All Forum Posts by: Account Closed

Is there any online tool where I can put all the rental property detail from Zillow and then see how much cash flow it can make?

Many thanks!

@Albert Bui I just went through the simulator in www.aioloan.net, and the result was amazing! Based on the result, I should be able to pay off my mortgage in about 8yrs! I am working on my credit score at the moment. It is about 656, and when I get it over 700, I think it's time to consider this type of all-in-one seriously! 

I am planning to open a HELOC with my credit union soon and use the method @David Dachtera put forth in this thread. Basically, use HELOC as a debt weapon to accelerate my 30yrs fix mortgage into 10-12 yrs.  

@Thomas Rutkowski Indeed Thomas!

Thanks Andrew & Jason for your insight. But my beef is with the 30yr mortgage with its massive amount of interest you need to pay at the end of your loan. Basically, by the time I pay off the loan, I have also bought my bank a new house as well! Although, as Jason mentioned, paying extra principal every month would help to reduce the interest payment and also the length of the loan, but since the 30yr fixed mortgage is a close-ended loan, that extra payment is not helping my cash flow, and it does decrease it significantly. HELOC being a revolving, open-ended loan, in spite of its higher interest rate and being variable, I still think, if managed correctly, can be the best option to replace my current mortgage.

@Bill B. Thanks Bill for the reply and advice.  But I am not thinking of Infinite banking, but more of Vertical Lending. It's not a new concept, as it is already done in Australia and part of Europe to great success so people can pay their mortgage in a much faster rate than a typical close-ended fixed mortgage. Check out this lender: http://www.allinonehomeloan.com/

@Andrew Postell Thanks Andrew for the quick reply. I want to be able to pay off my current mortgage in a much shorter time than 30yrs, hopefully in less than 15 yrs. So I want to get a first lien HELOC and treat it as my checking account, so I can deposit all my monthly income into it to pay for the HELOC's monthly P&I. It requires discipline and tight budgeting which I am prepared to do so. My current % equity is about 22%.

I have recently purchased a condominium as my primary residence in August 2018. I am on a 30-year fixed with 4.75% interest rate. Can I replace my current mortgage with a first lien HELOC? I tried a few times to obtain a HELOC, but declined due to my credit score of around 650 and most HELOC lender require a 720 FICO or more! I live in Falls Church, Virginia. Anyone can recommend a lender which they accept borrower with an average FICO score?