How to pay off a 30 year home mortgage in 5-7 years

[@laurapitko6404]

If you are wondering how to - 1. Pay for your mortgage/student loan/car loan using a credit card? 2. What happened to the credit card interest? Or 3. Why not apply the $2K in cash directly towards the principal of the mortgage? Then watch my Q&A video for the answers: kzbin.info/www/bejne/rKjbkomtn92skMk

[@marthasmith6836]

Hi Laura, I'm so excited to try this strategy but want to run a couple of things by you. I understand the income and other numbers in your video are examples, so, can someone with a take home income (input) of $3000, and an output of $2200, use this strategy? If so, since my mortgage/checking acct./ cc with $0 balance are at one bank, I should call them to see what options they offer for making mortgage payment with cc and 2 other bills that do not accept payments from cc. Any other tips?

[@MrChico809]

@Mary Preston I have not been able to, something about paying credit with credit the bank frowns upon. if you take out a line of credit against the home is the context of this video. Hope that helps!

[@deidrarichards5801]

Exactly. Where is the 21% credit card interest every month. If that is taken into consideration, I don't see how the credit card balance can be paid off in 6 months.

[@brendaharris9606]

I am lost as to the use of the $5K monthly income. You say pay the LOC down by $5000 from the monthly income. Wouldn't that raise the balance of the LOC to $17K, then you subtract the t=$5K in expenses. I know the numbers are only representative but I'm stuck on the "goes down by $5,000."

[@Homerjr4]

@@brendaharris9606 The 5000 isn't added to the 12,000 its subtracted because once you deposit the 5000 income to your Line of credit it acts as a 5000 dollar payment. Then once you pay your expenses of 3000 the balance is increased by 3000 later in the month as you pay the expense as they come up.

[@aqin713]

I’ll save you 29 minutes: Pay double payments (make sure the 2nd one is to principal only). You’re welcome!

[@AndySandyBe]

Thank you. Fast and simple. Mortgage doesn't accept credit card payment

[@MyOzempicJourney]

that pays off a 30 year fixed mortgage in 11 years at 3.1% interest.

[@splitrockrentals338]

She paid off her mortgage from ads on this youtube video. She actually adds $2000 monthly acceleration to the $1200 payment, so almost 3X. So man false statements in this video.

[@learnwithteachermarie7828]

@@AndySandyBe No mortgage doesn't but you can pay your mortgage through the bank that allows credit card overdraft.

[@superstar8312]

thank you

[@Eliza06]

People complaining about the video’s length: she’s providing FREE help! You’re welcome to stop watching. Thank you for your videos, girl!! 🙌🏻

[@leonpedro1135]

It's new year. It's almost about that time of the year where Bitcoin gets to Sky Rocket, so many people are ignorant, they are staying on the sideline, waiting for a move up, and the right time to get in. I suspect that the rise will happen in a very short period of time, leaving those waiters behind and their reaction will push the price even higher so that they will end up underwater when BTC is consolidating, I know the price will speed up more, then bleed off and have an extended winter and actually go lower than current lows... Then as it goes higher, All we need to do is invest what we are Holding and make more profit, So we don't feel the loss in fall of price when it happens again, I discovered a comment of someone giving Accolades to Expert Mr. Carlos and also thanking him for helping him increase his Portfolio from having 3.4BTC to 16BTC. After I contacted him, Behold I have made 15 BTC in less than two months with his working strategies and signals, if you have lost so much during the fall or want to increase your portfolio like me, Reach on chat: (19715122836 }or Instagram @carlos_andrewfx or Facebook-Ms. facebook.com/Carlos.andrewfx and thank me later

[@martinezmartinezrabergmailcomf]

Contact [e-mail] or [phone] on WhatsApp(he does not take upfront payment) if you need help about forex trading , Bitcoin, hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more...,

[@TheAntiqBoutiq]

@@Eliza06 she’s providing poor information, hardly free help.

[@ricardorgm30]

Even for a free bj, that´s too much time!

[@jessicasquire]

It's time to acknowledge that a return to 3% mortgage rates may be unrealistic. If homeowners are forced to sell, we will likely see a drop in home prices, leading to lower property valuations. I know I'm not the only one who shares this outlook_

[@Lemariecooper]

If you're in the market, now is the time to buy. Home prices are unlikely to decrease further, and if interest rates do decline in the future, refinancing is always an option|

[@AngellLevey]

That's impressive! I'd be happy to share more details. I understand the hesitation, especially when it feels like many firms offer similar services. However, finding a trustworthy advisor has been key to my success...

[@Erikkurilla01]

My CFA Julianne Iwersen Niemann, a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market._

[@AngellLevey]

Thank you for sharing, I must say, Julianne appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.

[@JayMomoa-4]

In the 50's my late dad worked a modest job, mom was a housewife, and they lived a nice lifestyle including owning a home. Nowadays both I and my partner works and can barely afford to make ends meet. Luckily, I've just received an inheritance of $500,000 and concerned how to use money I didn’t work for. Should I pay mortgage since I’m still working, or do I invest in stocks rather than just staying 100% cash?

[@mette-lo]

Well agreed, investing with the help of an advisor did the trick for me in less than 5 years, retired with couple millions before 55. I worked hard everyday as a teacher for 32 years, and my salary was over 100k annually, enough to get me fully invested.

[@itonlytakestime]

@@mette-lo bravo! retired in my 40s after inheriting money from a childless relative, traveled overseas and found a girl almost my age, happily married but only issue is how to grow and preserve our wealth... think your advisor can be of help?

