Have you ever tried to use a HELOC to pay down debt more quickly or purchase your next property?? TIMESTAMPS 0:00 Intro 0:13 Property Facts 10:14 HELOC Terms 18:22 Cost of Getting a HELOC 22:45 How Much is $100,000 Really? Payments 27:37 Payoff Plan & Where I Got the Idea 28:00 Why I Got Back in Debt...
The crazy part is the credit score going down once you do an awesome job of paying off a WHOLE house!!! This is how you know debt is a business and it is our business not to get sucked into the hype of a so called "good" credit score.
Not a problem at all, have a credit card for keeping your credit score going. It is much better to be mortgage free and don't take HELOC bad idea. just save save for next down payment for next property. And don't buy when prices are high.
OMG Sis!! This was the best video I have found. I have watched hundreds of HELOC videos, but I think they are directed at people who already know part of the information. You fully explain this and I can apply to my life. I plan on watching more of your videos thank you.
Coming back to catch this video from the beginning… it is interesting to hear the hesitation from the bank due to the fact that the home is fully paid for goes to show how the bank like to have leverage on people’s mortgages homes. You definitely got this sis & family! Congrats on getting yourselves fully debt free! Y’all can and will do it!! When I am done paying off my mortgage, I promised myself no 👏🏽more 👏🏽debt. 👏🏽!! I’ve been in debt since the age of 17 when I first went to college and took out student loans and then started the credit card cycle….! Girlfriend…!! Knowledge is power!
You dumb ass ! She is talking on circles and to use a heloc instead of a mortgage is the dumbest idea anyone can think of it’s stupid ! This woman is crazy and a liar
My friends been trying to tell me about the velocity banking concept for so long and I just didn’t understand it and I still kinda don’t. I sold my home and I paid off all my debt. Purchased a new home and now I have debt from buying an investment property with part cash part loan. Now I’m looking into getting a heloc to pay off the loan I used to buy the investment because the interest is lower. This video is very helpful.
Thank you for the transparency Rochelle. Watched the entire video when you posted but had to come back to comment to give it a boost in the algorithm. You gave such a detailed and informative breakdown. Nowhere near paying off our home yet but the information is still appreciated just the same. You guys have a solid plan. Appreciate the reminder to celebrate the little wins along the way 💜
Loved the honesty, realness, gems and all the things you shared with us regarding the journey. Not just the physical aspect of it, but the emotional and mental aspect of the journey. Tuning in for it!
I saw Denzel video a few weeks ago and applied for a HELOC after researching velocity banking extensively. I think it will work for me. My monthly expensive, mortgage, car payment, ect ect add up to $4600. I make $8400 a month. So I have go cashflow. Im not even including my Wife income which is $3400 a month since we dont share bank accounts. Glad his system work for you. Good testimonia for us. Definitely excited to try this system. Im going to start off small with a few small bills from my remodel. Then attack the mortgage.
I use my home equity to buy an investment property. I wasn't cool with the Helix because of the fluctuating interest rates. So I went along with just an equity loan. Of course my rent is paying back the equity loan. I didn't want fluctuating interest rates to interfere with my rental income.
Rochelle Adamson, so much inspiring and great motivation. Never ever think about why not to make such planning to do more effectively cleared of house mortgage.
Congratulations on your success. I encourage you to find out about Trusts and trust law. That would remedy A LOT of your issues brought up in this video, which includes land taxes, so-called ownership laws from your state, and more. Much success on gaining even more knowledge which will lead to even more success.
Ohhh so you all are velocity banking. I’ve been watching Denzel’s channel for a couple of years and have learned a lot. Not quite ready to pull the trigger but it’s nice to see your story as another example. Best of luck to you!
SIS!!! Can you hear me screaming all the way to Hawaii? Thank you for this walkthrough and transparency. When I tell you our journeys are similar!! I am a new subscriber and would love to connect on some content.
Awesome video, filled with a great concept backed with a practical plan, that has definitely inspired me to dive deeper into my financial budget and goals. Additionally, I love the household teamwork and consolidation on incomes; and the number of outsourced work in achieving your goals. Again, awesome! Thank you!
