How To Pay Off Debt With A HELOC
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- เผยแพร่เมื่อ 28 ก.ย. 2024
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Hey, Denzel, cool video! Very clear explanation. You mentioned that we shouldn’t take the whole HELOC amount at once, but rather ‘chunks.’ Is there a certain percentage we should keep it under? Or how do you calculate it?
The quickest way to make your first millions is to invest directly with an expert that is trustworthy and has made a name and individual billionaires ... I'm surprised you know her too!!
Whoa... a bit mind blown with this. Just started talking about a HELOC w/ my CU and was looking for appropriate questions - Denzel provided.
Then looking at how to work the HELOC in our benefit has me swirling, lots to think about w/ the management of it. Our first run w the HELOC was to hit high interest credit cards... Denzel... thank you - new subscriber can't wait to check your other videos!
Getting a HELOC is a bit of an irony if you want to use it to rid yourself of higher interest debt. Having a lot of debt affects your credit and DTI adversely, two factors considered integral to getting approved and securing a rate that makes the risk make sense. The irony of course is why a loan requiring collateral would require your personal credit guarantee when it's guaranteed with the risk of losing your house and its equity. If you were approved, you could improve both these things, increasing available cash flow for investments and repaying your obligations.
Denzel thank you for your video.
You saved me from getting myself stuck in the mud.... I was about to sign the docs for a Heloc, but I didn't know it was interest-only heloc. It happened the a watch this video till the end and found out about it!
God bless you and keep up the good work!!!
I’ve learned over the years interest only HELOCs or principle and interest payments is not a major difference. It is more of a preference when you make payments back to HELOC.
With that being said I still prefer my payments to be principle and interest payments
@@DenzelNapoleonRodriguezdo you feel this is still better than just making extra principle payments on mortgage?
@@novalahmeyer146 I believe the concept works when it works and when it doesn’t I don’t force it to work. I go back to extra payments with my clients. I’ve kept this principle since day one.
Had the HELOC idea over the weekend as a solution to pay off debt. So glad I found this example too better confirm my thoughts. Curious to know promotional deals that exist in current climate, to see if velocity banking is still the way to go.
Not a bad idea but always make the right choices when using HELOC..
Speaking from experience 😅
The HELOC approach only costs less if the rate on the HELOC is less that what you are trying to pay off. Otherwise, extra principal payments works just as effectively. The only other benefit from the HELOC is liquidity over making one pay extra principal payments to the balances. Why, cause you can borrow from the HELOC to cover situations where you need the cash. Also note that if you have substantial debts you may not be able to get a HELOC
Forgive me my East Coast viewers for the late upload was having technical issues.
A heloc is 5 dollars per month per 1000 dollars...so essentially all you are doing is just lowering your interest rate..which is not stupid..but remember...the heloc runs out at the 10 year mark...so if you cannot pay off the full amount in 10 years just use the heloc method for what you can pay off in ONE year..
no I use it till im debt free then renegotiate the terms for another HELOC
Excellent video. Thank you so much!
I've been trying to research the good, the bad, and the ugly of HELOCs and I have a few questions.
1. Getting a heloc is similar to a mortgage in the sense that you have to pay for an appraisal, closing cost, ect?
2. How is the spike in interest of the heloc factor into the time table of paying of the debt?
Thanks in advance if you're able to answer these questions.
Not always with a local credit union no closing costs. It is similar to a mortgage although I can use the equity in my home as a revolving credit line. The HELOC interest rate is calculated simple. In summary we are using a simple interest debt to pay off an amortized debt. In velocity banking when done properly I pay little or nothing in interest. Please watch this video on how to Offset interest
th-cam.com/video/BMW9ZunoBu4/w-d-xo.html
A HELOC is now considered a mortgage. You can do it. You did it at least once before.
@@DenzelNapoleonRodriguez there could be closing costs with a credit union if heloc is closed too early, I saw a credit union that will require reimbursement if heloc is paid and closed in less then 36 months. account must remain open for at least 36 months to avoid closing costs.
@@leonflores2933 just becuase the initial draw is paid back it doesn't mean you have to close the account. that's the good part about a heloc is that its revolving credit. You might ask for and get approved for 40000 but only draw 25000.initially.
@@DenzelNapoleonRodriguez if im not mistaken, most if not all helocs become amortized once the initial draw period is closed. If you guys know of lenders with impressive heloc rates please share the wealth. I know there is a guy named Michael Lush charging up to 5000 dollars to show people how to do velocity banking. The only thing he has is supposedly a great list of heloc lenders with the best terms and rates.