[@mette-lo]

Sophia Verdekal O'neal is is the licensed advisor I use. Just google the name. You’d find necessary details to work with and set up an appointment. To be honest, I almost didn't buy the idea of letting someone handle growing my finance, but so glad I did.

[@itonlytakestime]

thanks for sharing, I must say Sophia appears to be quite knowledgeable... just inputted her full name on the web and at once came across her consulting page, she seems impeccable

[@HuyenMyers]

There are ways to double and triple your money. If you're interested in doubling your money in 7-10 years to take out lifetime income and retire, let's connect!

[@macherie9554]

You can pay this off by investing wisely, Starting early is the best way of getting ahead to build wealth. Most times, it amazes me greatly how I moved from an average lifestyle to earning over $63k per month, Utter shock is the word. I have understood a lot in the past few years that there are lots of opportunities in the financial market. The only thing is to know where to focus.

[@susanhaynes679]

The decision to invest is an acknowledgment that comes with certain risks. Not all investments will do well and some may lose money. However, without risk there would be no opportunity to potentially earn the higher returns that can help you grow your wealth.

[@canary7361]

@@susanhaynes679 I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate or crypto and stocks.

[@izagdlife]

I keep wondering how people earn money in financial markets, i tried trading bitcoin on my own made a huge loss and now I'm scared of investing more.

[@macherie9554]

@@izagdlife That won't bother you if you trade with a professional like *Mr Gary Mason Brooks* my coach, you may have come across him on interviews relating to bitcoin. He trades, manage trading account and offer mentorship program for clients who wish to become professional investors.

[@izagdlife]

@@macherie9554 You allow people to trade for you? that's interesting, I would love to learn, hope it’s safe?

[@mahalia_kendrick]

I told my coworkers I wanted to have a mortgage paid in full before I turn 40 a couple of years ago when I turned 27. I don't think they thought I was serious and that I was living a pipe dream. I worked 4 years prior and the next 4 years on overtime hours every chance I could get, took advantage of the stock market and housing market rally during 2020 and today at the age of 33 I can pay a mortgage in full and live free. It's a nice house, it'll still give me the freedom to move to greater goals...

[@crystaljune473]

I'm really happy for you. Paying off a mortgage is huge. And the freedom that you have to do more of what you want probably feels amazing. Keep on keeping on. Eventually if you wanted a new place a nice move could be to make it a rental property and use that cash flow to help pay of the new mortgage.

[@Freddyjoh16]

Equity in a house will likely be tapped into via a HELOC or straight sale. I believe if they sell, many will go back to renting. And housing supply will inevitably rise. So you can borrow against your home. What could be the best allocation for my $1m liquidity? Perhaps my stock portfolio

[@Jessrobbie]

In my opinion, home prices will need to fall by at least 40% before the market normalizes. If you do not know whether to buy a house or not, it is best you seek guidance from a well-experienced advisor for proper portfolio allocation. So far, that’s how I’ve stayed afloat over 5 years now, amassing nearly $1m in return on investments.

[@devoncampbell275]

​@@JessrobbieI will be glad to enlist the services of a reputable one? How do I go about finding and vetting them. We know the value of a fiduciary as we have a family lawyer and he has hinted on it occasionally, so we began to consider the idea.

[@Jessrobbie]

​@devoncampbell275: I personally have my portfolio overseen by California-based wealth advisor and fixed income strategist at that 'Britney Cohen Rose > Pro' well established and you'd find her professional bio on the net. However I suggest you look closer to home, sometimes to move certain amount of money I am required to be in California.

[@bentonrp]

I have never seen and heard about home loans and P&I explained more clearly and correctly. Not an easy thing to explain in a truthful way, and you did it perfectly. Give this person her own show, because she obviously deserves it. You can clearly see how the finishing years' payments are the only monthly mortgage payments you would ever want to find yourself at. Bravo Laura Pitko.

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@elvinroleplaypreglbhe139]

I have 2 chapter 13’s that are dismissed. The reason I have 2 is bcz I did not use an attorney. I was trying to stop an eviction, but when I went to try to add another month’s rent to the bankruptcy, but the guy filed another one. About a month later, I ended up losing my job. They are scheduled to fall off in January and March 2021. Since I’m looking to purchase a home soon but still there. I am currently enrolled in *850 Financial assessment* and I must say, I am loving it thus far. I’m doubling it up with your podcast videos and learning A LOT! Thank you. I’m ready to join the millionaire club!!!

[@monicabond8654]

Much love, they've helped me in such a way I can not explain with words, thanks guys

[@laurelleafr6091]

Just paid off our home a couple of days ago in 5 years. Bought it in July 2016 and paid it off in May 2021. Such a liberating feeling. I didn't know about all these numbers she's talking about but I had one dream. And that was to be mortgage-free or in other words with no debt as soon as possible. I was extremely focused and disciplined while also living my life going on vacations. I will make a video of how I did it. It's not about how much you make, it's about how much you save.

[@uZah1]

Hi please share the link am interested in learning your strategy thanks

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@mariekarole1621]

That’s nice as long as no one looses their job like my husband did a year after we just moved in to a 30 y mortgage first house. Major depression follows.

[@javonneiaakers8359]

Intrested

[@Vchemsilabratvpravde]

Congrats! But sadly the property is never going to be truly yours :( The system is rigged. If you miss paying taxes they will snatch it from you so fast...