I also don't think taking a heloc after just paying off your home is a good idea unless you have a rental property you can buy cash with the heloc. You going to end up with 3 mortgage payments otherwise. Which means you are over leveraged.
Can’t believe that about credit score- I know that for some companies for auto loans there’s a penalty if you pay it off early which is so crazy to me! Y’all did the thing! Love it and so happy for you and you shared so much amazing info 💕
I’m a new subscriber and I really appreciate your breakdown of HELOC LOANS. In fact, yous’s is the best I’ve seen so far. I sill be applying for one soon. Thank you very much.
Thanks for sharing Ro! I've heard of this method but never tried it due to the risks involved. Looks like you guys have everything under control! Looking forward to your journey with this!
Girl, this has been such a crazy journey 😩 thank you so much for sharing with us. We plan on paying our mortgage off early as well, as quickly as we can, so all this info is beyond helpful 💙💜💙
I am in the process of applying for a HELOC. Wondering how you are doing with current prime rate of 8.5%. I am going to see if it changes October 1st. I've put everythng in a spreadsheet based on the ceiling intrest rates which varies beteween credit union (15%-18%) and I am comfortable the payments but still nervous. Love your delivery and openenss. TY!!!
I'm now at 51:20 and I'm so jealous of US folks that are able to pay off their loans. How do we pay off a $320k CAD mortgage? It's not so easy for us over here in Canada. But I understand we can pay it down by being aggressive with it, though. I thoroughly enjoyed your video. Now heading over to the 100k debt confession video 🏃♀️🏃♀️
Dave Ramsey 7 baby steps and cut all expenses n try to get a higher paying job. Also sell what u can n downsize. It can be done. Can u consolidate debt?
I'm watching and am perplexed by your HELOC repayment strategy (have to rewatch). This is interesting and I don't understand how this strategy is better than paying your regular expenses and putting the excess (~$5000) towards your debt.
I've heard of what you are doing even on the main mortgage. I never fully understood it so I am looking forward to seeing how it goes over the next 2+ years as you put it to work. My mortgage is at 2.38 so I think that I will just try to make at least 5% on my savings and pay on schedule plus maybe a little extra. Love what you said about being a landlord great information.
First time watching and the struggle is real! The past two years have been disastrous for most! I was wondering if the video you mentioned with the white board was a guy named Denzel Napoleon Rodriguez by any chance?
I read up on HELOC loans: 1. It does not pay off your mortgage! This is a home equity line of credit used against your current home. This is just a line of credit against the balance of your home of what you owe minus what’s it’s valued at the time of the loan. 2. If you slip up on the loan and start missing payments or stop making payments all together the bank will take your home.
Thank you for your video. My guess is your credit tanked because you paid off your house, but a HELOC to the credit bureau is nothing more than a 2nd mortgage on your house. Since you leveraged your house, it through off your debt to income ratio, which drops your credit score. I don't know, just thinking this could have been what happened 🤔
WELL DONE , Rochelle. But if i pay off my mortgage, which is very low now), i will not have the itemization option for tax purposes, my limit would not be reached and i have plans for that money LOL.!!!and deductions are my hobby , but i see what you mean tho. I might still do it , i,m wanting to get started with buying some income producers, and that will require a HELOC , thats easier then mortgage's I think? what do you think? I too made the mistake of paying off and CLOSING a credit card i had for over 20 years ( i suspected fraud). and paid off an OLD HELOC . and indeed i went from 820 to 785. fico?? but it has gone up a little between then and now. but still pees me off.
It’s such a frustrating decision! I know you will decide what works best for you tho. For me, I care more about paying off all my debt so my credit score is def taking a hit every time I do it but I want to keep all my money lol
I not living in America, I living in the Caribbean and we don't have much debts to deal with its shocking how most budgets people paying off there debts that's something I wouldn't be able to do , but I learn from all debts videos what to do and not what to do .
