When I learned about velocity banking, I hurried up and paid off my 2 vehicles! Now my home will be paid off in 1 year which makes 11 years on a 30 year amortization. Praise God for new information !!! 😊
We applied for 15k PLOC at local credit union and despite 820 and 780 credit scores and good debt to income ratio they only offered 7.5k. It is at 18% also but we took it anyway because chunking 7k at mortgage every 7 months is a lot better than nothing & will save thousands of interest. We took your advice & did not worry about high interest rate, this will still be a big win for us. Thank God we found you and began learning the best way to use our money. God does not intend for us to struggle in life but to enjoy it !
credit scores don't mean crap. somebody with great credit still won't be able to get a $15K credit cause it's going to be based on their credit history. look at your credit history to see why you didn't get approved for the $15K. how many credit cards do you have open? how many unsecured lines or loans have you had in the past 7 years? for any of these what was the highest dollar amount ever owed? do you currently have owe on any of them? what will your debt to income ratio be if you owe the full $7.5K with the rest of your debt? this is pretty much what they look for, they really want to see that you previously had $15K unsecured loan or line in the past and you successfully paid it back. also, what was the reason you provided in the application? if you said consolidate debt, but you only owe like $6K in credit cards, then they don't see why you need more than $7.5K. max the line out, pay it off, then max it out again and pay it off again for a second time. then go back and reapply for a line of credit increase. this time you want to put in the application that you want to use it for home improvements on the application. since home improvement project are usually a larger expense and also make sure you payoff all your credit cards first if you carry large balances on them.
No unsecured lines or loans before. Had one large balance cc but paid it off in full in 2023. We currently only have one cc with $800 balance. Thanks for advice.
I just watched your “you are getting robbed” video and couldn’t quite wrap my brain around what you were saying. I have worked around people using money the way you are describing for a long time and some times my brain just needs a little kick to connect these two little dots that are close together that I don’t think they connect, but you just connected them and now I’m kicking myself in the rear end because I’ve been using this the wrong way. Just for watching this video you have saved me $113 a month.!!! I very much appreciate this and I’m going to the bank next week!!!
MIC DROP! This video is concise and very well explained. You have helped me understand this strategy much better. You even gave me the words to say to my husband about the difference between HELOC /Home Equity Loan. You are AMAZING at your craft, I am so grateful for you and your knowledge of a subject that has always, always been a thorn in my side. 🙏
I bought my car in April 2023. 0.09%interest on a 3 year loan. My first payment wasn’t due until May 15th. I paid the full payment plus extra on April 25th, then made my fist payment with extra on the first payment due date. I have continued to pay the payment plus extra every month. My car will be paid off this December and I will only pay $32.89 in interest on the vehicle and paying it off a year and a half early.
Every year interest is allowed to accumulate it adds another full apr. On principle remaining A 10% loan is 20% loan by the second year and 30 years later its 200%
We own several rentals with mortgages at 3.25% to 5% and our home with mortgage at 2.5%. No credit card debt. We have Three HELOCs totaling $250,000. Where and how should we start paying down these mortgages?
House prices have plummeted in Minneapolis. My house dropped $40,000...$149 to $99,000..I don't qualify for a new HELOC. My current HELOC matures Sept 2025. It converts to a loan😢. There is not much hope that houses will appreciate, in my case, 40% over the current value in one year despite new furnace, insulation, water heater energy efficient appliances, roof, siding.. Distressed sales in the neighborhood have caused comparable properties to be sold for very little money.
I only use interest free credit cards that pay rewards. Use the money you would have paid off the card and buy CDs from JP Morgan 5.4% The CDs mature about the time the credit card has to be paid off then do it all over again. I have been using interest free credit cards since 2012 from every major bank in the US.
Yes, a mortgage is like a car that goes only one way, meaning it's a one-time loan that you receive and then repay over time. On the other hand, a HELOC (Home Equity Line of Credit) is like a reverse gear, allowing you to borrow and repay funds repeatedly, similar to how a car's reverse gear lets you move backward if you need to back out of a financial dead end. The Heloc reverse gear gives you confidence to go the extra mile. To fully commit to the principle repayments.
thank god my home is paid off and my car as well we are blessed to be able to pay our credit card off each month we pay in full so we don’t have to pay interest
depends on the bank ask them. most of them them don't charge them cause they only spend a few hundred dollars at most to get the deed recorded and then to remove it once it's paid. there is no need to pay a notary since all banks usually have an employee that is a notary.
