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I am just curious if anyone has seen a mortgage product that allows one to
deposit their checking and savings balances into their mortgage and have a
lower mortgage balance that is accruing less interest charges. This would
mean paying off the mortgage years sooner without changing current spending.
Furthermore, if that product allowed the borrower to draw money out without
fees or charges, thus, unlocking the equity in the house. No more need to
refinance if the credit cards get maxed out, or if you need to buy the kid a
car or pay for college, and when life circumstance changes and now there
will be no need to refinance every couple years.
On top of that, by using this strategy, one would pay off the mortgage
balance 7-12 years sooner than if they had a low rate 30 year fixed
mortgage. And I mean if your mortgage is over 3.5% or 4% on a 30 year
fixed rate mortgage, then this product would cost less and offer more
flexibility and pay off quicker. Keep in mind this only works with folks
that are in control financially and have credit and assets.
Someone pinch me, this thing is on fire--my phone is going off and I haven't
spent a dime on advertising, ok enough about me.
Has anyone heard of any company offering such a loan?
Thanks for listening,,,,,,,,,
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Marriage of Checking/Savings and Mortgage?
