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BUT... You forgot the continuing increasing escrow every year.

Wouldn't it just be easier to pit the $1100 cash flow directly towards the principal of the mortgage every month instead of just making the normal payments? Also, don't banks have mortgages and lines of credit set up where the interest of the original principal is baked into every payment? Caise they always extrapolate how long it would take to pay off even lines of credit.

im from europe and i have a house in which i rent 2 apartments, that is my main earning. My house approx is worth 600 000 euros~dollars. All of sudden, a bank calls, telling me that they know that tourism is not a steady business, so they can offer me a loan that only has 2% interest. So i can start side business, so, they are offering me 200 000 euros~dollars, but it would be a hypotecary credit loan, basically an american mortgage. I dont know how hypotecary credit loans work in america, but in europe, if you for some reason do not pay every month, before 15th in month, the bank takes the house. And there are no tools to take it back. I never lived in the america nor i know anyone from america, but based on movies like the big short i have impression that almost all american families have mortgages, while i known noone here who has mortgage, people are scared of it like its a devil himself. I dont even know anyone who knows anyone who has mortgage. Noone is crazy enough to go into that idea.

Im new to your channel. Im hooked on your info but i dont know where step one is.

With monthly cash flow of $1,100 net (fixed income- fixed expenses) there’s no financial instrument in the world that can make you save anymore than $1,100 per month. The LOC is practically useless and it’s also totally false $10,000 can be paid in 6 months with $1,100 per month net cash flow; more like 9.09 months.

With monthly cash flow of $1,100 net (fixed income- fixed expenses) there’s no financial instrument in the world that can make you save anymore than $1,100 per month. The LOC is practically useless and it’s also totally false $10,000 can be paid in 6 months with $1,100 per month net cash flow; more like 9.09 months.

Maybe it's democrats and unemployed losers

Well, he can work at McDonald's, at a gas station, do gig work, something those 4 mths. Like wth. Cancel the gym membership and the cable. You have internet get philo. That covers a lot.

Muslims don't pay any interest for a reason . In fact they have there own banking system thats 0 interest loans .

Ok... on an unrelated topic having multiple bank accounts is actually a good thing... you want to make sure you have more thrn 1 option to take out the best mortgage you can And with diffrent banks having you're data history credit score risks hsbits etc etc and are aware you have a account in a diffrent banks.. they compete (The benefit isn't massive but there's no harm in getting the very best deal you can get)

OMG! I just had a light bulb moment. As you were doing this example I plugged in my own numbers and sure enough the CC balance was coming down. That is the coolest thing I have seen in a long time. Your a genius! Thank you so much for sharing your knowledge.❤️

Just take out a 0% card and pay what you can within the months offered lol

Can velocity banking erase debt using a heloc with only a 3 yr draw period?

You are amazing 🤩🤩🤩 I tried it only a month and already noticed the difference

Someone feel free to correct me, but I don't think she did this correctly. In month 6, when the LOC is "0" she did not add the $4,100 for expenses for that month. If she had, plus a bit of interest she would have been around $3,927 for month 7, and if she had put $10,000 toward the mortgage, the LOC would be around $13,927, not $10,000. When I calculate it, the LOC is fully paid off around month 11 and can put $10,000 toward the mortgage on month 12. This method does pay off the mortgage faster than making the minimum monthly payment, but only because the debtor is making and extra $1,100 payment each month. The interest situation is actually WORSE than just making that same payment on the mortgage itself, because the interest rate is higher. You're paying 14% on the $10,000 for the LOC rather than 7.75% on the $10,000 that the mortgage was paid down. If you wanted an apples to apples comparison, you would have to compare the interest paid to the LOC plus the interest paid for the mortgage every month (which is still happening in the living expenses) compared to the interest paid on the mortgage alone while making an extra payment of $1,100 toward principal (essentially a $2,067.16 payment every month).

what if the Bank goes bankrupt?

Hi Vann, how can I hire you to help Me figure out my situation?

What about a ploc ? Make multiple or chunk?

That's amazing info!! Thank you!

