Unfortunately, I think the banks are catching on now. I went to multiple banks and credit unions this week and could not find any one of those that would give a line of credit their excuse was that they just stopped doing them. Thank you and God bless you on all you do.
Having paid out all my debt the hard way. I wish i had seen your videos sooner. I still think knowing this strategy is vital for the future in case i need to borrow money again.
U.S. bank allows you too apply via the app. I recently got approved for 10k at 15.5 which I considered high. I’m happy with my 15$ at 14% through my credit union which I applied on a desktop. Hope this helps! 😊
Wow, seeing those numbers reminds me of when I first started velocity banking. 😂 I have trouble breathing when I see debt like that. Don’t wait people, your lives will never be the same.
Which lender is the best one? Im trying to figure all this out. I've been praying about our debt, and all of a sudden, I start seeing videos from Christy 😊 Our Lord is so good!!! Im married, but my husband isn't on board yet. Is there a specific video I can have him watch that will explain this process in more detail?
I love these videos and wish Christy was available when I had a mortgage. This information was passed on to my kids and hopefully their children when the time comes. Can you recommend best way to finance a reno for a flip without using your personal home as collateral? Banks don’t like Heloc on vacant home.
The concept is great. But i think it would be even faster than she projects. the heloc wouldnt charge 20% of the balance every month. Since the interest is an annual rate the monthly interest paid would be 20% divided by 12 months.
My credit union will not do a line of credit ,they will do a secured loan and my local bank will only do a line of credit if it's secured.What is option B?
@jaredshowers1 We have,in this area I live in unfortunately it's who you are.Even though we have an LLC business they don't want to help us without locking down our property or assets. Velocity banking basically saves you some interest but in the end you still OWE the money regardless of how you pay it back.If your house is paid for and you borrow against it then you are just paying for it again to save interest on something else correct?
@@jeremypeterson9300, the idea is to use the house as leverage, to pay off a higher interest debt. It’s still a win situation, unless you are the type who has no confidence in paying off bills you incurred. Using a HELOC actually puts you money back into your equity, essentially paying yourself. If you continue paying a car loan, will the car finance company allow you to use that payment for something else, if needed?
Why do you think Dave R is so against this strategy? Do you think he's actually protecting the banks? Is it fear of accumulating more debt and not learning my lesson? I paid off 5k last year, Dave's way. It was so hard and not much progress. But I'm determined. I still have 50k to go!😮😢 I'm going to try your way. My husband and I make great money to be this dang broke.I'm nervous to put my house on the line though and every time I try to add credit to transfer to another 0% card they reject me/us. 😩😳😓
Dave is against risk and financial peace for the common person.... If using a HELOC that this method is famous for, you are risking a house to help clear unsecured debt on credit cards (that could be discharged in bankruptcy at worst case scenario). Using a mixture of both works wonders for me clearing out debt. Snowball payoff is very similar bc as you pay down the lowest balance card, you are gaining that cash flow just like in the video of gaining more cash flow to accelerated debt payoff
So you have to stop using your regular checking account & obtain a checking account through the credit union or wherever you're getting your LOC through, correct?
Do any of your students use a stock margin account? I have a stock portfolio that includes ETFs for lower volatility. I borrow money from my margin account and pay 5.5% annual interest with no minimum monthly payment required.
Was doing this with my credit card. They would post the difference as soon as I would pay. Now they show the difference but always hold $400 for about 14 days that I cannot use till then. Was doing great till they did this. I usually would get 1%-5% back a month.
Every loan does that, except an amortized mortgage. The PLOC/HELOC charges your balance on an annual basis, then divide it by 365 days, each month. So, as your balance decreases, so does your interest payments.
Awesome example, but I doubt this person just has $1000 in monthly expenses. They are definitely forgetting something. I spent about 1000 just at the grocery store
if you're taking out 80% of your home value in this case $288k aren't you charged interest on that amount and not the $122k debt you owed when you were doing the calculations? I'm a bit confused.
Its a line of credit, not a loan. She didnt pull the whole 288 out. that's just the amount available on the line of credit. You dont pay interest on money you havent spent. Just like a credit card.....
@@HardThingsWithTheTwerps oh I understand. So the $288k is like the max you can use but in this scenario she calculated $122k interest because that's how much you would have spent on that credit to pay off the debt.Thank you.