[@AlcidesGutierrez-ob5dk]

I love seeing young people talking about the basic responsibilities of being a grown up. Good job Laura.

[@saswat8368]

Getting a way to make income without having to leave home isn’t exactly as easy as you all think it is , talk is cheap and it’s sure easier said than done , I have my source , and I would rather stick to that, it pays well, even my stepdad quickly joined *Linux tech corps* before it’s too late

[@Riggsnic_co]

I paid up all my mortgages in 2yrs while working with a Financial Adviser. I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.

[@martingiavarini]

That is so amazing, I’m trying to get onto the investing ladder at 40. I wish at 55 I will be testifying to similar success..

[@hermanramos7092]

How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings

[@martingiavarini]

Catherine Morrison Evans is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@hermanramos7092]

Benevolence, this reference seems valid.. Just inputted her full name on my browser and found her site without sweat, 20 years of experience is certainly striking! very much appreciate it

[@Irinaki777]

😮 I would like to know more 😊

[@opichocal]

I paid mine off in 4.5 years. I worked my ass off and put every dime extra towards principle. I didn’t buy new furniture, rarely ate out, drove my old paid off truck and did whatever it takes to reach my goal. My 143k house a was going to be 465k if I paid the minimum for 30 years so that was my motivation

[@f.santosss]

That’s awesome, my is about the same amount, I’ll create a strategy to pay this fast so we can live better, I was thinking about to go get like a 65k loan with lower interest rate, to put towards the principal so I can save in the mortgage loan and pay a lower rate on the new loan, what do you think?

[@opichocal]

@@f.santosss I would just do whatever it takes to write a second check towards principle every month. Try to find side work like painting, yard work, handyman, buy and sell items that you know will profit etc. or get a second part time job. Write down every achievement on a mirror to help keep you motivated. My loan was 143k at 8.25% and the payoff was nearly 465k over 30 years. 😳 So glad I don’t have to work 80+ hours/week anymore.

[@f.santosss]

@@opichocal that’s very amazing, I’m just paying about 3 years so I still got 27 years, but I’m definitely going to put more effort to make extra payments, I want to be able to live better, and mortgage takes a good chunk of my paycheck every month, so thank you very much for the tip and have a great New Year.

[@Jordan-dd5co]

Nowadays interest is so low, it makes no sense to pay down mortgages sooner and instead put it in the market. A likely far better return on money. Also 143k?! Was this in the 80s? That's not even enough for a downpayment nowadays.

[@opichocal]

@@Jordan-dd5co I bought in 2000. House new in 1987 was 99k in north Dallas.

[@olgapedersen]

Thanks so much, first watched this video two yrs ago, most helpful although I had to source for a means to make money passively while I applied your method. It all came together for good. Life thanks once again Miss.

[@ian_vertogi]

Looking for a reliable passive income stream, can you recommend?

[@olgapedersen]

ian vertical Well, and investment in the Forex & Stock trading market is what it took for me. I can’t trade myself, neither do I have the luxury of time so I have an expert handle trades on my behalf and I get paid less their commission.

[@stefan_fedel]

Olga Pedersen what expert do you invest with? Please

[@olgapedersen]

Chloe Nagato His name is Garth Londren, he’s an expert trader and has been doing this for a while now, and I came across his information on a blog post. You can look him up, he’s quite the visionary.

[@alfredo_chavez]

Olga Pedersen i've read some of his studies on cryptocurrency trading and the NFP trading. Never got to work with him though. Brilliant man.

[@mamaikang5698]

VERY well done ! I say this with 40+ years in mortgage finance & banking working with credit bureaus. Different models and parameters are used by different industries but *850 FINANCIAL ASSESSMENT* info is pretty much universal. If you're trying to max your credit scores, there is a happy medium between too many credit cards and none. Too many cards with zero balnce may actually hurt you in some cases. Even if you do not use them, you have a potential. To always pay cash & still have cards doesn't help your scores as well

[@monicabond8654]

Much love, they've helped me in such a way I can not explain with words, thanks guys

[@patsfball3710]

Why would you want to pay off your mortgage? On a 300k house that 300k in mutual funds making 10 to 18% you could live off the interest. Then jist make the minimum payment on ur home refinance every few years when the rate dips and pull ur money out of your mortgage as much as possible to reinvest.

[@fuzzyelm1]

This system is basted on lies ! Mortgage interest is not front loaded and yes the mortgage interest is by far costing you less than the 21% loan

[@ChristopherAbelman]

I think it's time to make it more appealing for potential buyers. Real estate can be quite the rollercoaster! the stress and uncertainty are getting to me. I think I'll cut rents to attract potential buyers and exit the market, but i'm at crossroads if to allocate the entire $680k liquidity value to my stock portfolio?

[@HildaBennet]

"Overall, buyers hold a lot of the cards right now, and sellers are having to give out more concessions to close a deal." All the best, buying on sale is actually one of the best ways to invest in stocks, and advisors are ideally suited for such task

[@PennyBergeron-os4ch]

Until the Fed clamps down even further I think we're going to see hysteria due to rampant inflation. If you are in cross roads or need sincere advise on the best moves to take now with financial markets will be best you seek a fin-professional with fiduciary responsibilities who knows about mortgage-backed securities for proper guidance.

