is a HELOC replacing mortgage a good strategy?

[Mike Lee]

Hello all, Just bought a condo last year as a personal residence in Chino Hills, CA. I stumbled across some readings about HELOC's and how it helps pay the home mortgage down faster and paying less intrest. On top of that I can still us it as a checking account and still have easy access to the equity built up in the house.

The thought of it is very tempting.  My only issue is i'm afraid i dont know have the knowledge to analyze the situation from all angles and not able to accurately weigh the pros and cons.

any help from this great forum would be greatly appreciated.