VANNtastic MoneyTalks - Mortgages Waste Money and Time
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- Опубликовано: 1 мар 2024
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Front loading interest on mortgages should be illegal. This is why the lower and middle class will never get ahead - until now, this is incredible advice!!! Thank you!
Its not front loading anything just to be mean. Its the interest you owe during that time period. Take your mortgage total and multiply it by the interest rate. Now divide that by 12 months in year. You will see your Amortization schedule is not telling you anything different than the math does. A mortgage keeps a consistent payment so you know what to expect. This is why a fixed rate is far better than a balloon rate that could change all the time. Velocity banking is a method of borrowing "other peoples money" to pay large chunks down on the principle of the debt to in turn cut out the interest you would have paid during that time period. These "chunks" are less in interest due to the fact that its a much smaller number compared to a mortgage that could range in the hundreds of thousands. IT'S JUST MATH :)
Most lower to middle class doesn't have enough cashflow to allow a mortgage payment AND a HELOC payment though Christy has proven you can do velocity banking with zero cashflow starting out. If you are not to that point then you don't have a cashflow problem, you have an income problem. The guy in this video is able to make a chunk of 20,000 at a time because he has a great income to start with.
@@DoctorMcFarlandStudios I understand exactly how mortgages work, the interest is not evenly distributed, it is front loaded so that you pay interest first and make a small dent on the principal until you are better than halfway through your amortization schedule. That is why she is demonstrating a more humane way to pay it off. They should be illegal.
Simple interest rates are divided by the months of the year, but also change based if the daily remaining principal. Amortized interest is charged regardless of the remaining principal . That’s what she means by “upfront.” That is what most people do not know. That’s why moving those payments to simple interest LOCs saves so much money. She’s not embellishing one bit. You really shouldn’t comment misinformation.
@@Bees-knees99she is demonstrating how to pay down the principle faster. The interest payment is just math.
@@cnd422you may won’t to check your terminology again. Figure up a HELOC vs mortgage and you will get the same equation. The only difference is a HELOC amount is already less so therefore is less interest.
My husband and I have worked hard all our lives. Paid off all our loans and are now retired, looking for land and hooing to build our final home. I can't tell you how much your videos will help us and our children. Thank you, thank you, thank you! Love your videos!!!❤ God bless!
Selling or keeping homes for investment?
Let's see🤔 Clarksville, Tenn, Jasper, Florida.. Alabama...Oh yeah, Huntsville, Alabama.. Low Cost of Living, a much technology as you want without the city junk and more money you keep in your pocket😂👍 * Huntsville has the most concentrated people with high degrees in America, maybe the world because of their businesses there and low unemployment which means less crime, cost of living is good.. Just wanted to share because We root for everyone to fullfill their dreams👋😊🙏💪☝️👍
I love your success, but working hard isn't what we're called to do. Working smart is what we're called to do. Jesus Christ loves you.
Amén. Work smarter not harder. My husband and I are in our twenties and so greatful for these videos. We plan on paying off our home within the next 10 years and are working towards our dream home, and using our first home as a rental.
YOU are smarter than Dave Ramsey by far! Sorry not sorry Dave ;)
Im so mad because im 63 years old and just finding this out, thank you soo much. I look forward to binge watching all of your videos.
I was trailing off a late night RUclips binge and came across your channel. Mind blown. Thank you so much. As a side note, love your accent. My late grandmother was from Georgia and a woman of God. People loved her accent here in Oregon.
@jerrold3685 How sweet. Thank you!
@@VanntasticFinances We are watching in Kennesaw and need help too! Love the accent, its normal round these parts.
Im a loan officer and I have a first lien heloc product. I tell everyone that isnt living paycheck to paycheck about them and people always turn them down because they are scared. I tell them not as scary as being 70 years old still in mortgage debt
Where do we shop for a HELOC? Does it need to be local?
How does borrowing against your equity help you? That’s just more debt? Please explain Ty
@@paullowell3342it’s not really more debt because the loan is used to get rid of a chunk of the mortgage at a lower rate of the loan rather than the mortgage’s rate.
