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[@user-mishasmp]

I don't know how I stumbled upon this information, it feels like the universe extended a helping hand and gave me support, thank you.

[@Enate1989]

Wouldnt it just be the same if u had extra money each month after paying bills and etc, to just put that extra towards your principle after ur mortgage payment and not have to pay any interests at all towards a line of credit?

[@grandmakelleygrandmakelley8595]

Love it we are doing what you suggested started last year Dec...already paid off 14k ceedit card debt working on car note next

[@nunyabusinessfriend]

Can you do a comparison of the method in this video vs simply using one’s cash flow to make principal payments on their mortgage, please? I’ve seen several comments about this on a few of your videos, but when comparing the two I have a tough time getting traction on the math.

[@jefff584]

This is my situation, as I understand a HELOC will loan 70% of the home's value - minus the mortgage. Another words my home is worth 400,000 70% of that is 280,000. Unfortunately we owe approximately $280,000. Amount we qualify for is 0.00

[@jefff584]

@@DrFinancialLiteracy I appreciate the info thank you

[@privateprivate4882]

Would a personal line of credit or credit card work instead..just wondering if that would help. Please excuse my ignorance I’m in similar situation and trying to figure out what else is possible 😊

[@SeanSnyder-st4ls]

More effective to just make a larger payment each month. The extra interest on the line of credit eats into this equation.

[@karenwellington8569]

It's simple interest, not the same.

[@SeanSnyder-st4ls]

@@karenwellington8569 interest is interest. Amortization doesn’t matter if it’s paid early.

[@Jesus-kt5dc]

Christy, I was thinking would it ever make sense to throw chunk payment as multiple monthly payments (instead of principle) to increase cash flow? I've been thinking of doing this on one of my debts. Just a thought.

[@donaldricher8815]

I am very hesitant to apply for a HELOC if banks go under and freeze my line and I'm not allowed to use it. Thoughts anyone.

[@waywardsuol]

You could always go with a PLOC if you don't want to use your home. It might be for less money, usually around 15k max, but it will help get your feet wet. I am on month 4 of trying this method and my original pull from my line of credit was 13.5k to pay off some credit cards and other debt I had. The line of credit balance is down to 5K. In my next two pay cycles I should have it paid off. Next on the list is going to be my car loans (2 of them - one at a time) then my mortgage after. So far it has worked, especially since it is all under the same credit union. I am using a cash back CC for all my expenses and pulling from the PLOC as needed to cover that bill. My paycheck pays the PLOC payment and whittles it down fast. I moved all my savings/checking into a money market account and have overdrafts that come out of checking pull from my credit card. Spend the bank's money, not yours.

[@SS-gd4vm]

Why do you think like that? Of all the “what ifs” you choose to allow a negative one to prevent you from getting out from under the bondage of compound interest. Change your thoughts and you’ll change your reality. Think positive. You’ll come out on top!

[@betitos11]

There's no reason for banks to go under. Its not 2008 again. Start with a small $10k - $15k Ploc or Heloc so you dont have to pay for an appraisal and only use $5k at a time or so until you feel comfortable to use higher amounts

[@annmcb]

@@SS-gd4vmYes, we get what we think about.

[@annmcb]

@@betitos11Exactly! I started in 2020 with a $8k PLOC.

[@LailaZub]

Where are you getting that $20k line of credit?

[@ybois3]

the bank

[@hudalacroix7442]

When you are doing the income would that be after taxes, 403b and other deductible from my paycheck.

[@7777464]

Will you have a replay? 😊

[@maryfoster275]

If you can get a line of credit, could you work this with a secure loan?

[@kewldestiny23]

With paying chunks - do you recommend a recast to free up more cash flow?

[@xrpmjc507]

Why use the line of credit and not just make $6k principal chunks each month?

[@mikechaffee4331]

*principal not principle.

[@VanntasticFinances]

It depends… look at Karl’s Mortgage Calculator… thanks for watching!

[@glenwhitbeck28]

If you make the payments, do you have to tell the loan company that that is for principal only?

[@candy25apple36]

Yes. If it’s doesn’t give you the option of principal only payment.

[@cyn8733]

Oh my Gosh... my head hurts with these numbers and totally not getting the calculations 😂 i feel so dumb

[@jacquelinemcclendon]

Same

[@jopalm5756]

I wish my husband would agree to do this. I can live within a budget, so no problem there. He just thinks this doesn't work:(. He has read things against this method.

[@Kittiesinclair5]

How about sitting down and writing out all the numbers…

[@shaquetaashmore4697]

She probably paid for points to even get 5.725%.

[@zoeyth4003]

This is from 2023, she didn’t

[@privateprivate4882]

I am going thru allot of scrap paper trying to determine best way to pay down mortgage 😂 and before I watched video I thought of opening a cd (12 month) and earning 5% then making principal reduction on mortgage and use the interest earned on cd also and would pay the principal one time a year in December ; however after seeing this method with the heloc or loc I’m wondering if this makes more sense, helocs have loan fees also which is another consideration and I need to check on personal loc to see what fees they may have. If anyone can help out with what makes sense much appreciated.

[@Lionhearted128]

Hi. My Heloc is 75K with a 11.7% interest rate. Pretty high. I now owe less than 75K on my mortgage at 2.7% interest and owe 39K on the heloc. I don’t know how to take my expenses out from heloc because the minimum advance from heloc is $4K. Any suggestions?

[@Jesus-kt5dc]

Pull the 4K+ for what you're going to need and put what's left back on the HELOC. Example: Mortgage Payment 2K. Pull 4K -> 2K Mortgage Payment (2K not used) -> 2K (not used) goes back to HELOC. Let me know if this helped.

[@Lionhearted128]

@@Jesus-kt5dc Great idea.

[@georgewaddell9706]

Any way to help a person who just went bankrupt and is 50 k in arrears on the mortgage

[@israeliteonlycampkilluhi.o2108]

Yeah Get 2 JOBS...and Rent your Home Out and Move into Basement... Take All the Money and pay your Debt til you Catch up.... Working in Macdonalds for 15hr$.... you Should Catch up in 18 months... Good luck.

[@barefootgardens22]

I need to sell and buy a new house. I'm not happy with the interest. So, I'll be getting a good profit from my current home. I'm thinking of putting 3.5% down then after i get the money, start putting big chunks towards the principal. Would that bea good idea? The new home would be around 350k

[@sheilara0622]

I just don't feel bad for people with numbers this big 😕

[@sheilara0622]

@@DrFinancialLiteracy I think that comment is total bullsh*t. These people will be fine anywhere.

[@sheilara0622]

@@DrFinancialLiteracy Yes, full force. But I'm working with low income that varies depending on the season. I would love $6000 a month cashflow 🤑