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Posted by Jeff Strickland on October 3, 2006, 9:55 pm
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I think that any HELOC that is a 1st Trust Deed has the qualities that are
being discussed here. I'm not certain of that, but any HELOC 1st that takes
your paycheck will provide the features and qualities we are talking about.
If you make $5000 per month and have a mortgage payment of $2000 plus debt
service of $1000, then your paycheck covers the mortgage and the debt, and
your utilities and food costs (perhaps another $1000), and pours any excess
dollars into ther mortgage principle (the remaining $1000), then you are
bound to repay the entire principle way (that's WAY) ahead of schedule. And,
because your house is financed with a HELOC, you can buy pretty much
anything that you would refi to buy, without the hastle of acutally going
through a refi.
You can use a HELOC 1st to unlock the equity in your home.
Chase has a HELOC 1st ...
There are others, but6 since I'm not with a broker any longer, I can't
recall the lenders that offer such programs.
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