Thank you for sharing Always learn something new. I also seen the same video for heloc but i didnt find a channel who is actually doing it. I will be tuning in and supporting you ❤❤
You can redeem ground rent in Baltimore City and the cost is usually around $3k. Redeem it now, that $96 dollars adds up! Do it now while these title closing attorneys are in a slow season.
Thank you sooo much for this super detailed video Ro! I have been thinking about taking out a HELOC for over a year now, but was on the fence about it. This info has me about to make another spreadsheet to see if I should go for it.
Prime rate in Jan 2023 was 7% so they charged you prime+3% that's their profit. Great video, I'm a fan of FAB with T too. Good luck, you and hubby got this
I hear you! We had so much happen, money in the bank, all the consumer debt getting paid off quickly, and bam! Life happens. Grief, depression, and change all affect mental outlook. But things do get better. It's not failure. It's life. I am going to see about getting a property manager and renting out property we don't live in and no longer allow people to stay there without carrying their own weight. Landlord insurance though? I have rental property insurance, same? Yes, celebrate wins and lessons learned from losses.
Our HELOC is wildly different from yours. Fixed rate. Principle only and/or regular payments at anytime. At a local credit union, but its only for 5 years. And we paycheck park to keep that balance low.
I'm glad you mention that about the lender calling or looking your mortgage loan as a credit card, because when I did a cash out refi, they put it on my credit report as if it is a credit card and I question it, but was told they done know why it was reported like that 😲I like things documented like it supposed to be.
Congratulations on the debt freeness I’m not for the heloc Sounds like more debt but continued blessings to you and your household to generate wealth for your future
Ha! I jumped back on but it premiere ended… my last message didn’t go through. I had to jump back in and express that you go this sis!! Keep the faith and focus! It is scary how fast and easy it is to get back into debt! The burnout is real and the debt yo-yo is also real. Acknowledging it is the key!!
Love it…. Or you can just have an automatic payment of $1000 every 2 weeks go to her heloc account. Just looking at your numbers, it increases $2k every 4 weeks. Now….if you are concerned about interest being lower(I didn’t see interest figured monthly in your calculations), putting in the $5k biweekly and taking out the $8k does decrease average balance, hence less interest. Good job🎉 2 years is great
You can redeem the ground rent. The title company should be able to recover that information. It’s usually around 3-5k. The trouble is finding the owner.
Honey - the lease hold...Querin went through that with selling her Baltimore property - she found out about it during the closing process - it was crazy
Thanks for sharing your journey, we paid off our mortgage in 2021 in the amount of 108k when we started. Rental property is our goal but not sure how best to dive into that. Just started saving up, thanks again for your transparency
Heloc should be used for investment purposes to avoid unplanned debts,there are other forms of fund raising, I recommend Maria Brisbane on Google for other forms of fund raising, you can raise up to 500k without Risks of loosing your home
Very interesting video. I see my face in yours. I successfully planned my Wash D.C.mortgage and heloc to be paid off before I retired. So I wouldn’t take that debt into retirement. Accomplished that on a single salary. My plan now is preparing my home to age in place. Something we don’t think about in our youthful earlier plans. I’m proud of you for all of your research. Most definitely black folks are not taught money management and we struggle because of that. Good job for you and your husband working together.
So when you have a mortgage and cannot pay there are protocols in place from the 2008 recession which can keep you in your house. You also can write off the interest. If you default on a Heloc they will take your home. If you are lucky maybe they will transfer the Heloc back to a mortgage but you will be paying higher fees and interest. Happened to a friend of mine. Beware.
@rochelle - the question regarding divorce that you mentioned, could be considered discrimination which has been a hot topic for loan officers since the 2008 industry crash. I would check into this for real. I don’t know the context of the conversation but the laws for loan officers are very strict. I would have never asked that question as a loan officer.
Im understanding this credit game more and more...so if you pay off your mortgage off, its like closing a good long standing credit card. All that good on time payment history gets wiped off your credit report therefore tanking your score? Right? Ok got it lesson 5678: Pay mortgage down, not off, then go get a HELOC to buy another property. 👍
Have you ever tried to use a HELOC to pay down debt more quickly or purchase your next property??
