Maxed Heloc? No problem! We can still use it with Velocity Banking!
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- čas přidán 23. 04. 2024
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When the student is ready, the teacher appears. I found this 4/21. Have been devouring videos... Plan to talk to a CU or local bank this week. I feel better just KNOWING this strategy! Can't wait to work it and be one of the success stories!! Thanks for what you do! This IS a game changer, life changing.
Yay, it is a relief to know there are other strategies! You can do it! I'm excited to succeed, too!
The best financial strategy! I started using it in 2020 🙏
Using this plan, starting last year. We just paid off two more loans, should be finished next year. We went from having no cash flow and making minimum payments to getting things paid off and having cash flow!
Its a great strategy but here is the downside. If your house falls in value, a HELOC can be called forward (60 days to pay the balance), it has not happened due to home values increasing but it can happen in the near future.
Very, Very unlikely. Plus, they don't give you the whole amount the house is worth (Much Less actually) and also shouldn't use it more than 63%, for cushion.
I had my credit union close all PLOC's as of December 2022. If you had a balance they transferred to a personal loan. I recommend getting multiple LOCKS just in case this happens.
Thank you for this video! Ironically, I just commented on one of your older videos, seeking more guidance, and you just announced on that video that there was a webpage where you had free videos where everything is there for people to educate themselves. I so very much appreciate the tremendous blessing of who you are helping people to Free themselves from financial bondage. Blessings to you and your family. I will be continuing to grow with you and looking forward to hopefully being part of your growing family 😊
@tanyason1138 It's my pleasure to share!
It sometimes gets a little confusing when you minus the expenses instead of adding it. Sometimes you catch it but other times the next time after adding interest you correctly add the expenses… What’s great is when I notice this I am actually learning from your examples. lol. Thank you Christy you are such a guiding light to us all. I am forever grateful- because my finances are so much easier to manage and stay ahead of it all.. I feel more confident being in charge and reducing my debt.
you minus income and add expenses! Mrs Vann is flawless.......where did she minus any expenses?????
Can you explain what happened with the American Express payment? Was the 9K income transferred into the line of credit, then some of it transferred out to the Amex from which her expenses were then taken? ?? Thanks!
I think everything was charged to the amex and then the heloc paid for the Amex
I was going to ask the same. Planning to start with a PLOC soon but want to CC for rewards.
beginning of the vid you never said how much you are putting towards the amex. all paycheck is going into the heloc but what is paying the amex and how much
You say she does not have to change or sacrifice her standard of living, Her expenses you say are $8000/month BUT BUT somehow she got into over 176 K of debt. (Add them up) So she has been living well above her means for YEARS. The only way for this to work is for her to actually FREEZE her credit cards in a block of ice. She has become accustom to living off her income PLUS Credit cards. If she does not freeze them, literally, this will not work, she will continue to spend on the plastic.
Good point.
If she stops using her credit cards they’ll gain relief from the weight of their past financial decisions.
As for maintaining their “present” lifestyle, it appears they will no longer be able to afford that level of luxury “if”the end goal is to be free from the burden of financial debt.
Oh goodness start from scratch...
Haha, the Dave Ramsey reference was great
@Christy Vann I think you need to make a video just explaining about using CC for expenses to earn rewards and how to pay from PLOC or Heloc.
i think u need to make that video, your welcome to...... i just dont understand how people demand content creators to do what they want when they can themselves or find a plethora of videos that do what they want. it just sounds inconsiderate!!!!
@@iamOAKland Wth!!!! 🤣🤣 I’m not demanding anything. It was just a suggestion. Chillllll 🙏🏼
@@iamOAKland wacht mollie she explain vb with a cc
I’ve heard her say you can connect your checking account to your HELOC credit card. How does one go about doing that?
You should be able to link the accounts electronically.
how does 5% interest of 82000$= 342$ a month?
