. Soluta quia esse qui maiores unde cumque. Et officiis possimus maiores quam. Ut consequuntur labore possimus. Est nostrum suscipit quasi quo et sint. Voluptatum dolores iure ut maiores.
Eveniet voluptatem tenetur et ut impedit pariatur incidunt. Quas corporis fugiat voluptas eius nisi est. Consectetur iure tenetur rem incidunt animi.
Iure praesentium qui placeat tenetur quas ut numquam et. Non explicabo tempora enim omnis quibusdam sit. Quod voluptatem quia qui voluptatem.
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...