TIMESTAMPS
0:00 Intro
0:13 Property Facts
10:14 HELOC Terms
18:22 Cost of Getting a HELOC
22:45 How Much is $100,000 Really? Payments
27:37 Payoff Plan & Where I Got the Idea
28:00 Why I Got Back in Debt...
Ok where is link to the other video
ruclips.net/video/lceH5C5f4Dk/видео.html
Now China will take your home. Wake up !!
The crazy part is the credit score going down once you do an awesome job of paying off a WHOLE house!!! This is how you know debt is a business and it is our business not to get sucked into the hype of a so called "good" credit score.
Exactly 👏🏾
Don’t chase a credit score. Try to become debt free. A HELOC is putting your home at risk.
Not a problem at all, have a credit card for keeping your credit score going. It is much better to be mortgage free and don't take HELOC bad idea. just save save for next down payment for next property. And don't buy when prices are high.
Exactly. Now you don’t have the right ‘mix’, so we’re gonna penalize you. Straight bs.
Well Said 💪🏾
OMG Sis!! This was the best video I have found. I have watched hundreds of HELOC videos, but I think they are directed at people who already know part of the information. You fully explain this and I can apply to my life. I plan on watching more of your videos thank you.
that's amazing
Coming back to catch this video from the beginning… it is interesting to hear the hesitation from the bank due to the fact that the home is fully paid for goes to show how the bank like to have leverage on people’s mortgages homes.
You definitely got this sis & family! Congrats on getting yourselves fully debt free! Y’all can and will do it!!
When I am done paying off my mortgage, I promised myself no 👏🏽more 👏🏽debt. 👏🏽!! I’ve been in debt since the age of 17 when I first went to college and took out student loans and then started the credit card cycle….! Girlfriend…!! Knowledge is power!
Ayyyyyeeeee we so got this!! TYSM!
You dumb ass ! She is talking on circles and to use a heloc instead of a mortgage is the dumbest idea anyone can think of it’s stupid !
This woman is crazy and a liar
We used a HELOC to payoff debt and the mortgage. We had our paychecks direct deposited directly into the HELOC. It was pretty automatic and easy.
TYSM for sharing! It’s been a breeze so far!
discipline is the Magic dust for this to work, many get spend crazy , and that is not a good way to go ,
Automatic payments directly from income are the way to go 🎉🎉🎉 . We adjust to the amount left in our bank account.
My friends been trying to tell me about the velocity banking concept for so long and I just didn’t understand it and I still kinda don’t. I sold my home and I paid off all my debt. Purchased a new home and now I have debt from buying an investment property with part cash part loan. Now I’m looking into getting a heloc to pay off the loan I used to buy the investment because the interest is lower. This video is very helpful.
🙌🏾 congrats on being debt freeeee
I’m so happy I found your channel. Thank you for your time to make these videos
You are so welcome!
Just found your channel. You are so down to earth and relatable! I watched the ENTIRE video! All the best on your financial journey.
Thank you so much!!
So glad,you found the genius Denzel. In the same process for a heloc and thank you for the heads up
You’re welcome!!
Thank you for the transparency Rochelle. Watched the entire video when you posted but had to come back to comment to give it a boost in the algorithm. You gave such a detailed and informative breakdown. Nowhere near paying off our home yet but the information is still appreciated just the same. You guys have a solid plan. Appreciate the reminder to celebrate the little wins along the way 💜
Thanks Jeanette! You are so welcome! Love your videossss
I can't always comment at work but I'm tuned in
Loved the honesty, realness, gems and all the things you shared with us regarding the journey. Not just the physical aspect of it, but the emotional and mental aspect of the journey. Tuning in for it!
You are so welcome! Thanks for watching it live with meee
9:45 they does or they do ? My English is not, so this is confusing.
I saw Denzel video a few weeks ago and applied for a HELOC after researching velocity banking extensively. I think it will work for me. My monthly expensive, mortgage, car payment, ect ect add up to $4600. I make $8400 a month. So I have go cashflow. Im not even including my Wife income which is $3400 a month since we dont share bank accounts. Glad his system work for you. Good testimonia for us. Definitely excited to try this system. Im going to start off small with a few small bills from my remodel. Then attack the mortgage.
