THIS is how you cut that DEBT DOWN with VELOCITY BANKING!
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- Опубликовано: 13 сен 2024
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Christy Vann and its affiliates do not provide financial, tax, licensing, legal or accounting advice; the information presented on this web site/RUclips channel are presented for information/educational purposes only, and following the advice in this video is the responsibility of the viewer and not the video creator. By participating in this RUclips page, you agree to comply with the following guidelines. In any case, the information provided is “as is” with all faults and without warranty of any kind, expressed or implied. In no event shall Christy Vann, or any affiliate organization be liable for any damages, lost profits, or lost data even if we have been informed of the possibility thereof. Linked Items may create a financial benefit for Christy Vann. Christy Vann is an affiliate of Unstung Marketing LLC and United Financials and may receive compensation for referring you to their services at no additional cost to you.
Christy, I love the way your patience shows when you talk to people. You’ve had a counseling sessions today. Great job with all the explanation & understanding. I love watching you!
My wife got sick and I took over the bills. I made everything come off a credit card and automatic so it would be easy for me. I just made small payments every week to the card for what was common out plus’s a little more to bring down the balance. My credit union offered me a home equity line of credit. Then I saw your videos. I may try this.
Christy I love the way you explain things in detail. You are definitely a blessing to anyone who will listen to you. Thank you for your commitment to helping people get out of debt and become winners financially. Much love and respect!
Hi Christy, thank you and I’m getting frustrated as my scores are too low for an HELOC. Several denials. I’ll try again soon. Thanks again for this great info. Praying for you. Dana
❤ Sis I am in the same boat! We will get there! You are doing a great job and you are on the right track. Christy is going to help us get there!
Parents need to stop paying for theor kids basket weaving degrees.
This is a fixed spending dedication strategy to meet a hard goal. If the unknown happens, it recalibrate a bit to catch up. One must be dedicated to the process and pray that nothing gets you off track.
Christie, I love the way you explain all these. How do I obtain your services so you can explain my debt situation to me, what do I need to do?
Omg. I am so glad that I ran across this video. I need your help.
Thank you so much.
I am beyond helping,
The second lady was just making 101 excuses for her situation
Christy, I've heard you say a few times now that getting paid biweekly makes things flow faster
Please explain what this means
Thanks
Hi! Thank you 💜
That second lady didn't breathe 1x and didn't answer Christie's question. 😳
👍Caller too much word salad 😭 I don't need to hear the sad stories... I want to hear the meat & potatoes of HELOC
@@s.walden216 🙌🏾 exactly
I know the caller didn't mean any harm...but it's so rude and annoying when callers give extra(unnecessary) details and speak over Christy while she's trying to give them solutions.
Christie, can you use a lOC or HELOC on Vacation Home?
I can’t get a heloc and I have 500 k in equity with 728 credit score . Negative cash flow , 75K in debt . What do I do
You will have to use a PLOC or a Credit Card
If you can’t get a heloc what hope do the rest of us have?? Jeez
@@masopha30201 PLOC ARE non existent IN FL you have to get a personal loan and % rate is just as high as credit cards.
@@MargaretF717 he has negative cash flow
Credit cards work too.
I have a person that I am helping right now that had a 24/7 loan that is 3500.00 but the interest is NUTS. She had two credit cards that had zero balance with 2000.00 limit on both. We did a 0% balance transfer into her bank 1750 on each card. Paid off the 24/7 loan saved 423.00 monthly payment. She will pay 1803.00 with 3% fee on each card. She has a 40.00 payment on each card. She is only having to pay that on one for now because the other card she is paying 383.00 a month. In 4.5 months she had the 1st card paid off. The 2nd card she has been paying it and in a little over 3 more months it will be paid. By doing this she will pay zero interest around 100.00 in fees from the balance transfers and save 423.00 a month that now can go towards something else.
If an emergency comes up in the next 3 month she can pay as little as the minimum payment for that month without destroying her plan it will just take longer for her to pay it off. Or she can even apply for another balance transfer and start working on something. As long as she pay the balance transfers within 12 months it is free money.
Trying to find your playlist Ronald
I am curious is the HELOC an adjustable rate and how high can the interest rate go to?
I was able to get a 5 year fixed
@@icon5892 …ok but in this first example the woman was paying off her debt in 9.9 years, so is that an adjustable rate for that long of a time frame?
It should a revolving interest. Not fixed
It is adjustable but if you are using it correctly it doesn't matter because it still beats amortized rates most of the time.
My heloc only went up to 7.76% between 2007 and 2008 by 2nd quarter of 2009 was back down to 3.2%.
I was told by a loan officer cap at 18%
Can you use VB for paying off a tax debt?
Bingo
248000 mortgage with a 2.99 interest rate. Year 3 of the loan. Will this work for me. I don’t know if I can get a heloc to pay entire loan. Home is worth approximately 550 ish. No other debt
Will paying the full balance off in one payment before the due date have the same effect on credit score boost as paying small payments throughout the month?
I’m watching several of your videos for the first time. Can you apply this process to a student loan debt???
Yes. You can use it for anything.