[@bartlyAD]

this sounds considerable! think you know any advisors i can get on the phone with? i'm in dire need of proper portfolio allocation

[@PennyBergeron-os4ch]

Google Diana Casteel Lynch and do your own research. She has portfolio management down to a science

[@bartlyAD]

Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

[@bobguy6542]

I'll save you 29 minutes. Pay them more than the minimum, by a lot. You're welcome

[@victormorales2408]

I think your comment missed the point that most people have zero money at the end of the month to pay extra.

[@bobguy6542]

Victor Morales the question is, how to pay off your 30 year mortgage in 5-7 years. The answer is pay the mortgage company much, much more than the minimum. Everything else is inconsequential to the question. Bonus tip! : Stop spending all your fuckin money. You should be living on

[@shredgod6394]

Bob Guy To live on less than half your income you’d need to make like 3 to 4 grand a month depending on where you live..

[@christianhernandez5781]

56k most common income o,o

[@shredgod6394]

Christian Hernandez No. You may be confusing it with the average income which includes all the richest people and skews it. I’m not sure where you get 56k from tbh but I can tell you that 70 percent of American workers make 30 thousand or less.

[@christywhitley6053]

So thankful your video came to me! I’ve been ignoring the constant emails, calls, postcards, texts… from my mortgage company offering lower interest rate. Now I understand what my inner voice secretly knew! I’m exactly 17 years in on my 30 yr mortgage. Thank you & God bless!

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@jewellcorley1645]

Hi. Don't know how young you are however, you have taught this 46 year old homeowner how to save a hell of amount of money. What my peers been trying to get me understand you made it simple for me and now I totally understand now. Thank you for educating me. I just bought a house with a loan of $460,000 at 4 percent. I just didn't realize how much of my monthly payments was going to interest. You actually truly opened my eyes and mind. You are very good at what you do....thank you!

[@cintyakireina7f285]

Yea Navy federal gave me a really high limit. I applied and was denied at first so I got a *Linux tech corps* service , and I was approved for a capital one. The limit was so small lol but I took it and worked on it. Because if that it helped my credit and I believe that’s what made me finally get approved for navy fed with such a high limit. they're still working on increasing the capital one since it was so low. All in all I’m satisfied.

[@odithegoldenretriever2158]

They are literally the best, fixing my credit and investing using their platform saved my life from going back to the trench I came from 7 years ago... 🙌🙌

[@synhackerpubg2182]

It’s beyond true that *Linux tech corps* has intriguing ROIs

[@odithegoldenretriever2158]

They are literally the best, fixing my credit and investing using their platform saved my life from going back to the trench I came from 7 years ago... 🙌🙌

[@thenoble3282]

Wealth is not just about finance, but health and wellness is critical especially in our black community! No need to have stuff and money if you don't have your good health? Rick Ross finally understands this truth now! What does it profit a man/woman to gain the whole world if you don't have optimum health to enjoy it all! Let change the mindset about the diet & wealth in the black community so we can all go up together! Above all things... I wish that you be in good health and prosper even as your soul prospers! God bless you brothers! and remember to use *850 FINANCIAL ASSESSMENT* for your bad credit and negative credit marks and inquiries removal

[@prissybaby5256]

Thanks to this amazing team Their services saved my life

[@prissybaby5256]

Thanks to this amazing team Their services saved my life

[@mztina1969]

8. Kjki>I u I 8

[@SheilaYilmas]

Presently, mortgage rates have reached their highest point since the year 2000, spanning a period of 23 years. Considering inflation trends, there's a possibility that this figure might continue to escalate. To provide context, the 30-year fixed rate was only at 5% around this same time last year. Faced with this scenario, the question arises: should I continue waiting in anticipation of a potential housing market downturn before making a purchase, or is it more prudent to shift my attention towards the equity market?

[@ScottRich9]

The scenario is strikingly alike in cities worldwide-whether it's Shanghai, Hong Kong, Mumbai, Bangalore, NYC, London, or Toronto. Rent is soaring to unprecedented levels, while wages and salaries remain stagnant. It gives the impression that certain property owners are retaliating against tenants due to their hardships during the pandemic.

[@HakimZakzi]

I believe that holding was comparatively simpler in the 1960s, and the landscape has become more complex nowadays. Those who consistently generate gains in the present era are often seasoned pro. This is why, for the past five years, I've enlisted the services of a fiscal guide. Their expertise has been instrumental in consistently building and managing my portfolio, with an eye toward securing my fiscal

[@OlgaRusov]

I fully recognize the significant advantages of collaborating with a pro, but thus far, I haven't identified the right one for myself. Could you provide more details about the fiscal guide who has been guiding you?

[@HakimZakzi]

I've enlisted Stacey Lee Decker as my fiscal guide, and her expertise contributes significantly to the fiscal industry. Acknowledged as a reputable authority in the field, she holds a deep understanding of portfolio diversification. I encourage further exploration of her credentials. With her extensive experience, she proves to be an outstanding guide for those aiming to grasp the complexities of the fiscal market.

[@chiera5152]

Howdy - may I suggest you make *Linux tech corps* correlating this to the United States Credit Scoring System; you know, the system where an entire nation's people are enslaved by their government over systems exactly like this? We need people who have influence to bring to light these types of correlations to get people asking and thinking or we will see ourselves slip into a tyrannical nightmare.