Yassss you got this!!
I use my home equity to buy an investment property. I wasn't cool with the Helix because of the fluctuating interest rates. So I went along with just an equity loan. Of course my rent is paying back the equity loan. I didn't want fluctuating interest rates to interfere with my rental income.
Rochelle Adamson, so much inspiring and great motivation. Never ever think about why not to make such planning to do more effectively cleared of house mortgage.
Congratulations on your success. I encourage you to find out about Trusts and trust law. That would remedy A LOT of your issues brought up in this video, which includes land taxes, so-called ownership laws from your state, and more. Much success on gaining even more knowledge which will lead to even more success.
Thanks for the tips!
Ohhh so you all are velocity banking. I’ve been watching Denzel’s channel for a couple of years and have learned a lot. Not quite ready to pull the trigger but it’s nice to see your story as another example. Best of luck to you!
Thank youuuuu
I didn't know about have PMI removed. Adding to my list of things to do...thank you so much. I appreciate your transparency
You are so welcome!
SIS!!! Can you hear me screaming all the way to Hawaii? Thank you for this walkthrough and transparency. When I tell you our journeys are similar!! I am a new subscriber and would love to connect on some content.
This transparency is refreshing! And this is highkey another mortgage lol. Not 40 whole years. Looking forward to seeing what you all do!
Thank you! Back like we never left! 😅
😲 Wow is all I can say I stumbled upon this video, timely. About to binge-watch all your videos. THANK YOU! Awesome!!
Awesome! Thank you!
Great video. I always wondered about HELOCs and this was so informative.
Glad to hear it! 🌺
Awesome video, filled with a great concept backed with a practical plan, that has definitely inspired me to dive deeper into my financial budget and goals. Additionally, I love the household teamwork and consolidation on incomes; and the number of outsourced work in achieving your goals. Again, awesome! Thank you!
Thanks so much & thanks for watching! 🌺
I also don't think taking a heloc after just paying off your home is a good idea unless you have a rental property you can buy cash with the heloc. You going to end up with 3 mortgage payments otherwise. Which means you are over leveraged.
Shouldn't have to worry about that. You should only keep a heloc around 10 years or redi to a new helpc. Use velocity banking method to pay off fast.
Can’t believe that about credit score- I know that for some companies for auto loans there’s a penalty if you pay it off early which is so crazy to me! Y’all did the thing! Love it and so happy for you and you shared so much amazing info 💕
Thank you Bess!!
OH MY GOD. So Powerful! So Thankful. Wow WOW MEGA WOW!
Thanks so much Rochelle. This video was very helpful. Please keep us updated because my husband and I are considering a HELOC.
Will do! Promise
This was so interesting!! Life be life-ing for sure! Thanks for sharing Ro!💚😊
You are so welcome! 🥰
I’m a new subscriber and I really appreciate your breakdown of HELOC LOANS. In fact, yous’s is the best I’ve seen so far. I sill be applying for one soon. Thank you very much.
Welcome hon! 🥰
Thanks for sharing Ro! I've heard of this method but never tried it due to the risks involved. Looks like you guys have everything under control! Looking forward to your journey with this!
Thanks for watching!!!
Girl, this has been such a crazy journey 😩 thank you so much for sharing with us. We plan on paying our mortgage off early as well, as quickly as we can, so all this info is beyond helpful 💙💜💙
You are so welcome! 🥰 I've been tuned in to your videos while working!
@@RochelleAdamson ohhh I hope I've been good company💜 thank you so much for watching 🤗
Thank you for all the information. It is much appreciated.
Glad it was helpful!
Thanks for sharing I want to say thank you for everything from showing us what to do.
You are so welcome!
Thank you for letting us get up close and personal. I'm going to watch the video again ❤️
You are so welcome!
I am in the process of applying for a HELOC. Wondering how you are doing with current prime rate of 8.5%. I am going to see if it changes October 1st. I've put everythng in a spreadsheet based on the ceiling intrest rates which varies beteween credit union (15%-18%) and I am comfortable the payments but still nervous. Love your delivery and openenss. TY!!!