Rochelle adamson sent me here and I’m mind blown as well.
Wonderful young man good job .
Another great video Denzel, question do you recommend paying off car, student or Mortgage first-thanks
Great video 👍🏼🙌🏼🙏🏽👏👌thank you
Hi, love your chanel, great stuff men, wondering if you know if I can use line of credit (HELOC) in UK? Regards
What happens when our expenses vary from month to month. some months are slightly lower than average. Some month substantially higher than average. Also does it work with home equity credit line which is not technically HELOC. Credit line interest can vary though you can lock it in for upto 20 years. what are the down sides if any? Let me know.
doesn't matter you stick to the system dump the income take expenses out pay yourself back rinse and repeat. Interest rates do not bother me as long as it meets the criteria that I went over in the video
Thanks. Denzel. Could you send me your email address?
Where can I find one of your forms to fill out. Could you send me one?
Seema Varghese denzel@buildertocontributor.com
DenzelRodriguez.formstack.com/forms/velocity_banking_criteria
Aye man. I can do this...I'm in the Tampa area as with cbuyshouses. Maybe we could all link up to discuss the approach...
William Smith I know the approach when you are ready to work with me I have a program in place to help you get results.
www.denzelrodriguez.com
This does not work with a family and a wife though...
Jack Jack maybe I’ll just prove it to you instead of tell you this can work for a family and wife
th-cam.com/video/Egd-CgSoiys/w-d-xo.html
Keep watching more videos and your eyes will eventually open and see the opportunity
maybe cause you and your wife don't combine income, if that's the case,,,, divorce!!
2 college kids and a husband..... this strategy works for me.
Wow!!! Two questions: Can this be done with Credit Cards credit line? And also how about the interest that is being paid to the HELOC?
Simple interest HELOC vs compounding amortized interest.
Denzel, when you make the initial chunk on mortgage debt, is that just toward principal or is part of the chunk that months mortgage payment as well? So you have to indicate that to the bank or they'll just put it all on future payements?
Good question. I hope someone who's done it already will answer.
I believe you have to let the bank know the larger chunks you wanna specify are for the principal. When you log into your home mortgage account there may be a section to make extra payments that specify towards principal. Not sure haven't made an xtra payment on my mortgage yet this is why I'm researching and what brought me to contemplating velocity banking and getting a heloc..
Thanx D
So when you say take out $6200 for expenses, do you do that in one transaction? Or do you pay your expensive with the HELOC?
Can you get approved for a HELOC for a first time homeowner before you get a mortgage?
no you need equity in the home first ideally
Are bank against giving HELOCs out on Investment/ rental properties? I have a 4 family building, that I don't live in but its the only property I own. Would that be considered my primary residence in this case?
go find out let's see
Denzel thank you for your valuable videos and spreading the wisdom of the Lord! Will this strategy still work with inconsistent paychecks? I have my own business and am also a new real estate agent. The pay form invoices comes in at varying times depending on when I close a deal or customers pay me. Do I just run every single transaction through the HELOC, income and expenses? Thanks I am subscribed and hit that bell to see all your stuff coming out!
varying income is ok rules stay the same I have more videos on this especially with business owners
Hi Denzel, how high would be too high for the interest of the HELOC or LOC where it will no to my advantage to use it for velocity banking? I have a PLOC but the interest rate is 19%. But my mortgage is only 3.75. Would it still be worth it to still use that PLOC to pay off the mortgage? Thanks.
wow that is pretty high. I would have to do the math and see all your numbers. I want to say yes it is still worth it but it based on your income and cashflow. 19% divided by 30 days is 0.006333% paid daily for example 10k PLOC at 19% is 1,900 a year divided by 365 you pay 5$ a day or less.