[@garyfarrell4076]

I'm trying to increase my capital one card to increase my credit utilization and it won't be a hard pull. I keep getting "utilization of existing credit is too low." How can I fix this? I have made this card my primary card and have always paid it off and on time. I have usually not used it because the rewards aren't as good as my other card. Also, my credit went down 8 points because it said my oldest line of credit was closed but, it wasn't. I used that card to make sure so I have no idea what is going on there. Thanks kindly for your help! Jack of *850 FINANCIAL ASSESSMENT*

[@laurabacinich6742]

Thanks to them 👇 *850 financial assessment* for getting the job done , now in the 800 club

[@janicechiaretto7082]

Pay off your highest interest rate debt first when possible. If your mortgage is above 4.5% think about refinancing. Do the math however. The cost of refinancing may in the long run not result in a meaningful savings. On the other hand, if you have an investment portfolio returning higher interest than the mortgage, put your free cash in investments not the mortgage. Why dump working capital into a low interest rate vehicle (your mortgage) at the expense of buying higher return investments??

[@vickijohnson9367]

Use one card, pit it against other cards. All banks can see what you use. Another card above 50% use, call Capital One, let them know the other card is better, what can they do? They raise credit available. After they do, see if they send 0% balance transfer, if they do, use it. Then put another card, against the card you are using. Always keep one card with 0% balance transfer used +50%, pitting all other cards against it. Stop when you reach your goal. Usually takes 6+ cards with 0% balance transfer offers to use algorithms this way.

[@whisp4999]

This is excellent advice to pay your mortgage off as quickly as possible. Not only does it save you money in the long run, but it also gives you peace of mind and a sense of security.

[@Hogster202]

Her principle is correct. I've used the strategy for 10 + years and it works. Nevermind the numbers she presents, she is showing us the strategy.

[@Damascuss07]

Yea, nevermind that she can't do simple arithmetic, let's take advice from her on how to handle hundreds of thousands of dollars worth of investments! You seem like a friendly, gullible, fella, why not take advice from me instead? I've got some choice places for you to put your money, like my bank account instead of hers.

[@Hogster202]

Walt Whitman You are wrong

[@Hogster202]

Walt Whitman You're a moron. Apply the principles and you'll see!

[@Hogster202]

Theres this thing called simple interest that you obviously don't understand

[@Damascuss07]

Hog Farmer No, guy. She's telling you to pay down 6% interest using 20% interest and obscuring this obviously poor decision with obtuse (for the uneducated) terminology. There's no secret here, just clickbait for people who don't know better. You're blinded by some pretty pussy, or maybe you're just a "moron", as you like to say.

[@sadkarslan4445]

Great video! I have a question, I have two fraud inquiries on my reports that I would like to get removed. I've seen your video regarding this, but Im still a bit confused. So I know my first step would be making a call with the credit bureau (Experian) but should I also make call what time? And would I be never stop sending a good compny *Linux Tech Corps* to my friends and people I know regarding any credit situations

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@ericclaeyborn3600]

I paid off the remaining $25k of my home loan in 2 years. My wife and I, together, are lower middle-class, and was able to accomplish it. My monthly payment was $310, and we saved an extra $800 each month to go on the principal. Our final payment was in 1994.

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@Kottayam14]

Great video. Because of this video I already paid 30000$ extra Towards My Mortgage payment.

[@JasonBollinger-ws4xg]

So for everyone that thinks a line of credit is a credit card they are 2 different things. A line of credit is a loan from a bank usually with a lot lower interest rate than a credit card. You can also use a line of credit for cash advances hence why you can use it to pay your mortgage. Credit cards you can upto a certain amount and comes with additonal fees. This system seems like it would work if you put your payments all to principal.

[@WheelerRickRambles]

Jay 0 exactly... I’m a former financial adviser... her ‘wording’ is confusing me

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@627horsepowers]

You can do this without using the CC. It might take an extra 6 months initially. Use monthly 1400 savings to pay down initial CC debt. Then when there is a 0 balance CC that will free up 600/month. Save 2000 for 6 months until enough to pay 12,000 towards home loan principal. Or use extra 2000 a month towards principal. And you have a full 15000 emergency credit all year. You can probably even open more CCs.

[@oricoil]

But without actually using the CC your credit score will remain low and the amount of credit (for emergencies) you will be able to get will possibly not be sufficient.

[@627horsepowers]

Given this KZbin video numbers, the credit score should already be high, not low as you say "remain low". As time goes on the credit score (might) go down a little. After the house is paid off, cash reserves can be built up quickly (compounding interest) + CC limit (possibly a little smaller) for emergencies. CC should be last resort for emergencies. Your net worth will rise quicker without any debt. If you want to minimize interest payments to mortgages, you can also minimize or no interest payments to CC companies.

[@oricoil]

627horsepowers agreed

[@frostydigital9090]

Once you pay down the balance on the credit line, you use the credit line to pay your monthly bills, then pay it off each month from your income in your checking account...You avoid interest on the credit line, but still have activity on the card every month. You raise your credit score, you raise the credit limit on the credit line, you apply any extra income to your mortgage principal every month. On most cards, you can avoid paying interest on purchases if you pay your balance in full each month by the due date. If you did need to use the credit line for some emergency, you revert back to getting it paid down first, then you rinse and repeat above. Remember that an APR is an ANNUAL percentage rate, so the entire APR is not applied to your balance on any given date.

[@kevin8383]

Ori Cohen that's not how a credit score works. Having a 0 balance on a card still counts as a payment every month. Also having less % of your total available credit in use will raise your score. The only problem you run into is the creditor possibly canceling your card due to inactivity which if you have had the card for some time could effect the average length of your credit history which will significantly effect your score. The way around this is to use your card once a month for something small like gas then pay the balance of immediately. This also prevents you from paying any interest. The video is right in that making extra payments on principal will pay off your loan sooner but using a credit card is retarded.