You're so welcome!! I will have another HELOC update soon! Wishing you the best hon!
I'm now at 51:20 and I'm so jealous of US folks that are able to pay off their loans. How do we pay off a $320k CAD mortgage? It's not so easy for us over here in Canada. But I understand we can pay it down by being aggressive with it, though. I thoroughly enjoyed your video. Now heading over to the 100k debt confession video 🏃♀️🏃♀️
Thanks for tuning in Rachael!
Dave Ramsey 7 baby steps and cut all expenses n try to get a higher paying job. Also sell what u can n downsize. It can be done. Can u consolidate debt?
You guys are doing so well ❤ Keep it up 🎉
Thank you hon! 🌺
Be kind! 👍👍👍👍 excellent advice! Thank you for sharing. Congratulations to you and your family.
Thank you!
You are AMAZING!!!God Bless you and your husband
Thank you so much!
I'm watching and am perplexed by your HELOC repayment strategy (have to rewatch). This is interesting and I don't understand how this strategy is better than paying your regular expenses and putting the excess (~$5000) towards your debt.
I'll try to explain more in upcoming video!
I've heard of what you are doing even on the main mortgage. I never fully understood it so I am looking forward to seeing how it goes over the next 2+ years as you put it to work. My mortgage is at 2.38 so I think that I will just try to make at least 5% on my savings and pay on schedule plus maybe a little extra. Love what you said about being a landlord great information.
🙌🏾🙌🏾 Yesssss
i only watch you all the time becuase YOU ARE GOALS! I still rent but i learn so so much from you!
Thank youuuuuu
Thank you for sharing your experiences. You just proved how much I don’t know. I will be reaching out to you soon. Stay Blessed
Please do!
Wow this is intense!! I really think this is going to work for you guys! Congratulations ❤️
Thank you so much!!
Hi Rochelle what an awesome and very informative video 🙏Thank you so much for being so transparent❤ you are amazing
You’re so welcome Patricia!
First time watching and the struggle is real! The past two years have been disastrous for most! I was wondering if the video you mentioned with the white board was a guy named Denzel Napoleon Rodriguez by any chance?
Yup its him! I hope 2023 is good to you hugs 🤗
@@RochelleAdamson ❤️
I read up on HELOC loans: 1. It does not pay off your mortgage! This is a home equity line of credit used against your current home. This is just a line of credit against the balance of your home of what you owe minus what’s it’s valued at the time of the loan. 2. If you slip up on the loan and start missing payments or stop making payments all together the bank will take your home.
Of course! We already paid off our 1st mortgage so this is our new "1st mortgage". Going to knock it out 💪
Be careful what you read up on though. Many banks will day to definitely not use it to pay off your mortgage. It's an absolutely brilliant idea.
Hey girllll - ok, got my matcha tea latte and I'm settled in for all 55 mins of this video - let's go!!! LoL
I might’ve set a record with this one. I couldn’t stop talking lolol
I appreciate the knowledge. Thank you.
Glad it was helpful!
Your vulnerability here speaks to me. I appreciate you for sharing this. Thank you
You’re welcome!
Thank you for your video. My guess is your credit tanked because you paid off your house, but a HELOC to the credit bureau is nothing more than a 2nd mortgage on your house. Since you leveraged your house, it through off your debt to income ratio, which drops your credit score. I don't know, just thinking this could have been what happened 🤔
New here definitely subscribing I like people who are real and down to earth. ❤️❤️
Thank you hon! 🌺 Welcome to the family!
Peace, love and budgets.❤️
WELL DONE , Rochelle. But if i pay off my mortgage, which is very low now), i will not have the itemization option for tax purposes, my limit would not be reached and i have plans for that money LOL.!!!and deductions are my hobby , but i see what you mean tho. I might still do it , i,m wanting to get started with buying some income producers, and that will require a HELOC , thats easier then mortgage's I think? what do you think? I too made the mistake of paying off and CLOSING a credit card i had for over 20 years ( i suspected fraud). and paid off an OLD HELOC . and indeed i went from 820 to 785. fico?? but it has gone up a little between then and now. but still pees me off.
