Have you heard of Mortgage Accelerators?

[creditcardfree]

My dad told me about these types of loans awhile back. I'm not too keen on paying extra fees or having to borrow against our own paycheck. What does everyone else think?

Check it out here.'Mortgage accelerator' loans come to U.S.

[sweeps]

Similar to this product, right?

Sounds interesting, but would definitely take discipline not to draw down your equity line for frivolous spending.

[jIM_Ohio]

Risk free rate of return= interest rate on mortgage (minus any possible tax deduction above std deduction).

Better than most of the other loan products I read about.

[creditcardfree]

Sweeps...yes like that product. I guess these are popular in Austrailia and the UK. I ran a simulation based on our situation and instead of paying off our loan in about 15 years, it would be paid off in 8 years 3 months. That is a huge difference. I'm not sure how it work in a situation when we could be moving every 3 to 5 years with the military as far as costs. However in 8 years time we might only move once and have to incur additional costs. It's very interesting and tempting. Obviously, I would need to get more info in order to make a decision.

There is something strange about borrowing back your paycheck for expenses. It's hard to wrap my brain about that.