United States – February 16, 2024 — Many Homeowners are coming across a video or an article online about paying off a 30 year mortgage with a HELOC. The concept has many names such as velocity banking or Accelerated Banking. For clarity, this article will to refer to this concept as Accelerated Banking. Let’s fully unpack the truth about this concept. Let’s find out if using a HELOC can help pay off a mortgage faster. Readers will also learn where this concept originates and see if it actually does save money and time.Unpacking the Accelerated Banking StrategyThe Accelerated Banking strategy advocates using a HELOC to pay down a mortgage faster than the traditional way. This, in turn, potentially saves homeowners thousands in interest and years.
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