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.
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 💜
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 💕
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!
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 💙💜💙
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 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!
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!
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 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'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.
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.
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.
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.
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 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 ❤❤
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!!
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.
You blew me away when you show Denzel! I have been using Denzel's plan with paying off debit by using a HELOC over the last 3 years. I have put over $60K towards my mortgage. And, paying down my HELOC in the process. I can't believe it. :-) Good Video! I love your transparency!
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.
I truly believe that some people are addicted to DEBT‼️. Me personally, I HATE BILLS. People look at me funny when I tell them that I don’t have cable or a streaming service for TV. RUclips is my TV😂😂😂😂
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 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.
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.
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
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
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.
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 🤔
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.
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.
@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.
Yes girllll - you got it right...that's what I said. So now what I am trying to do is start retraining myself ahead of time before I pay off the mortgage. I think the route I am going to go is more travel (if that's even possible from what I already do - LoL - and more freedom to spend more having experiences).
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
That's crazeee that your credit score DROPPED! They can just drop it like it's hot because i am paying IFF THIS MORTGAGE. Thank you for your transparency. I understand you being hesitant about purchasing a house 😍
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.
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
I wish i wish I WISH I was even 1/4 as together as u are luv!!! And due to a car accident and the injuries and medical debt and having ZERO savings I'm just robbing Peter to pay Paul...but this gave me hope to do better once I conquer this demon situation. Thank you
Also, 480 months is a 40 year term, not 20, so they stand to make 600K off of this 100K loan at 10% interest. You may wanna pay your debt on your own to avoid the risk of losing the house with using the HELOC.
I like to think; If I had rented how much would that have cost me..?. Then I just do the math from there. People say, "but property taxes and home insurance" not realizing that rent never ends as well and at the end you still have nothing...
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.
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 💪🏾
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!
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
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
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!!
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!!
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
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! 😅
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 🤗
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!
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!
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!!!
I’m so happy I found your channel. Thank you for your time to make these videos
You are so welcome!
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
This was so interesting!! Life be life-ing for sure! Thanks for sharing Ro!💚😊
You are so welcome! 🥰
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! 🌺
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
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 letting us get up close and personal. I'm going to watch the video again ❤️
You are so welcome!
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 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'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
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!
You guys are doing so well ❤ Keep it up 🎉
Thank you hon! 🌺
OH MY GOD. So Powerful! So Thankful. Wow WOW MEGA WOW!
Wow this is intense!! I really think this is going to work for you guys! Congratulations ❤️
Thank you so much!!
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.
Thanks for sharing I want to say thank you for everything from showing us what to do.
You are so welcome!
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’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! 🥰
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!
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!
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 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
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! 🥰
Be kind! 👍👍👍👍 excellent advice! Thank you for sharing. Congratulations to you and your family.
Thank you!
Thank you for all the information. It is much appreciated.
Glad it was helpful!
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!
😲 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!
Your vulnerability here speaks to me. I appreciate you for sharing this. Thank you
You’re welcome!
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!!!
i only watch you all the time becuase YOU ARE GOALS! I still rent but i learn so so much from you!
Thank youuuuuu
Personally, I would always want to keep a paid off go-to property in the crazy world in which we live.
Someone had to take one for the team lol. Now we come and listen and learn. ❤️❤️
Yessss. Learn from the mistakes of others
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 💪
New here definitely subscribing I like people who are real and down to earth. ❤️❤️
Thank you hon! 🌺 Welcome to the family!
There is no wrong way...we're all learning as we go..
Thank you hon! 🌺 That's facts
You blew me away when you show Denzel! I have been using Denzel's plan with paying off debit by using a HELOC over the last 3 years. I have put over $60K towards my mortgage. And, paying down my HELOC in the process. I can't believe it. :-) Good Video! I love your transparency!
Fantastic! TYSM for sharing your progress!!!
You are AMAZING!!!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!
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!
I truly believe that some people are addicted to DEBT‼️. Me personally, I HATE BILLS. People look at me funny when I tell them that I don’t have cable or a streaming service for TV. RUclips is my TV😂😂😂😂
IKTR lol don't ever change!
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?
Peace, love and budgets.❤️
Thank you so, so much for sharing your journey Rochelle!!! Outstanding content...God Bless you and your husband :)
Thank you so much!
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!
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!!
keep it coming. We need authentic people like you to tell us the truth and help us make a decision into getting a heloc
Thank you!
Hey hey Rochelle! This is just amazing! I am so happy to have been along for your journey!
Thank you so much!!
Great video. I always wondered about HELOCs and this was so informative.
Glad to hear 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
Thank you hon!! 🌺
Love your video very informative and sharing real emotion. Thank you 🙏
You are so welcome!
I appreciate the knowledge. Thank you.
Glad it was helpful!
Thank you for the Detailed Heloc info...
Glad it was helpful!
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!
Thank you for sharing your journey, it is very helpful.
Thank you hon! 🌺
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!
New subbie!!! Watching and supporting other budgeting RUclipsrs on their journey!
Welcome!! 🥰
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.
Thank you for sharing. A lot of info I didn't know
Glad it was helpful!
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 🤔
I’m so glad I found ya video. I’m thinking of doing this
Thanks! I’ll be sharing updates!
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 🙌🏾
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!
Y'all are so brave! This was very informative I 👏 you,I!
Thank you!
This was good and informative! Thanks for sharing!❤
You are so welcome!
@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…
Congratulations on your journey.
Great video and very complete.
Thank you!
Yes girllll - you got it right...that's what I said. So now what I am trying to do is start retraining myself ahead of time before I pay off the mortgage. I think the route I am going to go is more travel (if that's even possible from what I already do - LoL - and more freedom to spend more having experiences).
At this point your trips will be a sabbatical lolol
I hope that works out for you fast. I wanna try velocity banking but looking to see what route to take 👍🏻
Thank you hon! 🌺
Working on trying to be debt free like you hopefully within the next 3yrs
keep going
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!
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!
Congratulations!! I am so happy for you!!
Thank you so much!!
Hey girl, you know that we rent, so I don’t know much of anything about HELOCs. Best wishes. 🤗🥰
Personal Line of Credit (PLOC) does the job.
@@Jesus-kt5dc thanks. We’re not looking for a credit line. 👍
@@TheLongRunwithJoelandChristy *Ok, have a great day.*
Thank you! We will need all the well wishes we can get!
That's crazeee that your credit score DROPPED! They can just drop it like it's hot because i am paying IFF THIS MORTGAGE. Thank you for your transparency. I understand you being hesitant about purchasing a house 😍
Exactly!! Temporary drop for a lifetime of debt freedom!
I dig it, currently utilizing the same strategy!
Boom!
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
Great Video!!!❤❤❤ Thank you!!
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!
Great information about this process
Thank youuuu
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
I wish i wish I WISH I was even 1/4 as together as u are luv!!!
And due to a car accident and the injuries and medical debt and having ZERO savings I'm just robbing Peter to pay Paul...but this gave me hope to do better once I conquer this demon situation. Thank you
Awww thank you so much!
Also, 480 months is a 40 year term, not 20, so they stand to make 600K off of this 100K loan at 10% interest. You may wanna pay your debt on your own to avoid the risk of losing the house with using the HELOC.
I like to think; If I had rented how much would that have cost me..?. Then I just do the math from there. People say, "but property taxes and home insurance" not realizing that rent never ends as well and at the end you still have nothing...
Oooh! That's a good way to think about it
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.
Thank you!
You're welcome!