I need Jesus lol I’m 2 years in on a new home. Paying 1950 a month and I’ve hardly touched my principal. Called the mortgage lender for clarity on the interest payment schedule and to get sent another copy they were rude as heck
well all that information was given to you with your loan doc copies, there's calculators on the internet that will do that for you too. you can pull up a mortgage calculator on excel as well. so many options you wasted your time calling.
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
~Mrs Caroline Arnold was my hope during the bear summer last year. I did so many mistakes but also learnt so much from it, and of course from Caroline Arnold. She is my number one when it comes to crypto and TA.
Life could have been so much easier knowing this information. All the unnecessary worry, expense. Down right cruel especially to single Mothers trying to survive.
Should I use my cash value life insurance as my line of credit? I was thinking about putting all of my checks into the cash value and then taking a loan at the end of the month to pay off credit cards. What do you think about this strategy? Thanks
@Jesus-kt5dc exactly! Kind of what I planned, Also is half true in reality what you're saying to use as an excuse, especially with this downturn within the banking system upon us
@Jesus-kt5dc Nope, they said they don't offer LOC at the time. I'm going with different lender when actual time to build is upon me. I won't have to have reserve $ with my property equity unlike with who I'm with presently.
Hi Miss Vann, my wife and i are house hunting for a property around $275-$300k, with our credit score at almost 800. Should we go for a mortgage or PLOC? If we can use a PLOC, how should we go about it and how much would we be approve for with only $1500 in debt. We would greatly appreciate your feedback. Thank you😊 You are really doing a wonderful job!
it will still work. let's say you get a line and advance $10K and you pay it towards your principal on you mortgage, it will not decrease the time left, but when it lowers your loan payment by $200, then you gain $200 cash flow immediately. we technically have to pay something off completely until we can get that cash flow in the U.S. so for you it will accelerate the time you pay back the line of credit, so you will be able to advance from the line faster to make another principal payment. then which each principal payment you will gain cash flow and time.
@@deval3596 thank you for that, I appreciate the input a lot. I hope it’s okay I go into more detail here: I got a quote from the bank. Let’s use the real numbers. I only have my mortgage as debt now. Mortgage left 258.000. 4,48% (it’s a little less with the tax deductions). (60% of home value). A 28k lump sum payment towards the principal only gains me cash flow of 142/month. (426 quarterly, which is how we pay our mortgages). I’d use the cash flow back into the possible line of credit. But gaining fairly little cash flow, and then paying the normal mortgage payment and paying off the 25k on the side seemed harder instead of maybe just saving up and making that payment. But I’m gonna have to play in excel a bit, I can still see what you mean. I’ve only paid 1 quarter of this mortgage which means I’ve got a lot of the first 7 years left. Wish I had known about this TH-cam channel 6 months ago! I’m also looking into a product with a different bank that’s fairly close to your HELOC but it’s quite hard to find average daily balance interest products. I haven’t found it. I need to read the fine print in great detail. But my husband hates variable rates which all lines of credit are. The closest is where you get a line of credit and then they will write down the line of credit over 30 years, at least forcing you to pay it down. I’ll talk to them more about this and how their interest is calculated. Sorry for the long one.
that sounds like a paycheck advance loan, pay it off asap with a credit card and apply the method and you will never need to get one of those again. as long you're working.
Is there anything illegal about creating debt for yourself and then using velocity banking to pay it off. Unless I'm missing something or miscalculated things it seems you can generate wealth doing this as well.
I understand what you're saying as there are people that can't save any money even if they don't have debt. especially hispanic people they can't save money, but can pay towards a cundina. which is when you get a group of people that pay into a loan type of setup. as an example to keep it simple, you get 5 people to pay $100 weekly and then each person picks a number between 1 and 5. the person that gets number 1 gets the $500 first, but they still need to keep paying for the next 4 weeks. this works for them because they might need the money to pay something right away, but can afford to be making the payments weekly, but they can't save the money. it keeps going until the last person gets their $500 and it's over. in reality only the last person is the one that gets money back after it's one giving them a savings or money to spend. so you will be doing the same thing, by advancing from the line, putting it in a savings account and then paying it off with your paychecks. it will work, but you will literally be paying more interest than what you earned. this would be a similar process compared to infinite banking.
I checked with my bank and since I do not qualify for the high end bank accounts it's a $50 annual fee for the ploc. Should I still did it or go to another bank? And it's 13%
Hi Christy, I’m looking into a B-LOC with Chase bank and I just noticed, that under payments it says “The monthly minimum payment is accrued interest plus 1% of the outstanding balance OR $100, whichever is greater (during the draw term)” Is this a deal breaker?
