Thanks for the knowledge. This is how I do velocity banking, which I just started five months ago. I don’t mind carrying a balance on my HELOC, since I keep it below our monthly income, which is well below the funds available. Just paid off hubby’s truck today. $19K debt GONE IN FIVE MONTHS! Velocity Banking is the real deal, ya’ll!
Yes that is true, My mortgage company holds it until it equals a full regular payment. I would chunk a full payment biweekly when working on the mortgage.
Hello class had to fix this video that was uploaded earlier today now you can see the full video. Any questions or concerns comment below. Let me know your thoughts
I paid off my house two years ago, had the mortgage thru Chase bank, I had been making bi monthly payments. It did knock the mortgage down quicker, however what I did NOT know was that I was paying for the service of doing a bi monthly payment. Nothing is free, two weeks later I got a phone call from the company who was handling my payments asking if I wanted to continue even though my house had been payed off. I got a refund of the money they were holding to make the payment as is mentioned here. IF you want to make an extra payment, do it yourself and make sure it goes towards prin.
Yes I stopped making biweekly pay ments because I noticed they weren't applying it when I made he payment.they hold it until they get the total monthly payment. Also I took out a hoc with velocity in mind. One catch is I can't dump all income in for payments. There is a $15 fee associated with each withdrawal
Was doing biweekly with Quicken. They hold on to payment until full payment is due. Only difference is you end up making 2 partial payments a year and that's what shortens the term.
Another great video. I have not seen you do a video for married couples growing together in faith. Financially they are two separate people with separate financial histories trying to grow together. How do we do velocity banking.
Wesley Bailey husband needs to surrender to wife and wife needs to surrender to husband and be open minded to the possibility of better financial results by surrendering what they think they know about money and get a coach/teacher to help them through that. God called me to do that I have made videos about this topic already and it is powerful when the couple comes together around the finances
Most mortgage companies hold weekly and bi-weekly payments until entire monthly payment is received! I owned 3 Real Estate officers in Chicago and we did mortgage loans out of my officers and this was way most mortgage companies do it!
Denzel, I’m new to this concept and wanted to ask you. So for my mortgage for example if I take out a line of credit and say I pay $20,000 to my mortgage, does that satisfy my payments for a few months and I don’t have to make the monthly mortgage payments because of that, or is it $20,000 and I still have to make my monthly mortgage payments?
Hi Denzel, how does the Velocity Banking with LOC effects the Credit Score? Since we use the LOC again and again and would be paying interest, won't that effect the Credit Scores in a negative way? Thanks
So if you make 15k chunk on a house, do you not have to continue to pay the monthly mortgage anyways? On top of your income going into the LOC or since your made a chunk that satisfies your mortgage for a few months?
you make the chunk it satisfies the month's payment that you are in. the following months you continue to pay the monthly payment like you normally would nothing changes bill stays the same
I have a revolving line of credit of only 10k at 17.75% on my credit card. My mother has a HELOC of 100k at 6%. She's offering to let me use up to 25k (my piece of the inheritance from the home). Do you think I should take up her offer?
Here's a scenario in which I ask myself if it would make sense and if it's actually beneficial in the long haul. Ok, So I started Velocity Banking and focusing on eliminating debt for the first year to 16 months or so.I will then simultaneously get into investing on more Real Estate while still paying down Principle on other Mortgages I currently have. Question is, Should I have my Fiancee take out a Heloc/Ploc as well ( which she should easily qualify for) and use it ONLY to make a chunk on a Cash Value Policy then turn around and take a loan from policy to pay off/down the line of credit. Then rinse and repeat the following year🤔🤔 For some Reason or Another that idea sounds good to me and I'm almost convinced in moving forward with it considering that Cash Grows in the policy and the loan amount is not recognized. Any suggestions will help...
Hey Denzel. I called my Mortgage Co. yesterday to have my escrow account deleted and they told me I have to email a written request (letter) to them, stating that I will like my escrow deleted/waived in which I will be doing so today. I should hear back within a week. Now, In regards to saving money from paying your escrow INSTEAD of the Mortgage Servicer, Wouldn't you consider that to be more of a utilization tactic more then saving money? I-mean, the total amount due is still the same,Only that now, you are in possession of YOUR MONEY for extended time until it is due. In which its perfect for Velocity Banking because that money can now sit in the L.O.C to help lower interest cost👍 Duh!! I guess I just answered my own question, You save money because your saving on interest you otherwise would have paid if that money did not sit in you L.O.C..😁
And how can I forget to mention, The extra money that they hold in the Escrow account called the "CUSHION". 🤦♂️ In my case, It is a total of $ 672.00 just sitting there for them ( Mortgage) to feel more confident that Taxes and Insurance will get paid even if it goes up.