I ❤️ you boi tell me more 👈🏾 😎
How can I pay off fast 6k in cc debt?
hire me
what is a debt weapon?
a banking product use to pay off debt fast
@@DenzelNapoleonRodriguez yeah I can infer that from the words, but can you lean me to a video or something where it is explained? thanks. I looked it up on youtube and there are countless videos of this one guy on the subject. In every video he spends 10 minutes explaining how debt weapons are so useful, and that you should subscribe to his service, but never once explains what a debt weapon actually is lol
GoBIGclan you have personal line of credit, credit cards, or Home equity line of credit. Debt weapon is just a term to define the three things I just mentioned. Don’t get caught up on the term it’s just what people use to make the topic more attractive. Some people say debt tools debt destroyer debt matrix dynamic banking etc. there just terms to represent what I just mentioned. If you watch more of videos I have a whole series on how to find, use, and apply these banking products. Just keep watching more content
Prime is not 3.25% lol
This is a very old video if you look at the date. Now we are at 6.25% or probably a little higher at this point
could you please speak faster lmao
TH-cam let's you speed videos up. Frankly, 1.5 is my speed for most.
dude, please get to the point faster. too much side commentary and you talk so slow i feel sleepy. this online generation cant stand the speed.
Maybe some of newer videos would be better let’s take under consideration this is an old video just started out in my business and I’m pretty young haven’t been doing this a while so it’ll take time to build up the skills. If that is not something your looking to stick around for I recommend VIP Financial education and think wealthy with mike Adams. Those are two TH-cam channels where the content creators speak faster.
Also, you can go to settings and choose the playback speed that works for you 😊
Also,, having the heloc or loc with your current bank checking account would be a huge benefit... less moving parts , easy to transfer money between accounts online..
I put all my bills on a rewards credit card, pay my HELOC with my salary, and only have to move my money from the HELOC twice a month to the credit card. Much simpler for me.
Tia Harris that is fantastic your doing velocity baking with a credit card and a HELOC
Denzel Napoleon Rodriguez thanks. I have a student loan that’s crazy crazy high (I have a PhD) but I’m enrolled in the Public Service Loan Forgiveness program so it will be forgiven in another 3 years. So I really don’t put more money into that.
Smart Cookie
Can you do a video on how to payoff your mortgage with a helicopter? Thanks for being so thorough.
To do that you must have alot of equity. Like,
200k house,
Owe 50k on it.
150k in equity. 150k x 80% = 120k access. You have more equity than owe, you good to go.
This was probably the best heloc explanation on velocity banking
Denzel, I have been living paycheck to paycheck for a while due to accumulated debt; credit cards most of them. It is the first time I have heard of velocity banking. Besides sounding interesting, it also sounds complicated (for someone like me.) I will have to listen to your video a few times before I grasp your idea.
I thank you for your lessons. I thank God for bringing me to your channel.
I will punt my numbers on paper and play around with them. I will let you know how it goes.
Arnaldo Jimenez
You are not alone mostly everyone including myself takes time for this concept to sink in. Keep watching the videos and eventually it will all come together
Can u do video with one income making 40k
It’s been 3+ years on this one
Would be good to see where they are now and how all this planning panned out.
If the heloc has transaction limits just pay your bills weekly by transferring the amount needed for the bills due just that week, not as good as daily, but better than nothing
While there is some logic to this, you are completely misleading people in this pay down chart. You are completely forgetting about the interest. You will NOT pay off the loan in the time frame based on the way you have explained it. Yes....the interest will decrease based on the amount that is outstanding, but you still have to calculate the interest payments. HELOCS typically work with you paying interest for the first 10yrs, but that doesn't mean you cannot pay towards the principle. True! But in your explanation, you show absolutely NO interest payments to the bank. One note: Yes, the interest is included in the payment every month you're making, but you have to minus that amount from your payment because it doesn't go towards the paydown you described. This is bad information.
I appreciate your feedback this is one of my oldest videos I’m pretty sure I made some mistakes in here. These were my earliest attempts to explain the velocity banking concept using a HELOC. If you look at some of my latest case studies I’ve since improved explaining things more clearly. If you want to have a conversation happy to discuss this in detail to run some case studies, examples and poke any holes you see.
Hi Denzel. I have a heloc interest only. How do I make payment. Do I have to pay interest only, regular payment or principal? Is there on order how to pay and how often. Thank you.
I always prefer to principal first then on the due date typically the banks will pull interest from the available equity. I like to have all my income go in as principal first because it brings the costs down faster
Best video so far, the questions to ask about heloc was super helpful and insightful. Keep up the good work.
Who can I trust working it out?
I really need help paying my debts pls who is the best?