Christy, would velocity banking work for someone with no debt, but living paycheck to pack, no extra spending money not even a small McDonald’s cheese burger, I do have a PLOC that’s hardly used for fear of creating.
Velocity banking with a 2% credit card would work to gain the reward points and you paying the full balance off each month to not be charged any interest. With a PLOC, you will be charged interest the day that it is used compared to the "grace period" with a credit card.
Good Morning all!!! I went to Island Federal credit union and if you take out a Helco they told me you have to keep a 25,000 balance for the first 3 yrs to avoid closing cost. Well that made me think if i want to pay it off I cant. Does anyone know of a credit union on Long Island that doesn’t make you keep a balance. Chrissy do you have a company that I can look at.. Everyone have a blessed day…
I think Suffolk credit union has a heloc without keeping a minimum balance, they just don’t want you to close out the account completely which will result in closing fees. So as long as you keep it open, it’s ok…
yeah look for another bank, but will you finish paying all your debt within 3 years? did you ask them about their no closing cost option? how much are their closing cost? 4: HELOC must maintain minimum balance requirements for first 12 months for introductory rate. Must maintain minimum balance requirements for 36 months to avoid payment of closing costs. No closing costs option only available for limits/loan amounts up to $500,000 for a primary residence located in Nassau or Suffolk County, excluding cost of appraisal.
Hello - I have 40k @ 3.75% left on my mortgage. Originally $101k. Went to bank to get a 1st lien HELOC to get of the amortization schedule. I qualify for a 100k HELOC line of credit at a variable rate but on that bank is pushing me to get $50k HELOC LOAN to get a fixed 8.95% and have 50k on the HELOC line. What the heck?? If someone sees this any advice? I hope i explained good enough on my situation. Thank you
The bank is wanting to make money by selling the loan @ fixed rate with an amortization schedule of early payments heavy in interest. You would be a lot better just keeping the mortgage instead of doing the loan
@@Bamapride1985 thank you for your reply! I also did not mention that they only allow 5 draws on the HELOC and it was not revolving. Not what Christy Vann said. I will look elsewhere for a 2nd Lein HELOC that is revolving. I have a "Plan B" for my Velocity Banking since I will keep my mortgage- I am so close to paying it off anyway.
@@mermaidgurl5635 yes especially since already paid down as much as you have over the hump, sometimes it is better to just keep with the loan and make extra payments instead. I love doing velocity banking but sometimes better to just pay more toward a loan (I'm doing the same myself ATM while utilizing VB on other expenses)
@@mermaidgurl5635 yeah look for a different bank, never heard of a bank only allowing you to take money from a heloc only 5 times. unless you're getting confused with a feature that they provide with the line. to me when you say they only allow you to do 5 draws might be that they allow you to advance from the line as many time as you want, but you are allowed to lock in a specific amount of the outstanding balance as loan within the line of credit and that you can only either do it 5 times or a max of 5 at one time. cause the whole point of a line is for you to be able to take me money out and pay it back as many times as you want.
@Jesus-kt5dc hi thank you for the reply! I do have debt, less than 10k or there abouts. I will be hitting that. I just wanted to get a plan going. So you suggest debt first then mortgage? My question still is the same, do you think it's better to use a LOC or savings and pay myself back as if it were a LOC?
@Jesus-kt5dc thank you this helps greatly! But my other question was should I take out a LOC to pay my debt or use what I have in my savings to pay my debt?
@@MaddSweetGT500 pay off the your outstanding debt first, so you get the hang of it. then when you finish paying off the debt start focusing on your mortgage. you can leave your savings account as an emergency fund.
What I keep looking for and I have not come across is say I have 18,000 in credit cards I just got a 15,000 ploc. I can only pay for one credit card at a time that I want to try at doing so I will be paying for that on the line of credit and you say you throw all your money that you make into the to the line to be paying for that it just doesn't make any sense to me how I put everything else together
then you have not been looking hard enough cause she has several videos where she breaks down paying multiple credit cards or loans with one line of credit. it's also not that hard, pick the credit card with the highest amount owed with the largest minimum payment due cause that will turn into cash flow. pay it off with the line of credit and try not to max out the line, so you have room for unexpected expenses. then as you pay down the line once you have enough room, you use the available amount to pay off another credit card. or if you don't want to wait as soon as you have a good amount available in the line then you can pay chunks into the other credit cards. as an example you owe $5k on a credit card as soon as you have $2K available in the line of credit, then you use it and apply to the credit card leaving you with $3K left. once you have another $2K or $3K you can then use it to finish paying off the credit card.