[@NicKennelty]

Stop and watch the whole video! Very informative! Thank you. So much knowledge and tools to takeaway for somebody trying to figure this out.

[@GNeyland]

So you make $60k a year and “net” $5k a month? I’m sure the IRS has some questions for you.

[@bloomscode3825]

love it lol

[@Keabrown79]

I was wondering about that 60k a year will net you around 3k a month

[@zachmullins9444]

Ya if you are netting more than about 3600 of this, it's pretty fishy lol.

[@_Solmega]

My EXACT thoughts. Huge oversight.

[@Foxeycop]

You did a very good job explaining a difficult concept for most people to grasp. Kudos to you for finding this strategy, so early in life. I found it at age 50 and have paid off 2- 30 year mortgages in less than 2 years. Working on my third now. 1 more year to pay it off also, then 3 homes paid off in less than 8 years total.

[@mikegarcia7452]

Craig Fox wow! That’s inspiring. Can you tell me how you did it in 2 yrs compared to 5-7.

[@Foxeycop]

Mike Garcia , I was able to work a lot of over time and apply most of it directly to principal until the House was paid off. Then I applied for and got a larger Heloc and paid off my second home, paying the Heloc down until we bought our 3 rd Home again utilizing our Heloc. Now I have a large Heloc on my second home with a 0 bal. out last home will be paid off in about 1 more year. Then debt free. I off set compound interest with simple interest and can still take it as a taxable deduction.

[@aigi1990]

you are very smart and hardworking guy.

[@tcjohnson3437]

You are never debt free from a home. Built mine with my own hands, on my own land, owe nothing but still pay now (it went up again) almost $700 monthly to cover my property tax yearly.

[@MsLisaBrooks]

Craig--you used a HELOC. It seems that Laura is using a credit card. That seems like a quick way to get started with the strategy without getting a HELOC. What are your thoughts on the credit card method? I'm thinking of trying it while having the money set aside to pay of the credit card of it turns out to be a bad idea.

[@TheTytiaunna]

This video is gold and you really inspired me to get serious about my finances and stay driven to buy my properties

[@maplemumbai]

You can save people's time by saying at the start put your entire salary and some more into paying off a mortgage and some more right at the beginning. Don't save for house repair, eat less food, don't go out, don't save for retirement, don't buy clothes, live poor. That's the only way to pay a 30 year mortgage in 7 years..

[@MichaelJubrey]

Live like others won't now.. so you can live like other only wish later. 5-10 Year goals to relax and live good later!

[@0111vramj]

Don't have kids, don't have ANY medical issues or emergencies, don't go to any weddings, bday parties or other family/friend gatherings that you should bring a gift, etc. people cannot live like this.

[@Emk315]

You mean living within your means, such a noble idea, rihgh? The idea that a lot of Americans are scrambling to make ends meet during this Covid times are unfortunate reminder that most Americans are inept when it comes to basic home economics. Most people live above their means and the "American dream" continue to enslave them when racking billions for financial institutions. I know her examples are mere hypotheticals, but someone making 56-60k annually have no business financing a car. I know most people who are reading this are shocked by that statement. Well, that proves my point.

[@zarifshoeb]

So you’re just gonna ignore the fact that people who pay off in 7 years will live like a king for the next 23 while others suffer ? How convenient

[@oliviasnyder9991]

Interesting...I liked all the math you gave! My husband and I paid off our mortgage ($150K house, 11 years ago) in 33 months with extra payments each month towards the principal...we ended up paying a total of $11,000 in interest. The first year of that we lived on one teacher salary. The next two years (little less) we lived on 2 teacher salaries. We had such a tight budget those months and threw everything we could towards it. It was hard but so worth it as we've now invested all that money saved for our retirement and kids colleges...and it allowed me to stay home when we had kids.

[@lauraanaya6422]

Olivia Snyder hi so to pay off the house early with your example can i ask how much extra you gave a month, i want to do that with my house pay off faster but not sure how much is recomended to pay off fast? I owe about 160

[@oliviasnyder9991]

Sure thing. For the first year, we paid an extra mortgage payment and made sure to apply it to the PRINCIPAL. Our mortgage was about $970/mo and with taxes it was $1350-ish so we paid the extra $970 the first year (we had a 15 year mortgage). After a year, I got a job (I wasn't living with him the first several months and then student taught so no income). Once I got job we paid another payment towards principal (so a total of 3 payments). After about another year (Year 2 of having house), we decided to add another payment (so total of 4). Then after 32 months of having our house, we had $17,000 left. My husband had been saving a little money for a car during all this and had $17000 saved. He decided it was wiser to put it towards house and be finished with payments and start over saving for his car (we had no kids). We owed $110,000 when we bought it (put $40,000 down). The key to paying it off fast though is to put those extra payments down at the beginning towards your principal since you're paying so much interest at first. You'll knock down that principal faster, therefore owing less interest. We paid a total of $11,000 in interest on our house. It was $150,000 and now worth $250,000 (we live in a booming city in Texas) so we will profit $89,000 since we paid $11,000 interest when we sell (probably more since we don't plan to move for a few years). Hope that helps. Good luck...go for it!

[@lauraanaya6422]

Olivia Snyder thank you so much its a sacrifice we live in California houses are more expensive, we owe about 160,000 so when i make extra payments to the principal i just need to call the mortgage company and let them know?

