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My CPA told me to just do a simple 15 year refi and I fought him on it for months
I wanted to stack a HELOC on top of my first mortgage to dodge PMI and keep a low rate, so I pushed back hard on my CPA Danny when he told me to just refi into a plain 15 year at 5.4%. I ran the math in a spreadsheet for like three weekends and was sure my two loan setup would save me $310 a month. Then rates jumped and my HELOC payment went from interest only to fully amortizing, and I was suddenly $600 short every month. Danny never said I told you so, he just helped me unwind it. Has anyone here actually made a piggyback loan work long term, or is it always just a bet on rates staying flat?
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troy83219d ago
Sounds like timing the market in a nutshell.
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