So I pick a credit card. Pay it off. If my payment is normally like 100 a month for the credit card, then that's gone when I put it in the line but then I have to have the money to pay the line back plus my regular bills. I'm lost in there somewhere. Perhaps I need a one on one. My mind is not as sharp as it used to be now that I'm 61
@@pampam2270 yeah, but you do not need to worry about the minimum payment on the line of credit as that is covered as soon as you transfer your paycheck into the line of credit. on your expenses you can do one of the two options. 1) pay everything as normal with your checking account and then you advance money from your line of credit to your checking account to cover those payments. or 2) pay all your expenses with one credit card (best to use a rewards card for the rewards) then 3 to 5 days before the statement cuts off pay it off with the line of credit. the whole point is to pay as much money into your line of credit to lower your daily average balance to pay less interest and then slowly start taking that money back out of the line when you need to pay something. you can also start doing this with your credit card to get the hang of it, to make the process simpler as you familiarize yourself with the process. then when you feel comfortable add the line of credit in the process. I'm doing it all with my credit card, charge all my expense on the card and as soon as I get paid apply my full paycheck minus the bills I can't pay with the credit card. down from $30K to $14K as of last friday, since I started in december. like I previusly said go back to her older videos as she explains the process in more detail. it only took me a few weeks of watching them and practicing on a spreadsheet before I started doing it.
@@deval3596 I might have to I bank with Huntington, I actually thought about applying for a heloc when I bought about 6 years ago. I could have had my house paid off if I knew about this process.
you want to lower your daily average balance. bringing down your balance by $5K and then slowly bringing it back up with by $3.5K will end up accumulating less interest than just making a small payment. go calculate it on a spreadsheet.
i would like to buy another home or land what would be the best way to go about this i have an emergency fund aside and also my homeowners insurance put aside for the following year between home insurance and property taxes iam guessing about $7000.00
take out a line of credit on you home, then you use the money as down payment towards the new property or to pay in full if the line can cover the full amount. then your property taxes, insurance, improvement expenses or any other expense goes through the line. if the one of the property becomes a rental then you use the rental income with or without your paycheck to pay down the line.
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When I learned about velocity banking, I hurried up and paid off my 2 vehicles! Now my home will be paid off in 1 year which makes 11 years on a 30 year amortization. Praise God for new information !!! 😊
Praise the LORD, indeed 🙌🏽✝️🙏🏼🛐💌
Congratulations 🎉
🙌🏾🙌🏾🙌🏾
We applied for 15k PLOC at local credit union and despite 820 and 780 credit scores and good debt to income ratio they only offered 7.5k. It is at 18% also but we took it anyway because chunking 7k at mortgage every 7 months is a lot better than nothing & will save thousands of interest. We took your advice & did not worry about high interest rate, this will still be a big win for us. Thank God we found you and began learning the best way to use our money. God does not intend for us to struggle in life but to enjoy it !
credit scores don't mean crap. somebody with great credit still won't be able to get a $15K credit cause it's going to be based on their credit history. look at your credit history to see why you didn't get approved for the $15K. how many credit cards do you have open? how many unsecured lines or loans have you had in the past 7 years? for any of these what was the highest dollar amount ever owed? do you currently have owe on any of them? what will your debt to income ratio be if you owe the full $7.5K with the rest of your debt? this is pretty much what they look for, they really want to see that you previously had $15K unsecured loan or line in the past and you successfully paid it back. also, what was the reason you provided in the application? if you said consolidate debt, but you only owe like $6K in credit cards, then they don't see why you need more than $7.5K. max the line out, pay it off, then max it out again and pay it off again for a second time. then go back and reapply for a line of credit increase. this time you want to put in the application that you want to use it for home improvements on the application. since home improvement project are usually a larger expense and also make sure you payoff all your credit cards first if you carry large balances on them.
No unsecured lines or loans before. Had one large balance cc but paid it off in full in 2023. We currently only have one cc with $800 balance. Thanks for advice.
@@deval3596it also has to do with the bank. Try another bank I would say.