No freaking way
I love when these live back and forth are recorded and presented for some reason you get so much more clarity
God bless this woman helping people with her knowledge 🙏
Madam, this work you are doing is invaluable! I think God brought you into my life at the perfect time. I will definitely be sharing your channel so others can be blessed. xoxo Melissa K.
Well, you have convinced us. We are going to our bank tomorrow to take out a PLOC. WE will start this plan this week. We have about $60,000 in debt between credit cards and car loan. (Home is paid off) We have a positive cash flow of $3000 per month after expenses. I figure we can have this all paid off in less than 2 years.
This is GOLD! Blessings to you
This just confirmed my thought about mortgage interests, thank you
Thank you Christy!
Thank you, I'm start this March month, I'm sinking in debt. I'm also watching a over and over your vedios.
Thank you, Christy! I am one of the one percent who had my home paid off. Out of necessity I took out a HELOAN and a HELOC on it, which has really been dragging me down. In my heart I’ve always rejected the thinking that says never pay off your home, but continue to use it to fund your life. Now I know exactly what to do. You are a blessing in our lives and in my adult children’s lives soon to come. I am going to start passing these videos on to them now that I understand! God‘s protection over you!
You’ll see the unjust interest returned to you one day in the near future -
this is only one the many things that the “white-hat” elements of our military & Trump are working on behind the scenes👍🏻
Great info, watch it, share it- help your family and friends to cut off their financial leg irons early.
Wow !!! Never thought about it that way .
Love your Chanel! God bless you Christy! I'm seeking to buy a new home but I'm still not completely understanding the Heloc.
You should do a lecture about it.
May the great Spirit bless you always.
The way you can also measure if you’re on track to paying down your lines is the interest charge per month.. tip: it should be lower and lower every month, assuming you didn’t have an emergency and had to borrow $ from it.
It doesn't help anyone, for those that know not to share. I HATE the fact that you look so calm and cool giving/sharing this information! Thank you so MUCH! lol
I agree. I never had a mortgage I bought cash
Paying off a line of credit and a credit card this month. Started velocity banking last year.
The ppl that don’t understand VB is they don’t understand how banks front load the interest and how HELOC is simple interest.😢
Oh my gosh I love these videos ❤
This is such a great show very informative 😊
Thank you for this information! :)
Thanks!
You are the truth trust me I pray that God himself protect you 🙏🙏🙏
Thank you Christy I appreciate you
Thank you for another great video! Can someone please tell me if this would be great if I have a 2.75 rate?
I refied in 2015 for 88k no cash out. Dropped my interest rate from 7.35 to 4.5. Original loan was 95k in 2008.
16 years later we're still at 69k+.
We have paid mostly interest for sure.
We have a 53k LOC on this property with a 9k balance. We could plop 40k out of it leaving a 29k balance.
Should we max the LOC or just to 10k chunks like your example with the couple making $5,200/mo. (Our income is higher but so are the expenses). Thanks Christy.😊
Hi Christi, I been approved with my heloc. Do need to max it out and put in towards my mortgage?
THANKyou! ❤
Great video.. would love a one on one!
Amazing 👏
Hi there!! Is it possible to do a video on paid off land scenario. While using the equity on the land to build a custom home but paying it off as soon as possible? Or, can we contact you to do a consulation for this scenario?
I need to work with you. Especially when I buy my next house
What are your thoughts to using a well funded IBC WL policy as the heloc & to use cash reserves to start the wheels in motion? Also do you have any resources for a good excel spreadsheet for playing around with numbers like the ones you discuss? I also have a large practice loan as well. Thanks for all that you do, Justin
I just love 😍 that accent girl ,
You are also brilliant..! 👍
New Sub. here to stay..! 🙏
You and your channel are a blessing. Is it possible to do a consultation to get a personal plan to pay off my mortgage? I will pay for your time
My question is and the situation that I have ran into is how do you go about your accounts not showing up as negative (for however short). I am currently looking into a loan assumption for my current house and the mortgage company underwriter asked why my accounts are going negative? I explained that I utilize my Checking Line of Credit and that it pays it when it hits after midnight.