Yes you did answer your own question lol. Think of paying certain bills and debt is like going to Costco or Sam's Club. You are paying off a debt "in bulk" which in turn can save you even more money in some cases ( like car insurance). It also frees up that money (once that debt is paid) for you to use for the rest of the year or 6 months. Some bills you can pay yearly or every 6 months like car insurance for me. You're on the right track and you get it. Good luck to you in your journey to becoming debt free!!
I just stopped ALL of my direct payments to ALL of my Savings vehicles...that was very difficult to do for me. I didn't think of the escrow on my mortgage. I'll be sending my letter today to stop it. Thanks for sharing 💛
Thanks for the knowledge. This is how I do velocity banking, which I just started five months ago. I don’t mind carrying a balance on my HELOC, since I keep it below our monthly income, which is well below the funds available. Just paid off hubby’s truck today. $19K debt GONE IN FIVE MONTHS! Velocity Banking is the real deal, ya’ll!
This series is the truth people!! Pay attention because it going to get even better!! It is simply beautiful. Love these scenarios....
I love your passion to help people Denzel .👍😊❤️
Love your energy about knocking out debt.
Yes that is true, My mortgage company holds it until it equals a full regular payment. I would chunk a full payment biweekly when working on the mortgage.
i was able to follow along... I have leveled up to advance velocity banking!
Hello class had to fix this video that was uploaded earlier today now you can see the full video. Any questions or concerns comment below. Let me know your thoughts
I paid off my house two years ago, had the mortgage thru Chase bank, I had been making bi monthly payments. It did knock the mortgage down quicker, however what I did NOT know was that I was paying for the service of doing a bi monthly payment. Nothing is free, two weeks later I got a phone call from the company who was handling my payments asking if I wanted to continue even though my house had been payed off. I got a refund of the money they were holding to make the payment as is mentioned here. IF you want to make an extra payment, do it yourself and make sure it goes towards prin.
thank you for that helpful information. I always tell my clients to call and confirm your over payment goes toward principle.
Bi weekly and bi monthly are different. With by weekly payments,you end up with a 13th month of payment which knocks about 7 years off ur mortgage.
Following up on Sept 3rd, 2019 on this scenerio and my balance is 10K so I can chunk 1 month early.
"More of nothing", classic!! I love it!
love your videos bro!
Yes I stopped making biweekly pay
ments because I noticed they weren't applying it when I made he payment.they hold it until they get the total monthly
payment.
Also I took out a hoc with velocity in mind. One catch is I can't dump all income in for payments. There is a $15 fee associated with each withdrawal
Jendayi then you don’t have the right HELOC it’s not worth using I rather stick with debt snowball until I get the right tool
Was doing biweekly with Quicken. They hold on to payment until full payment is due. Only difference is you end up making 2 partial payments a year and that's what shortens the term.
Another great video. I have not seen you do a video for married couples growing together in faith. Financially they are two separate people with separate financial histories trying to grow together. How do we do velocity banking.
Wesley Bailey husband needs to surrender to wife and wife needs to surrender to husband and be open minded to the possibility of better financial results by surrendering what they think they know about money and get a coach/teacher to help them through that. God called me to do that I have made videos about this topic already and it is powerful when the couple comes together around the finances
Select Portfolio is another mortgage company that holds bi weekly payments.
Most mortgage companies hold weekly and bi-weekly payments until entire monthly payment is received!
I owned 3 Real Estate officers in Chicago and we did mortgage loans out of my officers and this was way most mortgage companies do it!
What about using a whole life insurance for velocity banking?
stay tuned I will be breaking this scenario down further
Amen preach it brother!!!!
Denzel, I’m new to this concept and wanted to ask you. So for my mortgage for example if I take out a line of credit and say I pay $20,000 to my mortgage, does that satisfy my payments for a few months and I don’t have to make the monthly mortgage payments because of that, or is it $20,000 and I still have to make my monthly mortgage payments?