I just watched your “you are getting robbed” video and couldn’t quite wrap my brain around what you were saying. I have worked around people using money the way you are describing for a long time and some times my brain just needs a little kick to connect these two little dots that are close together that I don’t think they connect, but you just connected them and now I’m kicking myself in the rear end because I’ve been using this the wrong way. Just for watching this video you have saved me $113 a month.!!! I very much appreciate this and I’m going to the bank next week!!!
In 2 weeks my credit score went up 69 points up to 716, wow!!
MIC DROP! This video is concise and very well explained. You have helped me understand this strategy much better. You even gave me the words to say to my husband about the difference between HELOC /Home Equity Loan. You are AMAZING at your craft, I am so grateful for you and your knowledge of a subject that has always, always been a thorn in my side. 🙏
I really wish they’d make this mandatory learning in school
Kaboom💣💣💣 one of the BEST videos I've seen on this topic!!! Thank you 😊
God bless this lady!!!
I bought my car in April 2023. 0.09%interest on a 3 year loan. My first payment wasn’t due until May 15th. I paid the full payment plus extra on April 25th, then made my fist payment with extra on the first payment due date. I have continued to pay the payment plus extra every month. My car will be paid off this December and I will only pay $32.89 in interest on the vehicle and paying it off a year and a half early.
Thanks for explaining this, Christy
Every year interest is allowed to accumulate it adds another full apr. On principle remaining
A 10% loan is 20% loan by the second year and 30 years later its 200%
I love this explanation! I've been sharing videos with friends about using VB and this is PERFECT! Thanks Christy!!😍
😂😂 love her sense of humor. Thanks for the info.👍🏾👍🏾
Thank you for sharing this information.
We own several rentals with mortgages at 3.25% to 5% and our home with mortgage at 2.5%. No credit card debt. We have Three HELOCs totaling $250,000. Where and how should we start paying down these mortgages?
House prices have plummeted in Minneapolis. My house dropped $40,000...$149 to $99,000..I don't qualify for a new HELOC. My current HELOC matures Sept 2025. It converts to a loan😢. There is not much hope that houses will appreciate, in my case, 40% over the current value in one year despite new furnace, insulation, water heater energy efficient appliances, roof, siding.. Distressed sales in the neighborhood have caused comparable properties to be sold for very little money.
You are fantastic!📢🤗❤👍👍👍👍
No she is Vanntastic lol!!!
I only use interest free credit cards that pay rewards. Use the money you would have paid off the card and buy CDs from JP Morgan 5.4% The CDs mature about the time the credit card has to be paid off then do it all over again. I have been using interest free credit cards since 2012 from every major bank in the US.
Blessings to you!.. Thank you so much for sharing this valuable information for free. :)
Yes, a mortgage is like a car that goes only one way, meaning it's a one-time loan that you receive and then repay over time.
On the other hand, a HELOC (Home Equity Line of Credit) is like a reverse gear, allowing you to borrow and repay funds repeatedly, similar to how a car's reverse gear lets you move backward if you need to back out of a financial dead end.
The Heloc reverse gear gives you confidence to go the extra mile. To fully commit to the principle repayments.
thank god my home is paid off and my car as well
we are blessed to be able to pay our credit card off each month we pay in full so we don’t have to pay interest
Are there closing costs or any fees to do a Heloc? Can u do a video on that please?
My credit union had no fees at all for my HELOC
depends on the bank ask them. most of them them don't charge them cause they only spend a few hundred dollars at most to get the deed recorded and then to remove it once it's paid. there is no need to pay a notary since all banks usually have an employee that is a notary.
My CU charged $300 if HELOC was under $250K and $600 if over $250K.
I need Jesus lol I’m 2 years in on a new home. Paying 1950 a month and I’ve hardly touched my principal. Called the mortgage lender for clarity on the interest payment schedule and to get sent another copy they were rude as heck
well all that information was given to you with your loan doc copies, there's calculators on the internet that will do that for you too. you can pull up a mortgage calculator on excel as well. so many options you wasted your time calling.
@eriks9355, The title company should have given you the amortization schedule during your closing. It's an eye opener!
Christy is a god for sharing this gift with everyone. Thanks Christy!
When you said whoever set up the authorization was a genius but a demon I just was cracking up😂😂😂😂
Great video!!
I know nothing about trading /investment and l'm keen on getting started. What are some strategies to get started with?
As a beginner, it's essential for you to have a mentor to keep you accountable.