We have two properties with VA and the first property is being rented out long term making about $500 net monthly. I am wondering how would we qualify for a heloc if we just got the 2nd property as a primary residence mortgage is about 490k and value is about 570k at 4.99%. The rental property is at 2.75% about 600k value with 430k balance. We have excellent credit but just want to know the options as we want to pay down either mortgage or car loan 37k. And we have about 60k cash. If heloc is not offered do we use credit cards?
If all possible please speak with me maybe it's possible to helping me financially
So no bank and I repeat, no bank is offering a PLOC greater than $2000 in my area. In fact only 2 banks/ credit unions even offer a PLOC. I rent so I can't get a HeLoc. Credit card max cash advance is $250 and the banks will not increase it. Credit score is 737 with $4200 monthly income. After searching for weeks this is not doable. Looks good on paper but no place is offering this.
I would only do this if you own a home. Such as what she explains on her mortgage videos. It would save you a bunch in interest. Doing this to get a better credit score is kinda ridiculous. Simply paying your credit cards is the best way 🤷🏻♂️.
The point is that the tools in her tool box do not exist here in East Texas or Houston. If someone knows of a bank that I can get a PLOC with please let me know. I just want one to pay off a $17,000 car at 9% interest before 6 years and less paid in interest.
@@stevowilborn I have no info on this but it looks to be impossible for you. I would Instead do the math and see how much more of a car payment you need to add. One of her mortgage videos, she did the LOC example but if she simply said pay an extra $1,100 to your monthly mortgage payment it would result with the same outcome and no need for a LOC. Do the math and see how much more you need to put into your car payment. See what you can cut out of your expenses and pay that extra cash into your car. You’ll get the same result but you are just adding it to your car payments instead of a instant LOC
@@stevowilbornthere are a lot of credit unions in Texas that offer it. Have to do some digging might not be local to you
@@stevowilbornI'm retired and I maybe would just leave the house that I have got end Texas to go rent an apartment for a while.. in a state that will give me a personal line of credit.... It could cut years off of my debts...
Why do you keep going away and Vanntastic logo keep showing up?
yeah it's annoying, but I think that maybe the program she's using might be switching over to the person she is talking to and she's blocking it out for privacy.
The logo shows she is on a coaching call.
That's obvious
It's because the person. She's talking to doesn't want to be on the screen
You're focusing on the wrong things my guy/gal. Please learn
They won't give the first lady that much if she has a mortgage. If she owes 300k, they absolutely will not give her a heloc that high. They gave me 19k when I have 100k equity and have a decent amount paid down. Maybe if she got an appraiser out there they would get her more..
switch banks
Cynthia discusses a chase Marriott and usaa cc that is linked. Are you saying stop running all her money through chase and start using the usaa exclusively? I have the same exact situation that’s why I’m curious 😊
Yes, I believe it's called linking the CC to your checking account.
@@Jesus-kt5dc thank you. The lady said she ran All Her expenses through her Chase Marriott card as her debt tool in order to gain points. That would be much greater than the min payment. It sounded like Christy was telling her to use the USAA cc as her debt tool but also use the Chase. So that’s why I’m confused.
@@kimflavin7660 Ooh. I believe that's because the USAA functions like a PLOC. In the fact that your expenses are covered by overdraft/link protection. So if your checking account is at zero, the money gets pulled from the CC. So she might be using her Marriott for expenses/spending then she pays the balance from checking, which then pulls the money from the USAA CC. Which is functioning as her debt tool/main LOC. Hope this helps and sorry for the long response.
@@kimflavin7660@ 12:30 lady says she uses chase. Then @ 12:50 Christy says she can pull the money from USAA and pay the chase. Hopefully this helps. Remember the USAA allows to pull money to function like a LOC.
What’s the best rate for a 1st lien HELOC?
Is it simple interest?
It is simple
@@icon5892 thank you.
Normally it’s whatever mortgage rates are in current times plus a couple of percentage higher.
@@STILLPHENOM Thank you.
Can someone answer my question…when I make the payment to my LOC am I making the payment towards the principal or just as a regular payment?
No you just say put this to my ploc thats how mine works no proncipal
The interest on an LOC is calculated daily at whatever percentage was agreed upon. So you’ll just be making one payment and that payment will pay the interest and then whatever’s left will go towards lowering the overall balance
@@isaiahfelder445When the new monthly payment comes due take the payment out, put it back in. That should satisfy minimum monthly payment. After that put your income towards principal, see if it helps with paying the line quicker. Have a great day.
Please help me
Is anyone ever able to get a HELOC if in between jobs?
Most likely not, because that puts the financial institution at risk. I'm not saying impossible, just not likely. Have a great day.
👋You are so helpful!
However, so much word salad from callers.. please ask your callers to just answer the question.. sad stories are not needed.. please just answer the questions.🤐
Fast forward the video to the breakdown detail we miss important info.
❤️😊
Let the professional talk talking too much
I agree.
OMG Yes
The Second Lady talked wayyyyyy too much. She’s giving wayyyy too much information instead of just answering Christy’s questions.
You telling all your personal problems just get to the point just long conversation instead of getting to the point
She sounds like she just wants and needs attention. Besides having money problems.