I have called 2 credit unions and 2 banks and so far no one carries a personal line of credit or heloc....North Texas area...maybe a national bank
AA Credit Union offers HELOCs. I have 2.
I have an existing HELOC and would like to try Velocity Banking but don’t know how to start. When I do income in do I make payment towards principal or as regular payment and then take all expenses out?
would you do
credit cards
then Cars and any other transportation
then mortgage
or all together if possible?
If you and spouse are paid bi-weekly I assume you still just throw paychecks to heloc?
So i have a question: the deposits are put on the principal or the interest? Or does it matter? Im trying to figure out how the deposit takes care of the payment.
Really appreciate your videos. I need clarification on Amex #1. Are you saying to also put some direct deposit into that account? I need clarification on how you got rid of the $600 payment if you don't mind.
I’m a martial arts instructor and my income is fractioned throughout the month. Can I still use my credit card as a checking account to put the money in as it comes and still get rid of debt? Is it just as effective?
Also, how do I get around not being able to make my car payment with a credit card???
Just closed on my first 2 unit property. I want to use the HELOC strategy. Where do i start?
get a heloc, which would have been easier if you did it at the same time you were purchasing the property.
Hope you aren't Canadian lol
do you have example where Heloc covers ALL debt and expenses?
So does she still make the minimum payments on the other cards that are waiting to be Velocity-fied? So they would be subtracted from her cash flow amount because she has to pay those minimums with cash?
During the monthly income going into the helco, what happens to the credit cards monthly payment?
you keep making the payments, either with cash or in this situation she is using the heloc to make the minimum payments to the credit cards, the the cash that would go to the credit cards are applied to the heloc.
@@deval3596.. Does the Helco come with a check book or you have to transfer the money from the line of credit?
I don't understand how you eliminated the amex #1 payment from the expenses. I've replayed that part of the video over 3 times but I still can't figure it out. Something about rewards from another card but no details were given. I'm in kind of the same boat with maxed heloc and being forced to retire recently has put me in a financial bind. This is why I'm really trying to figure out how you did this one.
I feel the same. She states the income going in satisfies the payment, but the HELOC got the income, not the AMEX.
@@trinitybruns1:16 She explains it. She's running credit expenses through the card. Cell phone, gas, utilities, dining, subscriptions, insurance, groceries. This allows for the use of one dollar twice. Which increases cash flow.
Example: 300 credit card payment and 300 groceries. The average person looks at it like I have to come up with 600 dollars. With velocity banking you only have to come up with 300 dollars.
300 dollars -> 300 CC payment (transfer satisfies payment) -> 300 in grocery expense.
Does she usually ignore people with questions? I've watched a few of her videos and I learned some things from them but I think this one has a mistake in it. I was hoping for some clarity on this.
@@varanth1017 it is not that she is ignoring us, She would never do that. The "issue" is that alot of people construe her videos as financial advice. While she is not a financial advisor and is just working through scenarios to show the power of velocity banking. I THINK that is why she cannot answer. I had asked a question before and someone else gave me the standard "she can't give financial advice" so maybe she will either rework the video or might just address it in a future one. Who knows. We may be left with a big question and just have to let it go and move on past this video.
Is she closing the excess cards as she pays them off? She has so many!
Quick question...do you always max out the heloc or if heloc would cover all debt would you use it all?
I would think by paying of more big monthly payments it frees up more CF - interest so that more CF can be allocated back to Heloc exp...right? or should u use more like this example and pay down until you are ready to tackle another?
Who has the best Heloc’s right now
Question if anyone is still around. I just applied for and was approved for a HELOC through my mortgage company. They gave me a range of 25k-70k I could choose from for terms of 30y, 15y, 10y and 5y at monthly rates that gradually got bigger towards the smaller amount.
After watching a video of hers where she was talking about paying off a 150k mortgage in 6 1/2 years for a couple with a 10k LOC I figured I could go with the minimum offer at 25k and go with the 10 year since I figure I could probably use the method to pay off my house between 5-10 years.
