So you are going to pay your mortgage with a HELOC? Sounds like the Arthur Anderson school of accounting.I think they can always use the heloc if a situation demands. My vote is to go for lower interest rate. Is that right ?30 year, always.
You can refinance at a lower rate to save interest. But if you loose your job the only difference between you and the homeless family in the walmart parking lot is your savings divided by the payment. Don't do that to your kids.
Keep the extra 120k as reserves to pay the mortgage and get the slightly lower payment. Refinance when possible.
Why no mention of heloc in this thread
Statistics: Posted by rogue_economist — Mon Jan 27, 2025 9:33 pm — Replies 45 — Views 1948