Love your channel ❤
Love your channel ❤ Teacher🎉
can you do a video that shows the calculations where you show the difference between paying down a $400000 house using a normal pay schedule vs paying the same house off using a LOC. I know how it work, but I don't know how to do the math. I would like to pay $5000 a month. If I knew how to do the math I could look at what it would to take to pay off a $490,000 house in 5yrs using a line of credit. Thank you and keep up the great fight. The amount of money that I would have to pay each month is not an issue.
I’m interested to find out more about the first lien HELOC
Do you have a recommendation for first lien heloc banks in California?
Hi Vann. I’m so impressed. However I would need some help with this explanation still. Can we schedule a zoom meeting for some details personally. I will cover any charge if any.
I have a lump some of money should I put it on my mortgage or my line of credit?
Can u make a video on what type of heloc we should get?
how often does one need to make a payment on the LOC, does this work if I only get paid once a month and does the date at which the interest on the line of credit is applied to the principle factor into how much I end up paying???
Can I use my plow to chunk on my mortgage.
Interesting
I always thought that getting all the interest up front was a racket. They let financial institutions get away with everything!
I feel like I am listen to a audio version of the Federalist Papers debate. Live examples!
Hit the rewind button when we need to!
Fascinating! HELOCs are a higher, variable interest rate and aren’t they capped at a certain percentage of home value? I don’t understand all this, so I’m going to dive into your videos!
How do I get hold of customer service regarding a purchased product I did not receive?
Is something like this available in Australia?
Would you advise? I have a mortgage is not Heloc, it's a 30 yr with increasing interest in set years, I have good credit now, but I don't make a lot of money, don't have cash flow, I don't pay all the bills with my paycheck, with this inflation my credit card is a mountain of debt. What can I do?
Is there somewhere I can book an online appointment with you?
How much heloc do i need, if my income is 9k? Would 10k be enough
I would really like to get in touch with you. My wife and I have some credit debt and I am a garbage man she runs the small dog grooming business we have. We have good credit, I know we could do something but I just don’t know how, even after watching plus I’m a bit intimidated. Thank you.
This is a very interesting tool that can be used and I get what you teach; however, let me say this. I had a million dollars in credit lines 3 years ago. My husband and I both suffered a very unexpected health crisis that left us financially ruined. That then affected our mental health. It was a snowball of just horrific trauma. Needless to say, we’re now facing bankruptcy. That after being completely financially free. Lines of credit are DANGEROUS to the average person.
If you’re watching this and you’re in no place whatsoever near financial security, please do not ever do this. You’d have to have some kind of super human self control and know that you will never abuse those lines of credit no matter what. We had no choice so idk how this is good to propagate to the masses here. It’s very unwise.
Who are you to decide and stand on your self righteous soap box as though you are somehow above the masses while you are filing bankruptcy to the tune of a million dollars plus? I’m assuming you actually believe that if you couldn’t control your spending then how can the “masses” which you are a part of-control theirs? How ridiculous of you.
So is the current mortgage system.
I believe discipline is what's required here.
By the way, I hope you both feel better.
Can this be done in Canada?
Is there a company for heloc that comes with a checking account
My father owned a few properties never took more than a 10 year mortgage
Can you take a HELOC with just Social Security income?
CAN YOU MAKE AVIDEO ON HOW TO USE A $5000 LOC, THAT IS ALL I CAN GET. THANKS
Heloc is adjustable rate. Usually not fixed and based upon prime plus margin. Not sure about this.
I live in Canada and the interest on my HELOC is very high and monthly payments hurt as I was recently widowed so my available income is much less but this information is very useful 😊 Thank you ❤
Would it be better for us to do the $10k line of credit or just front the 10k from our savings and use that like a LOC to rebuild and put back onto loan once builds back up to 10k?
Schedule an appointment with her. It'll be well worth the money I know. She'll say line of credit, but she'll explain why God bless you.