I'm guided by a widely known crypto consultant
Mrs Caroline Arnold
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
Yeah that's right I think it's right to invest with professional at least it saves the trauma of too much loses
~Mrs Caroline Arnold was my hope during the bear summer last year. I did so many mistakes but also learnt so much from it, and of course from Caroline Arnold. She is my number one when it comes to crypto and TA.
Hi,
Can you do a step by step video on how to ask for a Line of credit, and set up the whole account to automate the payment process?
thank you i went a few months ago and was able to get a ploc it’s just sitting there
Life could have been so much easier knowing this information. All the unnecessary worry, expense. Down right cruel especially to single Mothers trying to survive.
Should I use my cash value life insurance as my line of credit? I was thinking about putting all of my checks into the cash value and then taking a loan at the end of the month to pay off credit cards. What do you think about this strategy? Thanks
I was thinking about doing something like that
I'm going full gung ho with my credit union tomorrow to get a LOC (if available) to pay down my land loan i have with same cu, we'll see how it goes.
@Jesus-kt5dc exactly! Kind of what I planned, Also is half true in reality what you're saying to use as an excuse, especially with this downturn within the banking system upon us
@Jesus-kt5dc Nope, they said they don't offer LOC at the time. I'm going with different lender when actual time to build is upon me. I won't have to have reserve $ with my property equity unlike with who I'm with presently.
Hi Miss Vann, my wife and i are house hunting for a property around $275-$300k, with our credit score at almost 800. Should we go for a mortgage or PLOC? If we can use a PLOC, how should we go about it and how much would we be approve for with only $1500 in debt. We would greatly appreciate your feedback. Thank you😊
You are really doing a wonderful job!
Try a 1st position Heloc not a PLOC. Try First Savings Bank they have an awesome product. Im working with them now hopefully i will CLoSE soon.
This knowledge is power 👊👊 #goals
Thank you!
When paying off the mortgage balance, what happens to the mortgage insurance if you have it? Is that front loaded, too?
Amortized schedule, ya it's the 1% and yes there are several demons behind them, 😢😮😅😊
IT'S OK YOU GOT THIS!
In Denmark, lump payments towards a mortgage does not reduce the time. They just reduce the monthly payment but keep the years…
it will still work. let's say you get a line and advance $10K and you pay it towards your principal on you mortgage, it will not decrease the time left, but when it lowers your loan payment by $200, then you gain $200 cash flow immediately. we technically have to pay something off completely until we can get that cash flow in the U.S. so for you it will accelerate the time you pay back the line of credit, so you will be able to advance from the line faster to make another principal payment. then which each principal payment you will gain cash flow and time.
@Jesus-kt5dc I’ve googled it and yes it absolutely sounds like it’s a mortgage recast.
@@deval3596 thank you for that, I appreciate the input a lot. I hope it’s okay I go into more detail here:
I got a quote from the bank. Let’s use the real numbers. I only have my mortgage as debt now.
Mortgage left 258.000. 4,48% (it’s a little less with the tax deductions). (60% of home value). A 28k lump sum payment towards the principal only gains me cash flow of 142/month. (426 quarterly, which is how we pay our mortgages).
I’d use the cash flow back into the possible line of credit.
But gaining fairly little cash flow, and then paying the normal mortgage payment and paying off the 25k on the side seemed harder instead of maybe just saving up and making that payment. But I’m gonna have to play in excel a bit, I can still see what you mean.
I’ve only paid 1 quarter of this mortgage which means I’ve got a lot of the first 7 years left. Wish I had known about this TH-cam channel 6 months ago!
I’m also looking into a product with a different bank that’s fairly close to your HELOC but it’s quite hard to find average daily balance interest products. I haven’t found it. I need to read the fine print in great detail. But my husband hates variable rates which all lines of credit are.
The closest is where you get a line of credit and then they will write down the line of credit over 30 years, at least forcing you to pay it down. I’ll talk to them more about this and how their interest is calculated.
Sorry for the long one.
so a quick question, would it be suggested to set up a direct deposit to my credit cards whenever I get paid ?
$2000 principle 139 payment for 48 months the interest rate is 79.575%
that sounds like a paycheck advance loan, pay it off asap with a credit card and apply the method and you will never need to get one of those again. as long you're working.
@@deval3596 that was her example in the video.
Is there anything illegal about creating debt for yourself and then using velocity banking to pay it off. Unless I'm missing something or miscalculated things it seems you can generate wealth doing this as well.
