Does it make sense to move money in my regular savings account over to my HomeLife Debt Elimination program?
A. While it can make sense mathematically, we advise that you consult with your licensed financial planner in reference to transferring funds between accounts. In moving your savings into your HomeLife Debt Elimination program, it is possible to further decrease the loan balance on which interest accrues, and potentially decrease even further the amount of time left to pay off your mortgage. When you need access to money, you can draw money out through your line of credit.Keep in mind that it does make good financial sense to keep some savings in a savings and/or similar account that is separate from your line of credit. This enables you to have access to funds should you ever need them outside the use of your line of credit. The amount you choose to hold outside your line of credit is between you and your licensed financial planner and is dependent on your personal financial needs. We advise that you always seek the advice of your licensed financial planner.