Juan Peralta you still have to make monthly payments the 20k would be a principal only payment
I thought the chunk would satisfy that month's payment....?
chris hebb satisfies the months payment one month
Hi Denzel, how does the Velocity Banking with LOC effects the Credit Score? Since we use the LOC again and again and would be paying interest, won't that effect the Credit Scores in a negative way? Thanks
So if you make 15k chunk on a house, do you not have to continue to pay the monthly mortgage anyways? On top of your income going into the LOC or since your made a chunk that satisfies your mortgage for a few months?
you make the chunk it satisfies the month's payment that you are in. the following months you continue to pay the monthly payment like you normally would nothing changes bill stays the same
It's true my mortgage Co does not allow biweekly payments.
FYI... Guild Mortgage will not take Bi-Weekly Mortgage Payments. They have my mortgage currently.
Can I do velocity banking with secured credit ?
Denek Sampson yes th-cam.com/video/zZAp3sB_5ww/w-d-xo.html
I have a revolving line of credit of only 10k at 17.75% on my credit card. My mother has a HELOC of 100k at 6%. She's offering to let me use up to 25k (my piece of the inheritance from the home). Do you think I should take up her offer?
My CC has 1.5% forever cash back.
I currently have zero debt, though I'm planning on buying a 250-300k home.
Here's a scenario in which I ask myself if it would make sense and if it's actually beneficial in the long haul. Ok, So I started Velocity Banking and focusing on eliminating debt for the first year to 16 months or so.I will then simultaneously get into investing on more Real Estate while still paying down Principle on other Mortgages I currently have. Question is, Should I have my Fiancee take out a Heloc/Ploc as well ( which she should easily qualify for) and use it ONLY to make a chunk on a Cash Value Policy then turn around and take a loan from policy to pay off/down the line of credit. Then rinse and repeat the following year🤔🤔 For some Reason or Another that idea sounds good to me and I'm almost convinced in moving forward with it considering that Cash Grows in the policy and the loan amount is not recognized. Any suggestions will help...
He has a link for his coaching services in his bio.
do you have a video of companies that you'd suggest to apply for a heloc on ? :)
@Denzel can you please find a way of organizing your numbers better on the board? Thanks
Frederick Eshun In due time
Interest rate on personal line of credit is not realistic. More than likely a HELOC.
Hey Denzel. I called my Mortgage Co. yesterday to have my escrow account deleted and they told me I have to email a written request (letter) to them, stating that I will like my escrow deleted/waived in which I will be doing so today. I should hear back within a week. Now, In regards to saving money from paying your escrow INSTEAD of the Mortgage Servicer, Wouldn't you consider that to be more of a utilization tactic more then saving money? I-mean, the total amount due is still the same,Only that now, you are in possession of YOUR MONEY for extended time until it is due. In which its perfect for Velocity Banking because that money can now sit in the L.O.C to help lower interest cost👍 Duh!! I guess I just answered my own question, You save money because your saving on interest you otherwise would have paid if that money did not sit in you L.O.C..😁
And how can I forget to mention, The extra money that they hold in the Escrow account called the "CUSHION". 🤦♂️ In my case, It is a total of $ 672.00 just sitting there for them ( Mortgage) to feel more confident that Taxes and Insurance will get paid even if it goes up.
Yes you did answer your own question lol. Think of paying certain bills and debt is like going to Costco or Sam's Club. You are paying off a debt "in bulk" which in turn can save you even more money in some cases ( like car insurance). It also frees up that money (once that debt is paid) for you to use for the rest of the year or 6 months.
Some bills you can pay yearly or every 6 months like car insurance for me. You're on the right track and you get it. Good luck to you in your journey to becoming debt free!!
I just stopped ALL of my direct payments to ALL of my Savings vehicles...that was very difficult to do for me. I didn't think of the escrow on my mortgage. I'll be sending my letter today to stop it. Thanks for sharing 💛
You mention paying phi up front! How do you do that and what is advantage?
Hello Denzel can bank freeze HELOC ? if you are consistently moving the money back and forth from HELOC.
for consistently using the money no but if I max out the HELOC or spend more than what I have they could freeze it or if I make a late payment sure.
@@DenzelNapoleonRodriguez thanks, keep up the great work you doing for people.
I won’t to do this how can you help me
you can hire me all of my links are in the video descriptions you can view my different services and programs to find the right one for you
First..👍
Yes, the first one.
Is she using a HELOC? That interest super low.
Yes, it’s a HELOC, low rate due to great credit.
@@SL-fu7sh You the person the vid about? :)
He called it a personal line of credit.
Speaking of calculators, has anyone been able to find a velocity banking calculator?
chris hebb financial sudoku has a calculator
@@DenzelNapoleonRodriguez thank you!