It seems 1:32 , I'll look at earlier videos, appreciate you're content

I have made $1,000 or $2,000 payments on my credit card, and my credit limit increased. My credit card is through my bank, and I've been with that bank for over 20 years, so maybe that's why?

This just happened to me

It's confusing

I was lost as soon as you started explaining things.. I'm going to have to watch this over probably 4 or 5 times before I understand it but thank you

When I make a payment to the LOC will this payment go to principal or just apply the payment?

Such a brilliant strategy. I’d like to see some videos on using lines of credit to build wealth rather than pay off debt.

I don't claim to be a finance guru. But I can make the factual statement that investing in a US total stock market index fund is a much, much more profitable strategy than paying off ANY debt that is less than 8% interest. (Like a home loan or mortgage, including a heloc). If your debt(s) are lower than 8% interest, and you're not investing in a US total stock market index fund, then you are willing throwing money away, practically burning it. I can demonstrate this with math. I've already done it in these comments.

Hi! Thank you for the uplifting words💜. I studied velocity banking in March and started VB in April, and it has already made a difference! Thank you for all the info you share😻

I like that! So far MY bank is the top option which is a blessing!!

Would it be a bad idea to do this on a property you don't plan on staying for 30 years or more?

I didn’t make chunks.. but Synchrony cut my account by $560.00 so now it looks like my card is used to its limit 😡 but that’s ok I’m done with them!

I love it! The best thing you can do is create a plan, continue learning & everyday work towards your goals daily. The worst thing is complaining & not doing anything. New sub here🔥

Why not just pay extra on your principal every month and drive that down without more moving parts? Would you pay 1k extra a month or get loans you pay 1k/mo + interest?

I have a question, so I made 193.00 payment,this cover my storage,and couple of subscriptions,my due date 17th,however it did lower my balance bexause min 115.00 however when the interest was added by the 24th,I had make another payment for my storage and subscription could be covered.My question is do i need to reset ny due date for my storage and subscription?

we pay $50 extra per month over the mortgage payment and no lie, our calculator is showing a savings of like 34k in interest. Just that tiny bit extra really helps.

Thank you Joyce Meyer ❤

I finale got My PLOC today! I’m ready!

Mindset is key 🔑 thanks a lot for your wisdom

The lady who visited with me on the call was marvelous: had great advice and very knowledgeable. No pressure!! I give 2 thumbs up for all the info she gave me.

Hit 200k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in February

I have no debt on my two credit cards, and I only use them for things like gas, oil changes, and emergencies, but I pay them both immediately after I use them. I was told that if I want to raise my credit score (740 right now), I ought to keep like 20% to 30% on them and pay them off and do it again. Is this true?

Appreciate your words of encouragement! Declare it!❤ you are sharing such wonderful wisdom. God’s got this! Absolute faith. My TRUST (in Him) fund is enormous! Much love and blessings 😊

How much cash flow do you need to purchase a home with a first lien heloc? I tried to do a calculator and it said it wasn't worth it to buy a home with a first lien for me because it wouldn't get paid earlier then 30 years due to my cash flow being too low

Here's where she lost me.. if you have a $10,000 LOC and put the income in aren't you adding it? She's showing the income as a subtraction. Can some one explain this to me please?

Brilliant!

Just an observation… The extra $1100 is being used to offset the $10k line of credit. Meaning after 6 months your $6600 helped pay the $10k back. With a $967 a month mortgage payment, you can literally apply the $1100 to that for a total of $2067 per month for 6.5 years with very similar results and no line of credit. I would love to see the same video using my example.

SUBBED!!!

Can you use a PLOC to invest in this program?

She did not take into account the living expenses on that last month of the Line of Credit. It will take more than 7 months to "pay it off". It's only going down by less than $1100 each month, that means about 10 months or so depending on the interest. Also, it would be better (and easier) just to add $1100 to the principle payment each month rather than monkey around with this Line of Credit plan.

I started a whole life and abandoned due to job changes and life events. I am 60 now and which I would have known this concept 20 years ago. Do you think concept can still help