How do we schedule an appointment with her
I still can’t wrap my brain about this scenario: for grins, mortgage balance 300k, my payment with taxes & insurance is 2,100/ month, even if I put 100k from a helicopter on the principal, my monthly mortgage payment stays at 2,100/ month. I now have to pay towards the 100k, I am adding to my debt? What am I missing, I want this to work. Thank you,
If I am understanding Christy (and I've watched a lot of her videos!), putting 100k down means you move way down on your amortization schedule, so more of that $2100 payment is applied to the principal than to interest. Pull out your loan paperwork and find the amortization schedule, it will make more sense then. You are still paying the $2100 and the HELOC, but you'll pay a lot less in interest. Also, the key is to link your HELOC to your checking account by way of " overdraft protection," and make sure your checking account has zero balance. I hope this makes sense. Christy, am I correct?
Research amoritization and why it exists then you will understand.
Thank you both, now it is making sense. I still need help that' for sure 👍
She is telling which is true. If you see that $2100 payment.. how much goes to principal & how much goes to interest.. you will understand. If you cleaned up $200K for example .. then just took credit card balance transfer to checking account & paid the rest also... another 50K... for which you may get 12 - 15 months 0% interest free period.... if you paid Card full in first year they will give double amount in 2nd year. In this way, you can finish all in 2 - 3 years
@@thomasxxxxxx2345 no shoe box unfortunately 😢
I really want to learn how to use helco effectively. How do I sign up for this conversation? I have a primary residence.
I have a question. ? Should someone pay their own house taxes and the house insurance separate from their mortgage payment.. I feel like my house insurance is priced to high 800$ month and They take out the taxes and pay it every year , but it seems like they don't take out enough so my mortgage payment goes up.. Should I separate all 3 I only suggest this because I'm getting my tax return and I was wondering if I should put my tax return towards my taxes. Land taxes property texas..
I would like to know the answer to this too.
I just read if you have Fannie Mae type of loan you might can request an Escrow Waiver. You would have to show proof you are paying your taxes and insurance. I’m certainly checking into this … but is it really helping? If taxes and insurance go up, you still have to pay the extra.
Idk about every state, but I cannot. The bank must in the loan.
The issue with escrow is they purposely short it on you in order to raise your payment. If it’s short even a small insignificant amount they can legally raise it.
What I do is I pay extra to escrow in my payment, enough to be sure it doesn’t run short and I get a small refund on escrow every year. Then I repeat the process.
Hey Christy, I still don't understand why what the banks do is so bad. Even at a low interest rate of 3%, if you apply that to a 300,000 home the interest is 9,000 a year divided by 12 months. That is $750 a month then you add whatever the principle payment is. The bank isn't going to waiver the interest portion just to be nice. Nor are they charging it just to be mean. It is simply what you owe in interest. Even with a IBC loan at 5%, if you borrowed 300,000 from the Insurance company you wouldn't owe the interest till the next anniversary of the policy but if you chose not to pay any of the interest it would still compound and be added to the total owed on the loan. With IBC you have that flexibility. Either way you can't get out of paying interest either with the bank or with the insurance company. 6% of a 10,000 HELOC is only 600 a year and $50 a month. Obviously the interest is less because the starting number is much less than $300,000.
You are not wrong in the way you are teaching this. $10,000 chunks on a mortgage will move you forward down the Amortization schedule. As long as the cash flow is there it can be a very effective way of paying down a debt. Thanks.
I don't think she's saying what the banks do is bad. Only that the way amortized loans function, front loaded interest is a bad deal for the consumer. Followed by pushing a refinance by year 7 to restart the amortized schedule. She's more describing the financial tools and how to leverage them for the average citizen to thrive. You can find videos where she says "we need banks and banks need us, I have no problem paying interest" she just wants an educated consumer. A lot of people struggle because they don't understand the tools, velocity banking gives people the knowledge on how to leverage these financial products. Which is up to them once understanding the tools how to manage their finances. Have a great day.
I would study an amortization schedule, then you will understand. Thanks for watching
@@Jesus-kt5dcInterest owed does not change. Now, promoting a refinance every few years is not something good the banks do to consumers and that is where the lack of education comes in.
@@VanntasticFinancesI have downloaded a schedule from my mortage company. Its not evil, its just how the numbers work out. Borrowing money from some other tool to pay down in chunks at a time is a way to get rid of debt fast. Thankfully the sale of our last home allowed us to come out ahead when buying our new home a few years ago. It worked out that the interest is about the same as our principle payment. At this point I would take a loan from my IBC policy to take chunks out of the mortgage then pay back the insurance company over a short period of time till I am ready to pay down another chunk.