@@HardThingsWithTheTwerps My other question is that when she is calculating the payment to the line of credit she threw all the income of $5200 into it. Which means there is no more cash flow in the end of the month compared to before it had $700+ cash flow. Is she saying the line of credit is "cash flow" in case of emergency?
@@mrgippy123No. The LOC is your checking/savings/emergency fund/HYSA/sinking funds all in one debt product. The cash flow is what pays down debt. Your expenses, most of which are monthly stay in the line until they come due. This means your expenses save you interest. Have a great day.
@mrgippy123 yeah because when she paid everything with the HELOC she eliminated all her bills. So her whole check is basically now "cash flow". When she puts the 5200 credit on the HELOC each month, it satisfies that monthly payment and the majority of that 5200 will go to the principal balance..... so even if she charges 1k a month in food, gas, and other expenses to the HELOC, the amount of principal paid from the 5200 means every month she would have paid more on the line than she spent...... thus paying it off quickly while still having the safety of the line if any emergencies arise. Its really a great system!
Working with my actual numbers was a real eye opener for me. The possibilities are fun! Thank you Christy for teaching the rest of us!!
@nan IT IS FUN!
This is awesome. Ive been spreading the word and no one has wanted to hear more
Unfortunately, I think the banks are catching on now. I went to multiple banks and credit unions this week and could not find any one of those that would give a line of credit their excuse was that they just stopped doing them. Thank you and God bless you on all you do.
Try one of Christy’s lenders I did!
I’ll have to look into that, thank you.
Thank you and God bless you
All of my limits are being cut now. I feel your pain.
Are you doing VB? The only reason to cut your limit would be if you miss payments or aren't using the line at all.
Man, that was Awesome !!! Ty for that educational ,30mins of great experience. You are an Angel!
@quinn Thank you for being precious! Godspeed with your strategy!
I hear you loud and clear…great job as usual ❤
Good to see you here again. Have a great day.
Having paid out all my debt the hard way. I wish i had seen your videos sooner. I still think knowing this strategy is vital for the future in case i need to borrow money again.
Great and awesome job! As always VANNtastic. God bless you.
Thank you million times 😘
It would be so great if we could get a line of credit from an online bank
Agreed.
U.S. bank allows you too apply via the app. I recently got approved for 10k at 15.5 which I considered high. I’m happy with my 15$ at 14% through my credit union which I applied on a desktop. Hope this helps! 😊
@@mariaisabelescamilla2313So you have 2 PLOC's, if so good for you.
Wow, seeing those numbers reminds me of when I first started velocity banking. 😂 I have trouble breathing when I see debt like that.
Don’t wait people, your lives will never be the same.
Thank you for this example!!!I. It is very similar to my situation. I learn so much from your videos 😊
Do you have a video for those who are self employed and do not have same income each month?
Awesome! You rock ❤
@amueller YOU ROCK!🤘
We all got minds 😂😂 love it ❤❤
Which lender is the best one? Im trying to figure all this out. I've been praying about our debt, and all of a sudden, I start seeing videos from Christy 😊 Our Lord is so good!!!
Im married, but my husband isn't on board yet. Is there a specific video I can have him watch that will explain this process in more detail?
That s the best way !!!
What if your credit score is too low to get a HELOC?
I love these videos and wish Christy was available when I had a mortgage. This information was passed on to my kids and hopefully their children when the time comes. Can you recommend best way to finance a reno for a flip without using your personal home as collateral? Banks don’t like Heloc on vacant home.
PLOC?
@ Personal line of credit is not enough for the big jobs. Roof, heating system, etc.
The concept is great. But i think it would be even faster than she projects. the heloc wouldnt charge 20% of the balance every month. Since the interest is an annual rate the monthly interest paid would be 20% divided by 12 months.
What about Dave
Thank you
My credit union will not do a line of credit ,they will do a secured loan and my local bank will only do a line of credit if it's secured.What is option B?
Shop around 👍
@jaredshowers1 We have,in this area I live in unfortunately it's who you are.Even though we have an LLC business they don't want to help us without locking down our property or assets. Velocity banking basically saves you some interest but in the end you still OWE the money regardless of how you pay it back.If your house is paid for and you borrow against it then you are just paying for it again to save interest on something else correct?
@@jeremypeterson9300, the idea is to use the house as leverage, to pay off a higher interest debt. It’s still a win situation, unless you are the type who has no confidence in paying off bills you incurred. Using a HELOC actually puts you money back into your equity, essentially paying yourself. If you continue paying a car loan, will the car finance company allow you to use that payment for something else, if needed?
