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#96 - How Does a Sweep Account In A HELOC Work To Save You Interest?
Teaching how you can pay your mortgage off in 5 years or less. Here's how. 👇🏼
https://bit.ly/3u0XXDA
To start building the life you want: https://replaceyouruniversity.com/
Follow Replace Your University on Instagram: https://www.instagram.com/the_realryu/
Join Us on Facebook: https://www.facebook.com/ReplaceYourUniversity/
Check out more tips and strategies on our YouTube channel: https://www.youtube.com/@ReplaceYourUniversity
In this video, Michael Lush explains how a sweep account in a HELOC (Home Equity Line of Credit) can save you interest by automating the transfer of funds from your checking account to your HELOC. This process ensures that your money, which would otherwise sit idle and depreciate in value in a checking account, is instead used to reduce the principal balance of your HELOC. By consistently lowering the principal, you decrease the daily interest calculated on the loan. Lush highlights the efficiency and financial benefits of using a sweep account, emphasizing how it eliminates human error and maximizes the impact of your income on reducing interest costs.
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By RYUTeaching how you can pay your mortgage off in 5 years or less. Here's how. 👇🏼
https://bit.ly/3u0XXDA
To start building the life you want: https://replaceyouruniversity.com/
Follow Replace Your University on Instagram: https://www.instagram.com/the_realryu/
Join Us on Facebook: https://www.facebook.com/ReplaceYourUniversity/
Check out more tips and strategies on our YouTube channel: https://www.youtube.com/@ReplaceYourUniversity
In this video, Michael Lush explains how a sweep account in a HELOC (Home Equity Line of Credit) can save you interest by automating the transfer of funds from your checking account to your HELOC. This process ensures that your money, which would otherwise sit idle and depreciate in value in a checking account, is instead used to reduce the principal balance of your HELOC. By consistently lowering the principal, you decrease the daily interest calculated on the loan. Lush highlights the efficiency and financial benefits of using a sweep account, emphasizing how it eliminates human error and maximizes the impact of your income on reducing interest costs.