Never pay your mortgage off early
Appreciation will grow your wealth faster than throwing all your money at it asap it’s better to put that money into buying more assets / rentals. Keep your mortgage and grow your cashflow buy acquiring property / businesses
I agree with you everything you are saying can and should be done. Problem is the human factor and emotions that comes with investing and carrying debt whether we like to admit it or not. I’ve worked with a lot of people that are just not able to think clearly when they are in debt so would it be worth investing for the sake of investing with the possibility of multiple things going wrong in real estate and being a beginner or novice not knowing what to do or having a team to help you can be nerve wrecking.
Or is there a scenario where we can pay off a majority of someone’s debt even if it’s for a period of time on the mortgage and build their skills up for investing in real estate?
Let me know what has your experience been acquiring properties and businesses? And how long did it take you to be at the successful position you’re at with multiple properties and businesses?
@@DenzelNapoleonRodriguez I’m a small business owner and also have a job but I have a rental unit and I’m house hacking my house. I’m still in the process of attaining financial freedom but stumbled across this video because I want to learn about using a heloc to clear my 7k in credit debt and then to use it to buy another rental property. It’s hard to cashflow in Hawaii but I’m aiming for long term appreciation.
I do agree that some people can’t handle utilizing debt and what you’re doing is beneficial for most. But to the select few that read this there are better options once your clear of bad debt. I would clear all bad debts but not the mortgage and be an investor as when you have a mortgage there is better asset protections. However you are right that not everyone is an investor. Even I get emotional and made bad decisions hence why I have credit debt and am looking to use a heloc. I’m hoping I get approved.
You can pay off debt cheaper withOUT a heloc.
In some cases you are correct it’s all based on interest costs of borrowing. I’m happy to run the numbers with you if you like. I wish you the best on your financial freedom journey.
Very well done. Great questions to ask the banker about the loan as you stated in the end. Thank you.
Once you get all of this cash flow and debts are being paid or they are ALL paid,whats next? When you are free and clear?Where does the money need to go?
One option would be to stop using the home equity line of credit and transition to storing your savings in high cash value life insurance.
Another option is to leverage the home equity line of credit to acquire more real estate or self finance a new business to generate more income.
There is a lot of options for people who are completely debt free it’s a very nice position to be in and I coach people on that because the last thing we want to do is backslide into bad debt again
Thank you so much!
Your better off only using 30% of the heloc to go directly to the debts. Then when your back to zero, you take 30% again and place it on the remaining debts. This is good to not tank your credit score as much while still paying down stuff quick
Not a good idea.
Can you explain more I appreciate other opinions
Denzel,
I am not quite finished with your video (at 14:50 now), so this may be answered later, but you clearly showed the math to eliminate the $28k in debt. My question at this point, is what about the interest? Your numbers never changed (Income into the HELOC and Det payments out of the HELOC), but isn't there an interest amount factored into this formula? I am very new at this, and about to make the leep, just trying to get my ducks in a row.
The actual cashflow is 2060 but I used 2k the entire time so yeah that the 60$ cashflow I did not account for each and every month is my cushion as well as that 860 towards the end all cushion. Also when I took 28k from the HELOC I save so much on interest on all the other debts mentioned
@@DenzelNapoleonRodriguez do you personally help individuals??
patrickkmanning of course that’s what the whole channel is about check out my page and see the work that’s being done
www.patreon.com/DenzelRodriguez
patrickkmanning and if you take action today I’m giving extra today did you catch my last video I dropped
I think I did...isn't the most recent one, this one??
OK, but are you considering the interest?
How can you use all your income for the HELOC and you have to pay for your expenses at the same time?
By simply withdrawing the same money you put in back out to pay bills
Thanks for making these videos, they have been very helpful. I had some questions regarding using a credit card that offers rewards in conjunction with a HELOC. I originally obtained a HELOC to consolidate my wife's and my high interest cc debt. I also obtained a rewards cc to start using for daily expenditures and pay off full at each billing cycle. I was wondering if velocity banking would work if I was to use my rewards cc as a pass through entity for my monthly expenditures. I currently paid off one cc($7,700) with my HELOC. Could I use my rewards cc for my monthly expenses, then use my HELOC to pay off the rewards cc each month. I then would use my paychecks and dump their entirety into paying down my HELOC. Does this sound like a working strategy? I figure I can get my money to work a little harder for me with the travel rewards card.
I believe this can work if you do the math properly and time your payments right and do not make any mistakes. You must be very disciplined. It can be done if you are able to keep up with the strategy. For most people when you try to over complicate the strategy it can blow up on you.
@@DenzelNapoleonRodriguez Thats what I figured. I was thinking I could just use the cc as my debt weapon instead of using both.