I understand what you're saying as there are people that can't save any money even if they don't have debt. especially hispanic people they can't save money, but can pay towards a cundina. which is when you get a group of people that pay into a loan type of setup. as an example to keep it simple, you get 5 people to pay $100 weekly and then each person picks a number between 1 and 5. the person that gets number 1 gets the $500 first, but they still need to keep paying for the next 4 weeks. this works for them because they might need the money to pay something right away, but can afford to be making the payments weekly, but they can't save the money. it keeps going until the last person gets their $500 and it's over. in reality only the last person is the one that gets money back after it's one giving them a savings or money to spend. so you will be doing the same thing, by advancing from the line, putting it in a savings account and then paying it off with your paychecks. it will work, but you will literally be paying more interest than what you earned. this would be a similar process compared to infinite banking.
Last time I put my income in my LOC they lowered my credit line
I checked with my bank and since I do not qualify for the high end bank accounts it's a $50 annual fee for the ploc. Should I still did it or go to another bank? And it's 13%
Hi Christy, I’m looking into a B-LOC with Chase bank and I just noticed, that under payments it says
“The monthly minimum payment is accrued interest plus 1% of the outstanding balance OR $100, whichever is greater (during the draw term)”
Is this a deal breaker?
Start your own heloc company 😢😢😢so difficult get one
Christy, would velocity banking work for someone with no debt, but living paycheck to pack, no extra spending money not even a small McDonald’s cheese burger, I do have a PLOC that’s hardly used for fear of creating.
Velocity banking with a 2% credit card would work to gain the reward points and you paying the full balance off each month to not be charged any interest. With a PLOC, you will be charged interest the day that it is used compared to the "grace period" with a credit card.
Good Morning all!!! I went to Island Federal credit union and if you take out a Helco they told me you have to keep a 25,000 balance for the first 3 yrs to avoid closing cost. Well that made me think if i want to pay it off I cant. Does anyone know of a credit union on Long Island that doesn’t make you keep a balance. Chrissy do you have a company that I can look at.. Everyone have a blessed day…
@lisabosworth1776 😱😱😱😱😱😱😱😱 They just keep getting dirtier!! Try another credit union.
I think Suffolk credit union has a heloc without keeping a minimum balance, they just don’t want you to close out the account completely which will result in closing fees. So as long as you keep it open, it’s ok…
yeah look for another bank, but will you finish paying all your debt within 3 years? did you ask them about their no closing cost option? how much are their closing cost? 4: HELOC must maintain minimum balance requirements for first 12 months for introductory rate. Must maintain minimum balance requirements for 36 months to avoid payment of closing costs. No closing costs option only available for limits/loan amounts up to $500,000 for a primary residence located in Nassau or Suffolk County, excluding cost of appraisal.
Try SECU based in Maryland. They offer LOC to people in other states.
Hello - I have 40k @ 3.75% left on my mortgage. Originally $101k. Went to bank to get a 1st lien HELOC to get of the amortization schedule. I qualify for a 100k HELOC line of credit at a variable rate but on that bank is pushing me to get $50k HELOC LOAN to get a fixed 8.95% and have 50k on the HELOC line. What the heck??
If someone sees this any advice? I hope i explained good enough on my situation. Thank you
The bank is wanting to make money by selling the loan @ fixed rate with an amortization schedule of early payments heavy in interest. You would be a lot better just keeping the mortgage instead of doing the loan
@@Bamapride1985 thank you for your reply! I also did not mention that they only allow 5 draws on the HELOC and it was not revolving. Not what Christy Vann said. I will look elsewhere for a 2nd Lein HELOC that is revolving. I have a "Plan B" for my Velocity Banking since I will keep my mortgage- I am so close to paying it off anyway.
@@mermaidgurl5635 yes especially since already paid down as much as you have over the hump, sometimes it is better to just keep with the loan and make extra payments instead. I love doing velocity banking but sometimes better to just pay more toward a loan (I'm doing the same myself ATM while utilizing VB on other expenses)
@@mermaidgurl5635 yeah look for a different bank, never heard of a bank only allowing you to take money from a heloc only 5 times. unless you're getting confused with a feature that they provide with the line. to me when you say they only allow you to do 5 draws might be that they allow you to advance from the line as many time as you want, but you are allowed to lock in a specific amount of the outstanding balance as loan within the line of credit and that you can only either do it 5 times or a max of 5 at one time. cause the whole point of a line is for you to be able to take me money out and pay it back as many times as you want.
Do you recommend using a LOC vs 10k that i have in savings to chunk at my mortgage?
@Jesus-kt5dc hi thank you for the reply!