Would anyone do anything different here or am I on track?
I am new to the velocity banking method. I do understand the value of utilizing your money in this manner. Question-I can't seem to grasp why the $600 Amex payment was excluded. Can you please break this down? What am I missing?
Income transfer satisfies payment.
Before the 20k owed, the $600 was part of the expenses. After the 20k gets paid thru the Heloc, the $600 payment is not part of the expenses and becomes part of her cash flow…hope that makes sense…
@@dorachan5801 How did she pay off the American Express if the Heloc was already maxed out at 82K? Am I missing it?
So was the 20k was paid with the heloc, if so why didn’t the heloc balance increase
No the $20k was not paid by the HELOC. She was paying another expense with the AMEX that would be paid anyways to make sure that you never really have a payment from AMEX. This will only keep the AMEX Card steady until you can address it with the HELOC later
Great job paying off the loans based on the cashflow!!! It's a cashflow game not interest
It would help to not show $2875 in cumulative payments (expenses) while elsewhere referring to 8k in expenses
I think the $2875 payments are the debt payments per month and 8k is all in (groceries, electric bills, Internet, phone, etc.)
@@alipinckney2192 Yeah that is likely. It hurts the explanation when the audience can't see all the components of how it's supposed to work. I've watched other videos from this channel and it seems there is always been a gap that is not fully explained and the viewer is just supposed to believe it works.
Wow, youre a CWI too?!
How do you use the heloc to pay bills that won’t let you use credit. Like a car payment or a mortgage. They want an ACH payment
Transfer funds from the HELOC or PLOC back to the checking account then pay auto loan or mortgage from checking account.
@@annmcb My HELOC won't let me draw cash as I have to use checks from them and only in $1,000 increments and drop them in the mail.
My understanding is that, while you cannot make monthly payments with a loc to these other debts, you can make additional payments to their principal. So if your limit on your loc allows it, pay an additional payment to the principal of a given debt. In this strategy, that additional payment would be the entire amount of the debt. Or chunks if you can't do the whole thing in one shot.
I want to open a Heloc to pay off my home in the next 2-3yrs. I noticed that I can only pay my mortgage with a checking or savings account. How would I pay off my mortgage loan using a Heloc loan? Would I need to call my mortgage bank and tell them that I want to pay off my mortgage with the Heloc loan? I need clarification
I personally moved money from my loc to my checking acct. and then from my checking acct to mortgage.
@@laurenlong6943 Exactly 👍
Hello
I just checked with my bank and they don't have a PLOC but they have a CLOC.. but it's only $500-$3,000.... They said most start with the $500 and work their way to the higher amount... I'm thinking that it might not be worth it 🤔
it's up to you, if you don't to do it with a cloc then you can do it with an existing credit card to start.
@@deval3596 yeah I think I'll use an existing credit card....thanks
Look at other banks, plenty offer a PLOC.
@@jaymanwitt thanks I will
Join a credit union; they are the best!
Christy, I have a question… Considering the fact of life that “The Devil Is In The Details” in other words, how EXACTLY this strategy is implemented is how it is going to work the way you present, when does one places one’s income in the Helloc account? The Helloc will come with a determined monthly payment due date so, is that when the income goes in? Or is better to throw chunks of amounts towards the Helloc throughout the month? Is it true that whenever you put your income there it must remains there for at least 10 days in order to affect/ cut down on the interest? After that, you can take out again and use as needed. The exact date you make a payment to the Helloc, is it important??
Transfer entire income into HELOC or PLOC; it satisfies the monthly payment. Transfer funds as needed back to checking account.
So with my HELOC, I get a .5 reduction in interest for doing auto pay so every month when the payments do my HELOC account transfers the payment from my checking. I don’t know why this is like confusing me on how I would still use the HELOC as income what I allow them to take the monthly payment out and then add more throughout the month??