How to pay off debt by borrowing more money... Do you do payday loans as well? I have to assume you are encouraging people to borrow from their primary mortgage. YOU SIR ARE A FOOL!
I appreciate your opinion I’m also Dave Ramsey certified as a financial coach so I also teach people how to not use debt to pay off all their debt. I help people do both effectively. Most people do not understand how to leverage debt to make money unfortunately so I take it back to the basics and when they are ready to move forward I teach them advanced strategies.
Play at 2x speed 👌🏻
can you use this with American Express card?
why use american express and pay fees.
All ima say Denzel is You are a young 🐐🐐🐐💯💯💯💯
Good video. With 100k from my last house, should I pay on my current home principle balance for a HELOC, or use infinite banking, To buy rental property every 6 months at 10%ROI?
could do both strategically and get better results. That would take some work to solve and I would like to help on your case
OMG! This is a miracle. Thank you, thank you.
Curious how it was determined which debt (the $28k) of the total debt to pay off? The one with higher interest rates? The ones with the largest monthly payments?
In this example and most of my case studies we are typically looking at cashflow first interest savings Second balance third. And I’m looking at all three at the same time to make the best decision. I will factor in traditional snowball method as my measuring stick to determine if my strategy will go faster.
you explained it so clearly, I saw a video about using a heloc as for investing instead of as a debt weapon and I feel you did a much better job explaining what it really is.
thank you
Nice video..my question i have mortage and car loan with diff bank so can we direct deposit payment from HLOC
No you would make a transfer from HELOC to checking then pay the bills
Denzel do you speak spanish? if so will you be doing this in spanish? i see no content on you tube about this in spanish.
I do not have to learn
Is there a calculator / spreadsheet available to input all this and see what the results will be?
Yes there are some free financial spreadsheets out there and paid ones you can email directly and I can point you to a few resources. - denzel@buildertocontributor.com
Thank you for this video. I am trying to figure out how this would work in our situation. Currently, the HELOC offers a higher interest rate than the mortgage. Would this still work? It looks like the HELOC is a more expensive debt at the moment. Right? 🤔
Higher rates yes but not necessarily a higher costs. I have a client with a 8.5% rate but their interest costs is around 3% or less net. With Velocity Banking we can bring that interest costs down a lot. Of course this is a case by case sometimes it doesn’t make sense very important to run the numbers both ways to determine if velocity banking makes sense to use on a particular debt.
I’m your case do you currently have a mortgage or looking to obtain a property soon?
@Denzel Napoleon Rodriguez Oh wow. Thank you so much for replying. Yes, we currently have a mortgage, we have 305k left on it at 2.68%, and the bank is currently offering a HELOC of about 5.8% or so. I called the other day to get an idea, and I was surprised at the rate quoted.
@@rachaelsmoneymoves that is actually a pretty good rate in this environment you may want to consider looking at other banks. Some banks are offering 2.99% intro rate for the first 12 months with no closing costs. That is pretty attractive if your focus is debt elimination. The 5% rate is attractive as well we just need to compare it to debt snowball in terms of the timeline who pays off the mortgage faster.
@Denzel Napoleon Rodriguez Thanks Denzel. I'll get to work on the comparison. I appreciate you taking the time to respond. God bless ya.
U r not paying of your debt. Moving it from an unsecured debt to a secured debt. Think about it before u do it
The title should say.... Pay off your debt with more debt
Yeah you can say that because a HELOC is obtaining more debt from a secured asset that someone paid for from there mortgage payments and they decided to use secured money in their home to pay off other debts they had. I’ll make a title for that
It’s the cash flow of $2k a month paying down the debt. 😅
Correct as well as all the income is canceling the interest from accruing which means the cashflow stronger in principle.
Thanks for your contribution. Heloc, well explained with calm and confidence expression
Do I have to change my direct deposit account with my job? I have a home and car loan with Chase If I walk in I ask them for a HELOC to pay towards my principal?
What are the steps to getting a HELOC ?
Walk into my Chase Bank ask them for a HELOC that will go towards my principal?
then have my income expenses debt ready ?
inform my jobs of my new checking account # to deposit the money ?
I have a 401k loan killing me I pay $820 a month I would like to add that to my HELOC
lot of questions :) I would love to spend time with you and serve you on this and bring clarity. I do Livestreams every week so I highly recommend being on that and also watching more of videos. I answer a lot of this. The quick way would be to hire as your teacher and I will serve you. Visit my website www.denzelrodriguez.com
@@feliciapena watch more videos or work with Denzel!!