I do have debt, less than 10k or there abouts. I will be hitting that. I just wanted to get a plan going.
So you suggest debt first then mortgage?
My question still is the same, do you think it's better to use a LOC or savings and pay myself back as if it were a LOC?
@Jesus-kt5dc thank you this helps greatly!
But my other question was should I take out a LOC to pay my debt or use what I have in my savings to pay my debt?
@@MaddSweetGT500 pay off the your outstanding debt first, so you get the hang of it. then when you finish paying off the debt start focusing on your mortgage. you can leave your savings account as an emergency fund.
@@deval3596so I should get a LOC to pay my debt?
@Jesus-kt5dc awesome thank you Jesus
I'm having g a hard time finding ploc in Orlando fl
what bank do you have your checking account with?
What I keep looking for and I have not come across is say I have 18,000 in credit cards I just got a 15,000 ploc. I can only pay for one credit card at a time that I want to try at doing so I will be paying for that on the line of credit and you say you throw all your money that you make into the to the line to be paying for that it just doesn't make any sense to me how I put everything else together
then you have not been looking hard enough cause she has several videos where she breaks down paying multiple credit cards or loans with one line of credit. it's also not that hard, pick the credit card with the highest amount owed with the largest minimum payment due cause that will turn into cash flow. pay it off with the line of credit and try not to max out the line, so you have room for unexpected expenses. then as you pay down the line once you have enough room, you use the available amount to pay off another credit card. or if you don't want to wait as soon as you have a good amount available in the line then you can pay chunks into the other credit cards. as an example you owe $5k on a credit card as soon as you have $2K available in the line of credit, then you use it and apply to the credit card leaving you with $3K left. once you have another $2K or $3K you can then use it to finish paying off the credit card.
So I pick a credit card. Pay it off. If my payment is normally like 100 a month for the credit card, then that's gone when I put it in the line but then I have to have the money to pay the line back plus my regular bills. I'm lost in there somewhere. Perhaps I need a one on one. My mind is not as sharp as it used to be now that I'm 61
@@pampam2270 yeah, but you do not need to worry about the minimum payment on the line of credit as that is covered as soon as you transfer your paycheck into the line of credit. on your expenses you can do one of the two options. 1) pay everything as normal with your checking account and then you advance money from your line of credit to your checking account to cover those payments. or 2) pay all your expenses with one credit card (best to use a rewards card for the rewards) then 3 to 5 days before the statement cuts off pay it off with the line of credit. the whole point is to pay as much money into your line of credit to lower your daily average balance to pay less interest and then slowly start taking that money back out of the line when you need to pay something. you can also start doing this with your credit card to get the hang of it, to make the process simpler as you familiarize yourself with the process. then when you feel comfortable add the line of credit in the process. I'm doing it all with my credit card, charge all my expense on the card and as soon as I get paid apply my full paycheck minus the bills I can't pay with the credit card. down from $30K to $14K as of last friday, since I started in december. like I previusly said go back to her older videos as she explains the process in more detail. it only took me a few weeks of watching them and practicing on a spreadsheet before I started doing it.
So I applied with aven heloc and they gave me a instant heloc but it's 11%. Im wondering if it's worth it to go to a traditional bank.
Yes, explore all your options. Remember, you're the one paying this back 😉
go apply for a heloc with what ever bank you have your checking account with or your 1st mortgage or a credit union.
@@deval3596 I might have to I bank with Huntington, I actually thought about applying for a heloc when I bought about 6 years ago. I could have had my house paid off if I knew about this process.
Why put 5000 a month income in Heloc then withdraw 3500 for living expenses why not just put 1500 in heloc
Please help me understand
you want to lower your daily average balance. bringing down your balance by $5K and then slowly bringing it back up with by $3.5K will end up accumulating less interest than just making a small payment. go calculate it on a spreadsheet.
i would like to buy another home or land
what would be the best way to go about this
i have an emergency fund aside and also my homeowners insurance put aside for the following year between home insurance and property taxes iam guessing about $7000.00
take out a line of credit on you home, then you use the money as down payment towards the new property or to pay in full if the line can cover the full amount. then your property taxes, insurance, improvement expenses or any other expense goes through the line. if the one of the property becomes a rental then you use the rental income with or without your paycheck to pay down the line.
Who on earth is doing your marketing for you? The artwork is trash, but the content is great.
Hi,
Can you do a step by step video on how to ask for a Line of credit, and set up the whole account to automate the payment process?