[@oliviasnyder9991]

Oh gosh that is tough...My house would probably be 3X as much there. Yes, call them and let them know you are going to make an extra payment that you want to go towards your principal. Ask them the details of how to do it...they'll let you know.

[@lauraanaya6422]

Olivia Snyder ok thanks so much!

[@christinec1928]

All good info. The main take-away that many of us are not aware of is that the clock is reset when you refinance your mortgage. People end up paying interest forever.

[@760Kid]

Yep, have plenty of friends that refi for extra cash when their property value goes up and they are stuck in the cycle of paying interest forever. Stick to the plan you originally had. Buy the House! The bank owns it till you pay them off.

[@Advic77]

This is quite good. What I got from this is that you need to be in control of what amount of your payment goes in interest and what amount goes to the principal loan. if you did get an interest only mortgage you can actually make extra payments and state that you want to make payment in lieu of the principal amount hence this will ensure you pay off your mortgage early as well.. But I guess her method allows you to use the credit card as an emergency fund which comes as an added bonus

[@juanarce6047]

You guys are all incorrect, i am a loan officer and i been doing this for many years. You dont owe time to your bank you owe money. I you refinance for a 30 year fix at a lower rate, you payment will drop there for if you continue to pay the same amount that you were paying before the refinance you will be paying your mortgage faster. But if in the other hand you refinance your mortgage and for a 30 y fix with a lower rate and your payment drops $300 dollars and you keep them to your pocket, then yes of course you will be paying in 30 years

[@Advic77]

juan arce at the end of the day it's all about paying the principal amount however these three factors interest, rates and time determine that. Understanding the relationship between these 3 factor ultimately can help in paying off the mortgage early. This is the ultimate goal of all those that have a mortgage. QED

[@camsterasmar975]

juan arce Spot on!! There is nothing wrong with refinancing, it just depends how you do it. If you start at 30 years, pay for x years and then refinance back to 30 years then of course it is reset and you are stuck paying the higher interest proportion. The key is to reduce the years remaining on the mortgage so more of your money works for you. If you have a mortgage you have to start somewhere and the first 5 years are the worst so you just need to get through that and afterwards make sure every change you make reduces the loan term. I started with a 30 year mortgage, paid it for 3 years and then refinanced. I got lucky as the rate had dropped so I could have paid less and kept the remaining 27 years term. Instead I opted to increase my payment by 20 and with coupled to the lower rate my term dropped to 19 years. 8 years wiped off in an instance. I’ve now completed my next fixed term period (during which I’ve made overpayments) and now I can refinance again and this time my LTV should be around 50%, getting a better rate yet again so my term should drop even more. Maybe this credit card plan is better but the 21% APR wasn’t included in the calculations. Would be interested to know how that factors in but I’m happy letting my money work towards reducing the mortgage term and not firefighting with a credit card. If the credit card was 0% then it would help. While using the credit card surely the same mortgage interest is being applied over those first 6 months??

[@Quillamita]

I have seem many videos on how mortange and interest rates work, and this video outbeats them all. The speed in which you speak, the visuals, handwriting, organizational skills is on point and easily understood. Finally! Thank you..... and these comments come from an experienced Educator and public speaker. So thank you and good job!

[@sonurathour]

She didn't mention that out of 5000 $ U get in hand is just 3500 $ Because of taxes , 401k and employer medical insurance.

[@leodyer8535]

Number doesn’t matter. She is showing us the strategy.

[@angiebee3581]

preet singh I was thinking the same thing lol

[@IamNoahTG7]

Use the same strategy using 3500 then

[@sassygirl6407]

So the average American earns $3500 a month???? Wow, they're rich! I earn atleast $1000 less (putting it in $ but I live in Belgium) 😲

[@Stevie-steel]

she did say 'net' meaning in hand after taxes.. if your number is lower it will still work.

[@quantumphaser]

Right away there is a problem with the math. Your take home from 60k per year is NOT 5k per month. It is between $3,200 & $3,500 due to the taxes being taken out.

[@sha370z]

The problem is when i pull up the data for the city or town

[@sha370z]

6,775 people die per day USA . 151,600 people die each day world wide .

[@sha370z]

state of illinois unpaid bills top 16 billions

[@kiwitrainguy]

Companies go in to Liquidation owing millions after paying their top execs generous bonuses. Carillion.

[@sergioeduardo4888]

quantumphaser after taxes my friend

[@asifrizwan]

You are simply applying your monthly savings toward your mortgage principal. That is it

[@VadasNWS]

yes, exactly + she paying extra interest on her credit card :)

[@johnderr6815]

Thank you for saving me 30 minutss

[@SucessBuilder2025]

yes but a line of credit and boosting your credit score is a plus.

[@fuego07]

Yeah, except in her way it takes longer to pay off because you are also stuck incurring absurd amounts of interest. This video is just terrible and anyone using this strategy is worse off. (compared to simply paying directly to your principal each month).

[@jayt717]

Monthly savings? What’s that?

[@TheGayStoic]

She's an incredible teacher! More power to you.

[@countryfrau8328]

The first thing is get the check with all the flipping taxes removed. So, your $5,000 earned is really like $3800.00. Then you have to take out the amount you are forced to pay for health insurance due to the flipping mandate. In our case for 5 in our family it is $1815. So then we are down to $1,950 to work with. And then there are utilities and all kinds of other insurance payments and living expenses and on and on. Very depressing. But I like what you are doing.

