With VELOCITY BANKING there is no DOUBTS with YOUR FINANCES!
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- Опубликовано: 13 сен 2024
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This is amazing. Why haven't I ever learned about this. I'm 52 and the current Morgage is 30 years and I'll be 75 getting it paid. Wife has 12k In student loans a small 3k loan at credit union and about 4k in wife's medical bills. Sounds like I could have this knocked out with my current income in around 6 years
🤦♂️ the more I think about it the more I frigin kick myself🤦♂️🤦♂️🤦♂️ I would b in a so much better place if I knew this years ago
@macgy WE ALL WOULD BE IN A BETTER PLACE HAD WE KNOWN EARLIER
I love these type of videos!!!!! This helps so many people because it is tangible rather than just numbers. Also you can hear the realization in the callers voice and excitement.
Exactly. That's I have said these type of videos are my favorite.
I have an All-In-One First Lien HELOC on my primary mortgage and 2 of my rental properties. I went through CMG Financial for my First Liens. I'm not any type of financial advisor, but CMG worked great for us !! Best of luck. Christy is my She-ro !! ❤️
I’m in the exact same situation as this family. I would love to see a whiteboard example of paying off a mortgage with 2.99%, cars, and credit cards with a first position HELOC with higher interest.
Oh man, I get it, but I don't I been trying to study this but am missing something
Thank you so much Christy for teaching VB. What a blessing finally get out of debt! Everything paid off! About to retire and heloc will be my major expense emergency fund. I created a spreadsheet to track my chunks and interest. 🎉 you are truly a godsend!!!
Love the call in! Genius!
U broke the broken part of my brain. I’ve been on the phone with a bunch of financial people all Monday and most of today. Doin math and contemplating. Found a heloc would pay off my house, payment would go up about $350 a month but would take a 3rd of the time to pay off. No need for credit cards of u have a LOC. I’m not really in bad debt, but had a co-signer stop paying on a travel trailer and I had to pick up that loan. I’m thinking I can easily get a PLOC and pay off the last 5 months of a current loan and pay the trailer payment from the PLOC and then have no need for an actual card
She broke the broken part of your brain? How could she break what was already broken?😂🤔😉
If you pay off the last 5 months of the trailer loan, that means you no longer have a trailer payment. You increase cash flow by the trailer loan monthly payment. Have a great day.
Do not throw the entire mortgage on to the HELOC. The only exception would be 1st lien HELOC because you're parking all income in the HELOC. If you're getting 2nd lien HELOC or PLOC, I would do 12 month chunk payments. Have a great day.
@@Jesus-kt5dc no, last 5 months of a signature loan with the trailer added on top
@@Jesus-kt5dc ok I’ll look at that. I have a very low income but plenty of credit and equity. I’m trying to do the math on everything but I’m looking to make money with the stuff I have and can get my hands on
Thanks im really sure this changes all my decisions for the better
Hey Christy,
Why dont you talk about ERISA!???
ALOT of seniors and disabled people cant be compelled to repay their debts. Even taxes!!!
In 1974, ERISA was enacted to protect almost ALL retirement and disability income from lawsuits and collection!!!
Can you work through a simple example so we can understand the basic concept? 500k mortgage, no credit card or other loans
I remembered i read it somewhere, people used to write checks and put principal only when they pay extra toward their monthly mortgage, i guess it does not matter when using this method
I went to Island Federal to get a helco they said you have to maintain a 25,000 balance for 3 years… so there is no closing cost.. Can you send me info . thank you you have helped me so much with an overdraft etc now Im ready to get a bit deeper in
What if you can’t get a line of credit
Can i get a referral to someone in the san diego area ?
I don’t have enough cash flow my card debts is around 15 000 and my fair credit is below 630 so how can I get a credit loan in Illinois
Christy Would you please discuss the HEA unlock Home Equity Agreement. And is it worth it?
What about a less than 10 year balance left on mortgage at 2.125apr
One car pmt at 0% and we pay off credit cards each month not carrying a balance?
Is this still a good idea
My husband is hell bent on the home interest as a tax write off
I am battling him on this
I think he’s wrong
Help
A reply is appreciated
Reached out to my bank about HELOC, it's saying I can transfer from the HELOC to my checking account, and vice versa, they can do check associated with the HELOC how would I go about doing this as far as velocity, it sounds like the checks are money out of the HELOC not a continual money in money out if that makes sense. For example I take money out for bills and replace it with my income and continue to put money in and take money out.
Make sure you have checking account at the same place you have your HELOC. Every time you get paid or have money in checking account you transfer it to the HELOC. As expenses come due write a check or transfer the money from HELOC to checking account, then pay expense from checking account. I'm not 100% sure, but you could also see if you can link the HELOC to checking account for overdraft protection. Have a great day.
I appreciate it, that's what I figured out to do, I'm not able to link it for overdraft
I’m in a similar va loan situation. I’m probably in for 15+ till I pay it off. 🤷🏽♂️
How do you figure out so quickly how long it'll take to pay off the mortgage?!
Won’t this affect a mortgage loan approval when you have a constant 0 balance in your bank account?
I've spent over 100 hours modeling different scenarios for people. I love this concept, but in this specific case I think the second position HELOC is the better strategy. I could be wrong but the amount of debt that they have wrapped up into a first position at over 7%, would slow them down.
If you are already using your HELOC to pay off 30 k in dept should I use another 10k to chunk on mortgage or wait till the 30 k Dept is paid
Hey @doug, I would pay off the 30k debt first. The 30k debt, even if it's one single debt or multiple debts making up the 30k, you're probably paying more interest on it than what you're paying on your mortgage. Velocity banking is the interest killer. Kill off all kinds of high interest debt first with a HELOC, PLOC, BLOC, or even with a credit card if you have to. Hope this helps.
Was following until 5:20 . How does it end the $650 truck payment? Would have been helpful to see these numbers on the board to see how that happens in 13 months? Could you go over this in a Part 2 video. ? Like the calculation did not show how the car note is ended in 13 months
I don't see the total amount owed on the truck. Here's the breakdown starting at 1:30. Income is 9,000 expenses are 7,500 leaving 1,500 cash flow. She's getting a 1st lien HELOC which turns her 1,400 mortgage payment into cash flow. Her income into the 1st lien HELOC satisfies her 1,400 mortgage. So that's 1,500+1,400=2,900 monthly cash flow. Then she can leverage the HELOC to pay off the truck which turns her 650 monthly truck payment into 650 cash flow. So her new cash flow is 1,500+1,400+650 = 3,550 monthly cash flow. So 3,550 monthly CF x 13 months = 46,150.
Let me know if this helps.
@@Jesus-kt5dc I see so the $650 is already included ( a part of) of the 7,500 expense figure. Then the additional cash flow of $2900 all is going to be added to the $650 every month being paid off at 13 ,. it seems a bit clear now.
@@Jesus-kt5dc Ok . So the $650 is included in the $7,500 expense figure already . So then the additional cash flow of $2900 is paid directly to the the truck loan on top of the $650 already paid? Seems a bit more clear just would have been nice to see on the board with the original calculation since the HELOC is a separate loan attached to the house and now we’re adding a truck loan that may be at a different bank just became imaginary without seeing it on paper. Thanks
So how can I pay my auto loans etc with a credit card without having all the fees? They are charging me like $80 to pay 1 car note.
You don't pay loans or rent with a credit card (with some exceptions). You're suppose to leave cash expenses in your checking account. Credit expenses and cash flow go into the CC. Have a great day.
What's banks do you use or suggest?!?!?!
@alexgee2845 Local Credit Unions. Thanks for watching!