@vanntasticFinances hey Christy, if I move my entire mortgage over to a HELOC (with the same interest rate as my mortgage) and I need to keep my HELOC payments the same as the mortgage - wont I still pay the same interest on the HELOC as I would have on the mortgage, and pay the loan down in the same amount of time? So if I am constrained in what I can pay monthly, how does a HELOC help me pay down the mortgage early, since I have to pay the same interest either way?
Great video I have a 680k Canadian mortgage at 5%
I have two lines of credit . 40k @7% interest... 20k @12% intrest do you think it's worth using the lines of credit to pay on the mortgage principle
Yes. Use your 40K @7% interest LOC. You want to chunk no more than 12 month principal payments. Have a great day.
How do you get mortgage without a HELOC? Texas doesn’t offer them.
Hello! I can across your video about 2 weeks ago and became so excited! For years, I have been complaining to my husband about the interest on our credit cards as well as our mortgage. And I really thought there was no way around it. So you see why I got so excited about what you are teaching. Okay, our scenario. We currently have a mortgage on rental property that we refinance in 2021. Plus, we have about $12,000 in credit card debt. My question is do we work on the credit card debt or the mortgage? We have negative cash flow and our renters pretty much cover the mortgage on the rental property. It’s the taxes that put us in a negative cash flow on the rental. We just applied for a LOC and our credit cards are not at there limits. I can go into more detail if needed later. Thanks so much!
Dave Ramsey is your answer
The lowest HELOC rate I can find by me is 9%. Is it still worth doing this at a rate that high?
Wait but what about the payment for the heloc? I’m not seeing this considered in monthly outgoing expenses. Am I missing something
The income going into the heloc satisfies any payment. Then there is simple interest that gets added.
It's faster and more efficient to take 3 to 6 months chunks at a time
Where is the best place to get a PLOC? I tried my bank and they said no. Too much cc debt.
Use your credit card. Leave out your mortgage/rent and any other expenses you can't pay with a credit card. Pay all your expenses with the credit card. Put your paychecks into the cc minus the amounts that can't be paid by cc. Budget, don't overspend, and it can work the same way. Your interest rate may be higher, but you're already paying it if you're carrying a balance.
Write it out on paper to see it for yourself. Do a couple of months of math and see how it works for your situation.
Christi....hi I am from South Africa...how would you explain a HELOC in south african terms...and how would you go ahead helping someone from South Africa...
She Is Talking To The American System. African System Is Not The Same. HELOC Is Borrowing Money Towards The House That You Own. Bank Will Take Your Home If You Don't Pay The Money Back
How can I make an appointment to discuss this process?
So, I’m confused. If I get a line of credit (not sure what this is or how to get it) will I still be making the monthly mortgage payment while paying back the line of credit? So, if it’s 10,000 every 7 months, how would that work as far as paying everything off?
Yes, you still have the monthly mortgage payment to make. The part that's probably confusing is, income into the LOC satisfies (functions as) payment. The LOC is functioning as your new checking account. So you meet mortgage payment like this Paycheck (income) -> Checking Account -> LOC (park income here) (lowers average daily balance) -> Mortgage Payment.
Hope this helps, have a great day.
But HOW do you use your HELOC like a checking account? We have to refi the heloc every time we withdrawal.
She says to link HELOC to your checking account; each time you get paid it will immediately go into your HELOC account. Your paycheck is positive cash and it decreases your outstanding balance
You will have your expenses coming out of your HELOC when due.
So in this case do you pay your taxes separately?
How is this any different than paying additional principal payments if you put all of your available cash flow into paying it down? Understood you get a small bonus by having your paycheck go into the heloc account, so that counts as your monthly payment. Not being critical, just trying to understand the benefit. Can you compare your method to just paying down a mortgage with the same cash flow?
Total amount of interest.
@spoon-feedingprofit2412 Only because your putting all of your cash flow towards your debt and paying it off sooner. You can do the same without a heloc. The extra cash flow was always there
Oh I was just pointing out the argument that is made based on your question. I’m still trying to understand it all.