It’s such a frustrating decision! I know you will decide what works best for you tho. For me, I care more about paying off all my debt so my credit score is def taking a hit every time I do it but I want to keep all my money lol
I not living in America, I living in the Caribbean and we don't have much debts to deal with its shocking how most budgets people paying off there debts that's something I wouldn't be able to do , but I learn from all debts videos what to do and not what to do .
Yes I hope you stay debt free!
Thank you for sharing
Always learn something new. I also seen the same video for heloc but i didnt find a channel who is actually doing it. I will be tuning in and supporting you ❤❤
You are welcome Aida! 🥰
Great info!! Sorry not wanting to be critical but you said 480 months for the loan?
Thank you for sharing. A lot of info I didn't know
Glad it was helpful!
Thank you for the Detailed Heloc info...
Glad it was helpful!
Thank you so, so much for sharing your journey Rochelle!!! Outstanding content...God Bless you and your husband :)
Thank you so much!
Thank you for this video. I have consumer debt but no mortgage and I need to figure out how to be free free.
You are so welcome!
I’m so glad I found ya video. I’m thinking of doing this
Thanks! I’ll be sharing updates!
You can redeem ground rent in Baltimore City and the cost is usually around $3k. Redeem it now, that $96 dollars adds up! Do it now while these title closing attorneys are in a slow season.
Thanks!!
Someone had to take one for the team lol. Now we come and listen and learn. ❤️❤️
Yessss. Learn from the mistakes of others
Thank you for sharing your journey, it is very helpful.
Thank you hon! 🌺
Love your video very informative and sharing real emotion. Thank you 🙏
You are so welcome!
Thank you sooo much for this super detailed video Ro! I have been thinking about taking out a HELOC for over a year now, but was on the fence about it. This info has me about to make another spreadsheet to see if I should go for it.
You are so welcome! I hope it helps you come up with the right decision!
Prime rate in Jan 2023 was 7% so they charged you prime+3% that's their profit. Great video, I'm a fan of FAB with T too. Good luck, you and hubby got this
Thank you hon!! 🌺
I hear you! We had so much happen, money in the bank, all the consumer debt getting paid off quickly, and bam! Life happens. Grief, depression, and change all affect mental outlook. But things do get better. It's not failure. It's life.
I am going to see about getting a property manager and renting out property we don't live in and no longer allow people to stay there without carrying their own weight. Landlord insurance though? I have rental property insurance, same?
Yes, celebrate wins and lessons learned from losses.
Thank you hon! 🌺 Just trying to keep it real out here. Life really be lifing!
I go through phases of wondering if we should do a HELOC but then I just apprehensive. I am so interested in your path w/this.
I'll be back to share more!
Don't do it. There is no debters jail. Credit cards can tank your credit, but a HELOC can take your house! Too much risk.
Do not do this... I’m just going to leave at that. You’ve been warned 🤷🏽♂️
@@turnovertheleaf5505 Exactly
Do it! Don't listen to the naysayers. They just trolling
Our HELOC is wildly different from yours.
Fixed rate.
Principle only and/or regular payments at anytime.
At a local credit union, but its only for 5 years.
And we paycheck park to keep that balance low.
Oh wow! That's great though
I'm glad you mention that about the lender calling or looking your mortgage loan as a credit card, because when I did a cash out refi, they put it on my credit report as if it is a credit card and I question it, but was told they done know why it was reported like that 😲I like things documented like it supposed to be.
Stopppp! That's so ridiculous!
Congratulations on the debt freeness
I’m not for the heloc
Sounds like more debt but continued blessings to you and your household to generate wealth for your future
Thank you! You too!
Congratulations on your journey.
Great video and very complete.
Thank you!
New subbie!!! Watching and supporting other budgeting RUclipsrs on their journey!
Welcome!! 🥰
thisnis so bery informative. incan imagine you are a GODSEND right now to people looking at doing this. thankyou for sharin💖
Thank you so much!
