A Couples Journey To Understand Velocity Banking

[@jher-e6i]

One important thing to remember when paying any mortgage, by the way, a mortgage underwriter personally told me this and I change the way I pay my mortgages, ANY MORTGAGE PAYMENT CAN BE PAID UNTIL THE 15TH OF THE MONTH INSTEAD OF THE FIRST. after the 15th , it will be considered late and it would acquire a late fee. However, if you pay before the 15th, all is good. I pay them all on the 10th. This way you've time to transfer funds from one bank to another, if you need to, to make payments.

[@DarknessFalls29]

Well it also says it on the Note and Paynent letter that's given to you during closing (nobody pays attention to it). When I used to do real estate loan closings uo until last year, I always pointed it out to the borrowers. And I'll tell them once they hit 30 days that's when their credit starts to tank.

[@othername2428]

Why not just do 4 even monthly payments / 1 payment every week?

[@JH-hc5dv]

@@othername2428 I think you have Missed The Main Point In this thread

[@gramsthebuilder5388]

I did it I got my line of credit today. As soon as I have access to the money I am going to put 10,000.00 on my Mortgage. And then use it as a checking account to pay everything. Pay down with Pay checks every two weeks. It has a 8.75%

[@DarknessFalls29]

🎉 Yaaaay! Just follow the strategies in these videos and you should see good results soon.

[@deanleblanc4278]

I’m thinking about doing this as well, but I have a 15 year mortgage (currently in year 2) at 2.35%. I have excellent credit, so I would get a $20k PLOC in the 7%-8% range. How do you analyze both options to know which is a better course of action? Thanks!

[@gramsthebuilder5388]

I just got 10,000.00 I will put the whole amount on Mortgage. Then deposit all Money’s into the line to pay it down and live out of it till it is paid off . Then start again. Exited and a little nervous . But I am going to do it. I have been watching these videos for awhile and It’s time.

[@tdfulton1]

How wonderful for you!!! Do you know where our credit score needs to be to get a ploc? Congrats!!!

[@highvibes77]

@@tdfulton1690 or higher gets you a ploc from what she has said :)

[@tdfulton1]

We are so happy for you!!! Wait till you see the results in a couple of months…then they’ll start listening!!!

[@RedDragonProtection]

I've got my 20 year old daughter set up now... She will be debt free by August if she sticks to it. 3 student loans, 1 car payment, and 1 maxed credit card. 1) I set up her CC to her checking as overdraft protection. 2) I got her a new credit card with reward points to use on all her living expenses. 3) she is depositing all her money in her savings account. Keeping her checking at minimum. 4) Every bill is auto drafted to her checking, which drops to her CC. She pays the CC every 2 weeks to zero from her savings. 5) All she has to do now is deposit her money and pay her new CC every week from her checking, which drops to her other CC. 6) April we start attacking one debt at a time and shell have $17k paid off in 5 months max. Im excited for her. When shes 21, she can start looking to buy a house.

[@RedDragonProtection]

These videos have been awesome.

[@RedDragonProtection]

@@DrFinancialLiteracy me too... I wish I knew about this stuff right out of high school. At least my 20 year old daughter can set herself up nicely from now on.

[@applegateoutdoorsadventures]

Is there a backup plan for when a bank suddenly reduces or freezes your HELOC and calls the loan without warning because of a 10% regional decline in home market value? This may be a concern in my area because real estate values have been falling quite a bit lately.

[@CrownHetman]

Just found your channel. What you teach is gold. As someone who is very green in such matters. Can you explain what is a heloc exactly? And how to obtain one?

[@VanntasticFinances]

@CrownHetman HELOC Home Equity Line of Credit If you own a home…Ask your local credit union.

[@gramsthebuilder5388]

Heloc is a home equity line of credit .

[@localfatty4364]

When will I learn dude….. I just started my velocity banking journey and was so excited about it. And I told my mom, a banker and mortgage lender of 25+ years, that I started. And I’m already being ridiculed. I had 2 0% credit cards that I paid off to free up my cash flow. The max interest I will pay on them is $206, my now freed up cash flow is $250. Am I doing something wrong? Is my mom right? Why can’t anyone just be happy for me?

[@VanntasticFinances]

@localfatty You’re doing something RIGHT or ppl wouldn’t want to ridicule you. Stay encouraged!

[@sarita5572]

You have to remember people are conditioned to do the opposite of what is being taught here. They tell us to make minimum payments and get loans. Then you're stuck....just the way they like ya. We need to change our way of thinking and do what best for us. This concept has worked wonders for us. I can't wait to see what our finances look like in a year. Keep going! My mom is still trying to understand this concept. She's old school though. It's tough to think differently.

[@jameskinchen2148]

What is this software they are talking about?

[@Motivatedmailman]

Thanks for this!

[@lilianalorck5266]

could direct deposit mortgage payment into checking account so it’ll automatically be there without having to wait on days of process

[@terriissac5306]

I am loving this information, not quite sure how to use it but I will. Is the a email that I can use to reach out too? If so please let me know

[@tdfulton1]

Thank you thank you thank you!!!! Christy, what is the score we need to have to open a personal loc? I’m working hard on it thanks to you! Got the cc paid off and using it monthly for bills, but ready to move to the ploc but dont think my score is high enough… Blessings from Tx!!

[@VanntasticFinances]

660 approximately. Thanks for kindness ❤️

[@ghugheyjr]

Quick question. How would I use a life insurance policy as a LOC for this process?

[@deanleblanc4278]

Ideally, what is the “optimal” PLOC amount? Is the goal to have a PLOC that is just above the total monthly expenses? Is a high line always better? Thanks!

[@VanntasticFinances]

@deanleblanc. The ideal is to have a PLOC that exceeds your monthly income by a few thousand so it will be useful with income. $15k is a good amount.

[@jerrold3685]

I'm fed up with my bank. Researching credit unions. Community Vs. Federal credit unions. What do you suggest? I feel like maybe you touched on that in another video I but can't seem to find it. Love your channel❤

[@JaysInTheKnow]

Hi Vann, I'm just being able to join the group. If I watch the replays can I still come in?

[@eringomez580]

Can I use velocity banking if i get paid every 2 weeks?

[@estherch8394]

Can I do velocity banking to pay off the loan without line of credit or heloc?

[@afaflasmar8026]

I dont understand , how can they pay off $15000 in three months? How are they going to pay the expenses for the third month? I think it's going to take about 7 to 8 months to pay it off.

[@moonstar6694]

i dont see where they paid off $15000 in 3 months because they still have to pay expenses and dept after that last income dump. So...the balance shown would go back up roughly $10k (expenses) ...paid off around $5000 not $15000? what am i not getting here?? what is the advantage to doing this vs using their cashflow to pay down $1382 x 5 months = $6910?

[@sh839c]

$12k a month income, ok.

[@patriciajoyner9871]

For real

[@juliawitt3813]

Can you see though that the problems are the same for everyone in this middle-class bracket.....this hyper inflation is causing havoc with everyone.

[@jameskinchen2148]

We make $15K/mo. It’s not that much. We can’t even pay for our kid’s college. College is $85k/yr. If we made $5K/mo, college would cost $20K. They want everyone to be poor.

[@mda0214]

Dumbest idea ever