Get rid of the 401k, place it ALL in the RoTh...
401k is NOT helping you
Out of curiosity, why would you say that? I have both a roth 401k and a roth IRA. I utilize the company money match for my 401k. It's free money and you'd be silly to not take advantage of it.
401k is less secure for the coming collapse..too connected for the immediate drop in the stock market..
Lol on that statement alone your credibility is out the window
@CJ-222 do the math, yes or no? Are taxes going to go up or down by the time you retire??
If you said up, not only are you correct, but your just silly by just passing up and paying the LOWEST tax now, instead of paying the highest taxes then... that along eliminates your so called free money..
It is taxed as income, not free money..
ALL MONEY in a ROTH is free money, growth, profit, dividends, AND you can take out your initial deposit, at any time, PENALTY FREE, without having to beg for you own money back, and have to apply for hardship to get a couple of dollars out in an emergency or heck, if you just want your money back..
No love, you're just being silly following with out knowing..
Do the 401k up to company match if you like,
@user-rx4bl4ou5c you do not know what you speak of, if you think a 401k is better than a roth...
A Roth 401k is real, and it destroys ALL 401K...
YOU, prove to have no Credibility at all
Hello, if they have that much cash flow over $10,000 a month what if they put that directly in to the principal? That will be around $100,000 every 10 months, they still be saving a lot on interest on their home right? And that way they don’t have to take a loan or heloc from their home because if you do that you still have to pay interest it’s not going to be the same amount of course but it’s a lot to save on interest.
The 100k is not accessible if emergency. Loan mortgage is not a revolving credit line.
Oh I know what a revolving credit line is , just if you have that much cash flow it doesn’t make sense for heloc and pay interest on that. If you have a cash flow of $100 or $1000 a month that makes more sense you don’t think? I love what she’s doing helping people nothing against her love everything
Are there other Simple Line products other than HELOC?
Personal Line of Credit (PLOC)
Who can recommend a company or credit union in CA that is giving 900k in 1st lien Helocs for fixed rates 10-15years?
A bank does not loan dollars that is illegal.
How do u get a line of credit with a 660 fico score
You don't. If you do find someone to loan you it would be subprime and the interest rate too high to use as a mortgage pay down option. Build the credit score up to at least 695 and better options open up for you. Same for income. If you're not making at least 60k per year you are just pushing a giant boulder uphill.
What if you are already 15 to 20 years into your current mortgage. Is this approach still going to save money?
Yes. It will work. If you have debt, it will help you
Will this still be advantageous if I have a mortgage at 2.75% but the heloc is at 9%
Yes! She talks about this and teaches you the difference between an amortized schedule (paying off interest upfront for a loooong period of time) vs a HELOC with simple interest (average balance per month used to calculate interest). Watch her videos and you will learn more about it
I love that no button😂
@earlsmalls ME TOOOO! 🤣
Can i do this in the United Kingdom?
Then why can't a person get enough credit and pay off the house immediately, on the spot?
NOBODY cares about you in the banking world. They may be nice to you when you're benefiting them , but very cold to you when you aren't. I cannot believe how simple this is. Like the guy in this video, I just thought this is what you did (standard mortgage, loans...etc). This will free me (just got my Heloc a couple days ago). It will also be taught to my children. We're done with the system.
We are looking to buy our first home. We've recently increased our cash flow by 160% and right now our focus is on paying off cc debt. I'm honestly terrified of home loans, but how else could we buy a home?
one of the things that I don't think you talk about are the fees that come with opening a line of credit. Some of those fees can total over $3000 to open the account. How does that work into your equations?
@stevenporter9114 Absolutely not…on a First Lien the ONLY fees should be less than $3000 including origination fee. (Unless you have no equity)
There should be zero fees for any other line of credit.
Regardless, comparing $3000 to the $20,000+ charged in mortgage fees is certainly a joke. Thanks for watching
@@VanntasticFinances we currently have a house worth $750,000 and remaining balance is $490,000. Who do you recommend getting an LOC through? We have been talking to loan depot and today we talked to a local loan originator.
@@VanntasticFinances
Do you offer consultation? If yes, how do I setup on. Thank you very much 😊