Congratulations!! I am so happy for you!!
Thank you so much!!
Working on trying to be debt free like you hopefully within the next 3yrs
keep going
Ha! I jumped back on but it premiere ended… my last message didn’t go through.
I had to jump back in and express that you go this sis!! Keep the faith and focus!
It is scary how fast and easy it is to get back into debt! The burnout is real and the debt yo-yo is also real. Acknowledging it is the key!!
Thank you!!!
Love it…. Or you can just have an automatic payment of $1000 every 2 weeks go to her heloc account. Just looking at your numbers, it increases $2k every 4 weeks. Now….if you are concerned about interest being lower(I didn’t see interest figured monthly in your calculations), putting in the $5k biweekly and taking out the $8k does decrease average balance, hence less interest.
Good job🎉 2 years is great
Thank you!!’ Excited to make some progress again!
You can redeem the ground rent. The title company should be able to recover that information. It’s usually around 3-5k. The trouble is finding the owner.
Thank you!
Honey - the lease hold...Querin went through that with selling her Baltimore property - she found out about it during the closing process - it was crazy
Crazyyyyyyy
Thanks for sharing your journey, we paid off our mortgage in 2021 in the amount of 108k when we started. Rental property is our goal but not sure how best to dive into that. Just started saving up, thanks again for your transparency
Heloc should be used for investment purposes to avoid unplanned debts,there are other forms of fund raising, I recommend Maria Brisbane on Google for other forms of fund raising, you can raise up to 500k without Risks of loosing your home
Thank you hon! 🌺 Hope it all goes well!
Very interesting video. I see my face in yours. I successfully planned my Wash D.C.mortgage and heloc to be paid off before I retired. So I wouldn’t take that debt into retirement. Accomplished that on a single salary. My plan now is preparing my home to age in place. Something we don’t think about in our youthful earlier plans. I’m proud of you for all of your research. Most definitely black folks are not taught money management and we struggle because of that. Good job for you and your husband working together.
Thank you so much hon! 🌺 Love that you made a plan and stuck to it 🙌🏾
I hope that works out for you fast. I wanna try velocity banking but looking to see what route to take 👍🏻
Thank you hon! 🌺
So when you have a mortgage and cannot pay there are protocols in place from the 2008 recession which can keep you in your house. You also can write off the interest. If you default on a Heloc they will take your home. If you are lucky maybe they will transfer the Heloc back to a mortgage but you will be paying higher fees and interest. Happened to a friend of mine. Beware.
Y'all are so brave! This was very informative I 👏 you,I!
Thank you!
Great Video!!!❤❤❤ Thank you!!
Thanks for watching!
@rochelle - the question regarding divorce that you mentioned, could be considered discrimination which has been a hot topic for loan officers since the 2008 industry crash. I would check into this for real. I don’t know the context of the conversation but the laws for loan officers are very strict. I would have never asked that question as a loan officer.
Thank you Katie! That is why I wanted to share my journey for comments like this......
Those questions could be a violation of ECOA and it’s implementing Regulation B. Very much so…
Hey hey Rochelle! This is just amazing! I am so happy to have been along for your journey!
Thank you so much!!
We here new in my feed
Oops, I will be applying for one soon.
Hoping for the best!
I dig it, currently utilizing the same strategy!
Boom!
Great information about this process
Thank youuuu
With self-employed people, this is common. It takes more to be approved for a loan and a lot more paperwork, questions, etc.
If that ain't the truth 🤦🏾♀️ Thanks for watching!
New subscriber! Great video and thanks for sharing the numbers because this makes sense and you've become your own bank.
Welcome!
Im understanding this credit game more and more...so if you pay off your mortgage off, its like closing a good long standing credit card. All that good on time payment history gets wiped off your credit report therefore tanking your score? Right? Ok got it lesson 5678: Pay mortgage down, not off, then go get a HELOC to buy another property. 👍
That's how it ended up for us 🤦🏾♀️ But thanks for watching hon!!
Great video, sounds like you used SECU for your Heloc, you story sounds like them
Thank you!
You're welcome!