@@annaholzner8711 You will get it, keep watching videos; have a notebook and pen to take notes. I watched videos for 6 months from many different channels before I started VB during lockdown in 2020.
@@annmcb That Is The obvious. I believe the dates these payments hit the Heloc account and how long these funds stay setting in the Heloc, is also what matters.
I’m preapproved for $36k heloc but I can only draw out $4k minimum per withdraw, no limit or fees. I’m struggling to see how to use this like a credit card. Example video?
Wheres the car loan?
Does anyone know of an easy to get ploc? Not a heloc but a personal line of credit? Not many banks in this area offer much.
Is Key Bank in your area? That is where I got mine. I was not an existing customer and it was still super easy to do.
Also a local credit union.
Who said, they are getting rid of credit reports?? Who is "they"??
Line of credit or heloc, which one is better?
I like my PLOC because it’s unsecured; have been doing VB through it since 2020. Also use a credit union, but still have big banks.
Where do I get a HELOC? I have a fair credit score.
I think in most cases you need better than 720 for a HELOC.
Find a credit union. I have a lower score and my credit union gave me a $48,000 HELOC with no issues.
through your bank, the credit score isn't much of a factor in helocs because the line is secured by your house. if you do a personal line of credit, then at the point your credit is much more of a factor because there is nothing securing the personal line. what would a person most likely default on, a personal line that is not secured by anything or a heloc that is secured by your house which you will lose if you don't pay.
My bank required a 675. A local credit union required a 630. Whatever bank you plan to use, call and ask that question before you apply. They will be upfront with their requirements. I had a list of about 20 questions when I wanted to apply for mine.
"Income in, Expenses out" of my HELOC, OK I can put money into my HELOC to lower it, but if I want expenses out, I have to call bank and say hey put more money into my HELOC. what am I missing here,......anyone.?
It's a HELOC which is a revolving Line of Credit, most HELOCs don't require you to contact the bank to pull money back out again. HELOCs are typically a set amount available (mine is around 80K) to use with no limit to the amount of transactions per month (you just can't take out more than the available Line of credit). Most banks or credit unions will connect the HELOC to your checking account and some HELOCs will give you a debit card or checks you can write straight out of the HELOC as well. I hope that helps to explain.
you're in a completely different planet. your heloc is a like a credit card. you use it and you pay it off and then you get to use it again. so when you paydown your heloc by 10K, you can advance the 10K by either an account transfer, debit card or checks depending your bank. in other words you pay your full paycheck and then you slowly take out of your available balance from your heloc to pay your expenses when they are due.
Something is not right, you shouldn't have to call anyone. A Heloc is like a credit card attatched to your equity. It has a limit and as long as you're within the limit you can use it freely any amount in or out of it just like a checking account. The monthly payment is based on the monthly balance and with the income going into it that applies like a payment. Hope you understand
@@betitos11 Thanks, I will have to talk to my lender, I have online banking with them for other savings/checking, but I cannot see a way to pay bills from the HELOC.
@@JoyToTheWorld70 my heloc is from pennymac and i dont see any available money to take back or any debit card i think i dont have that option and my heloc is 80k too
I wonder what the economic ninja / real estate ninja thinks about this method
…..
Hawaii does a full helock for the total amount of your mortgage as long as you have enough equity. Why can't we do this in our Banks. Is Hawaii special 🤔
no bank in any U.S state will lend more than what the house is worth. they used to do 110% to 120% of the value of the house at max, but that was like over 10+ years and there were only a few banks that did it. I'm assuming it is even less now, if any. any bank will lend you up the full value of the home but at a cost. 80% or less will get a better rate than 81% to 90% and you'll get the highest rate for anything over 91% or higher. but yes the banks will do a heloc for the exact amount you owe on your first mortgage or 80% loan to value which ever is higher, but they will use that money to payoff your 1st mortgage. it's called a 1st lien heloc.