M1 is designed to be your main bank account. Your pay directly there. However, if you are not disciplined enough, you could end up racking up more debt as your mortgage and bank account are commingled.
Also note that there is a monthly fee associated with the account (at least there used to be). So when comparing rates, keep this in mind.
When your debt is paid off you will earn interest. But at this point, if the monthly fee is still there you may want to move on and get a HELOC.
The rate you get charged is variable (not sure what the +/- to prime is). You can split your debt into sub accounts, such as if you wanted to do some leveraged investing or if you want to track a separate loan. Also, you can lock in up to 75% in a fixed rate (this ends up having pre payment limits).
Also note that there is a monthly fee associated with the account (at least there used to be). So when comparing rates, keep this in mind.
When your debt is paid off you will earn interest. But at this point, if the monthly fee is still there you may want to move on and get a HELOC.
The rate you get charged is variable (not sure what the +/- to prime is). You can split your debt into sub accounts, such as if you wanted to do some leveraged investing or if you want to track a separate loan. Also, you can lock in up to 75% in a fixed rate (this ends up having pre payment limits).