What if I have 14,000 no interest I already paid the 5% to get it, would it be better to pay it off with the line of credit?
Why do you think Dave R is so against this strategy? Do you think he's actually protecting the banks? Is it fear of accumulating more debt and not learning my lesson? I paid off 5k last year, Dave's way. It was so hard and not much progress. But I'm determined. I still have 50k to go!😮😢 I'm going to try your way. My husband and I make great money to be this dang broke.I'm nervous to put my house on the line though and every time I try to add credit to transfer to another 0% card they reject me/us. 😩😳😓
This method actually works better for people that have been thru the Dave way first to actually help with the discipline
Dave is against risk and financial peace for the common person.... If using a HELOC that this method is famous for, you are risking a house to help clear unsecured debt on credit cards (that could be discharged in bankruptcy at worst case scenario). Using a mixture of both works wonders for me clearing out debt. Snowball payoff is very similar bc as you pay down the lowest balance card, you are gaining that cash flow just like in the video of gaining more cash flow to accelerated debt payoff
Dave’s way teaches you to stay out of debt through hard work. You can do it! Great job so far.
So you have to stop using your regular checking account & obtain a checking account through the credit union or wherever you're getting your LOC through, correct?
Do any of your students use a stock margin account? I have a stock portfolio that includes ETFs for lower volatility. I borrow money from my margin account and pay 5.5% annual interest with no minimum monthly payment required.
Was doing this with my credit card. They would post the difference as soon as I would pay. Now they show the difference but always hold $400 for about 14 days that I cannot use till then. Was doing great till they did this. I usually would get 1%-5% back a month.
Is it true that banks can call back a HELOC within the first 2 years for no reason? Pls reply
I think of it isn't being used.
Question: what happens if you sold your house at month 4 during pay off?
I would totally do the heloc but only have 65k in equity atm
Use the 80% of the 65k, to do whatever you want to do.
I have a HELOC at 10% with the balance paid off. Should I replace it with a lower rate HELOC, before rates go back up. How do I do that?
What is money max?
Hello i am French do you know about the Bank . In Québec Do you have have someone référence
Thank you
What is she doing with all that money?
My ploc charges the daily rate every actual day plus charges me a monthly payment. Idk if this is for me. 😂
Every loan does that, except an amortized mortgage. The PLOC/HELOC charges your balance on an annual basis, then divide it by 365 days, each month. So, as your balance decreases, so does your interest payments.
What if I don't have a house and bad credit with multiple loans??
Adult-up dude.. sorry but..
@trucker Money Max can help!
Wowser
Awesome example, but I doubt this person just has $1000 in monthly expenses. They are definitely forgetting something. I spent about 1000 just at the grocery store
❤
If everyone did VB we would all have rich people problems eventually because you run out of debt to payoff. Then you being worrying about inflation.
if you're taking out 80% of your home value in this case $288k aren't you charged interest on that amount and not the $122k debt you owed when you were doing the calculations? I'm a bit confused.
Its a line of credit, not a loan. She didnt pull the whole 288 out. that's just the amount available on the line of credit. You dont pay interest on money you havent spent. Just like a credit card.....
@@HardThingsWithTheTwerps oh I understand. So the $288k is like the max you can use but in this scenario she calculated $122k interest because that's how much you would have spent on that credit to pay off the debt.Thank you.
@@HardThingsWithTheTwerps My other question is that when she is calculating the payment to the line of credit she threw all the income of $5200 into it. Which means there is no more cash flow in the end of the month compared to before it had $700+ cash flow. Is she saying the line of credit is "cash flow" in case of emergency?
@@mrgippy123No. The LOC is your checking/savings/emergency fund/HYSA/sinking funds all in one debt product. The cash flow is what pays down debt. Your expenses, most of which are monthly stay in the line until they come due. This means your expenses save you interest. Have a great day.
@mrgippy123 yeah because when she paid everything with the HELOC she eliminated all her bills. So her whole check is basically now "cash flow".
When she puts the 5200 credit on the HELOC each month, it satisfies that monthly payment and the majority of that 5200 will go to the principal balance..... so even if she charges 1k a month in food, gas, and other expenses to the HELOC, the amount of principal paid from the 5200 means every month she would have paid more on the line than she spent...... thus paying it off quickly while still having the safety of the line if any emergencies arise.
Its really a great system!