What’s up Brother I’m up here in Tampa. I need to get with you on this velocity thing.
I'm in Riverview...maybe can start a meetup group to get it together...
Yeah man let me know I’m up 75 about 30 min away at Wesley chapel.
Wrong,
well it’s right so far but if you continue the math.
End of 11th month you owe $6200.00 with $860.00 in the bank. End of 12th month you owe $6200.00 with $2920.00 in the bank. End of 13th month you owe $6200.00 with $4980.00 in the bank. End of 14th month you owe $6200.00 with $7040.00 in the bank.
14 x $2000.00 = $28000.00
How can I join your group? Thanks.
all the proper links are in the description check it out. The first link will take you to my group on facebook.
Ok so Income in and expenses out my question is I’m a landlord and I have been putting my income in as my 6 rents come in should I put it all in a bank account and do one lump sum deposit instead of 6 deposits , and then pay expenses but what if my due date is before the first of the month on my credit card before my income and then I pull out for my mortgages on the 15th.
Our bank’s HELOC offering isn’t quite like this. The way their program works is they dump a lump sum into your checking account like a typical loan, but it is a simple interest payment. Is this a workable program?
how can i do velocity banking in Australia, can you please help me hoe to start and do it. Prashanth
I see you minus the pricipal of Heloc amount how about the interest???
Question , what if you have money on your heloc and have credit card debt ?
This kid needs to get to the point
This was one of my oldest videos of me just starting out on TH-cam. Checkout some of my latest case studies in 2022 there faster more to the point comes with experience. This video is me with little to no experience.
@@DenzelNapoleonRodriguez ok I give them a shot
Hey Denzel, do you have spreadsheets on for these strategies?
Why not pay the principal only each month?
watch this video one more time I explain why in detail mainly you lose your cashflow in the process.
@@DenzelNapoleonRodriguez cashflow is not that big of a deal when you are using the heloc anyways. Unless you are using the heloc to buy rental property I don't recommend taking out that much at once. I use this strategy also but only on a monthly basis
does the mortgage payment of $1,260 include taxes and insurance?
SMH .. . That credit card interest is different
Does the subscription include guidance on how to secure a good HELOC product?
Hey Denzel would it be better to get a HELOC . Or a LOC
Denzel mannn do I need your help
How did you get a HELOC if you have no paid yet 75% of your mortgage (per any bank condition)??????
SQA Test Analyst the value of the property
Good stud
doesn't this endanger your home and risk homelessness?
no more than the mortgage to begin with
I love your videos great Financials education how I get in the program?
ALTHOUGH this videos is 4 years old
How HELOC working with today instrete rates
Pure genius 👏🏿
Smart Dude right there!!
What does calculated simply means
daily interest
28k in credit cards 5k personal and 7k in school loans , how can I pay off faster I have 40k income
@Rosa Gwynn how
@Rosa Gwynn just tell me how don’t wanna get spammed
If it’s a debt relief program count me out
when using a credit card as a debt weapon when is the best time to advance the money? Is it before due date of card or after the due date of credit card.
why am I doing an advance?
The only issue I see with your presentations is you never include the interest on your debt weapon
Joshua Garner When it comes to interest I offset it by the interest I save on the debts that I’m paying off.
@@DenzelNapoleonRodriguez i dont agree. it will take longer then the 11 months to pay off the heloc with the interest that is going to be charged each month. your rate that its being paid off is embellished due to the fact there is no interest included in your diagram
Guys. Please don’t do this. Don’t put ur self in the predicament. If u play with snake, they are going to bite u! Don’t do it. It’s not worth it.
I agree if you are not willing to take extra measures, due diligence, ample studying, know the risk of leveraging debt to create wealth then it’s best to stick to the traditional ways of creating wealth.
Do I need to own a home before applying for a heloc?
yes you need a home first. we have other options in terms of debt weapons
If you add mortage $12k to the car, wouldn't you still have to make $1200 monthly mortage payment along with your HELOC payment?
Sorry but the explanation was not clear after the first 11 months the numbers kept jumping with out proper explanation
This video is 3 years old and my channel was brand new. Go to my channel and take a look at some of my latest videos regarding HELOCs and case studies I’m sure I got better at explaining.