[@laurapitko6404]

Hold tight I will be releasing some tax strategy videos that will help you with this issue, thank you for your input.

[@beetheace]

Earned income DOES NOT equal kept liquid income as we have the IRS. You must have a brick-n-mortar or side-business to "control/access" your earnings and expenses. You really don't want to Own anything in this litigious society. As for mandatory health- care, there is always the religious freedom exemption if it is a deal-breaker or philosophical objection.

[@phillipsierra2074]

Good job

[@beetheace]

Ace Degenerate ha# nailedit. I also have 5. Love it. IRS hasn't got 1penny since 1991. This is way before KZbin😂#selftaught

[@Videpedia]

Hi, it's no brainer to use cc to pay living expenses, but how do you pay home mortgage loan and car loan using cc on a monthly basis when there is still balance in cc ? Thanks.

[@garygates2537]

Thank you for teaching me something I knew nothing about. You're well spoken and easy to understand. Hugs* thank you kindly! subscribed

[@hughrobert6189]

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[@rockjanesko5901]

I don't like it. I paid a 15 year mortgage in 5 years. Avoid credit cards, card payments, avoid going crazy with your mortgage, get a job that pays more and a part time job and apply most of your income to the principal. Set a 5 year goal. Done. That's how you do it.

[@borntodoit8744]

Mel Janesko That is correct... For constant cashflow CF1 (fixed income salary) reduce your libilities (aka eliminate daily personal expenses DE1, AND reduce overall mortgage interest MI paid on mortgage loan [by overpaying monthly premium MP to reduce term of mortgage loan]). This assumes standard repayment model (a repayment mortgage with capital repayment option). I would add further...change your model (to a flexible mortgage with interest repayment only option (flexible has 2accounts, a loan account LA and deposit account DA). Then when pay your monthly MP split your payments (pay minimum into LA and maximum into DA). In this way you will reduce the overall mortgage interest MI while still servicing the mortgage loan. As you build up DA your MP will reduce (till your flexible mortgage is fully offset = means zero MP)...then your living in a house where you owe most of mortgage loan, with zero monthly premium MP, the loan will be paid off when you sell the house (by incoming purchaser of house). QED...eliminate your mortgage liabilities while your living in property till you sell property.

[@elmalpatriota]

J Mi Was that your strategy? Did it work? Do you have better details? It sounds complicated...doing my research right now

[@ParadoxicalProd]

Please watch the video again....you missed the whole point.

[@borntodoit8744]

Cristian Aldana Hello Christian, my strategy is documented above my friend. Sounds like ur missing an education ...'ll try and explain, at the highest level (read book RICH DAD POOR DAD for concepts) ..To be wealthy you (1) need to get an education in finances / how finance products work...[Repayment Mortgage Vs Flexible Mortgage] (2) understand all finances boil down to the financial compass [an interplay between ASSETS vs LIABILITIES vs CASHFLOW vs CAPITSL GAINS]. (3) Apply financial compass to your knowledge of financial products too seek advantage ..question to ask Q1) what is the point u really start paying off mortgage principle [and stop paying interest on mortgage], Q2) can u move the point using legal means? Yes reduce personal liabilities / pay more to reduce mortgage term Q3) Can u defer paying the whole mortgage loan to end of ur stay in house [yes move to interest only option mortgage] Q4) also what do u hv to do to not pay the capital off every month [yes use interest only mortgage]. Q5) Can u reduce your monthly mortgage premium (yes use flexible Mortgagewith interest only option then try to get fully offset as quickly as possible) Q6) can u eliminate monthly premium completely [yes borrow beg or steal a large capital amount and put it immediately in your mortgage DA, effect=ur monthly payments drop to zero immediately if LA=DA / also u stop adding interest to your Mortgage & stop effect of compounding to ie ur house Mortgage becomes a zero interest loan over 30years OR Ur not paying anything for 30years=the cheapest money u can borrow). QED

[@hondacrf450able]

How are you going to " apply most of your income to principal", when most of your income goes to monthly living expenses including mortgage and all the bills? I don't get what you're saying.

[@lilyvonbulo9636]

This is by far the most easy to understand video on this subject I have ever watched! Thank you so much!!

[@guntodd]

In any case, your formula is basically paying off early by double payment, and bi-annual lum sum of $12K.

[@forestdweller8164]

I almost didn't watch this video b/c I read the comments first. That would have been a big mistake. I'm so glad I watched the WHOLE video. It makes absolutely perfect mathematical and financial sense to anyone who actually wants to learn something and pay off their mortgage much faster as opposed to people just looking for something to complain about. The comments about "too much detail" just show how stupid and lazy many people are. Your home is the biggest expense you'll likely ever have. If THIS VIDEO is "too detailed" for you to sit through and understand than you're likely going to go through life with a lot of issues. Thanks for a great video and a wonderful, clear, and thorough explanation!!!

[@armandinejacotin6706]

Absolutely Prophet too many people nowadays suffer from, shall I say it?, Attention Deficit? One should sit through as many videos as needed to learn better ways to get out from under that heavy burden of a mortgage. Thanks Laura and Prophet.

[@tilitila88]

Maybe you can help me.My question is....I don't have the luxury of waiting at the end of the month for that 5k lump sum.I have to be paying bills.I guess it's just on me to have that 5k available right?

[@toriless]

You need to take a math course. She make the 3K seem free. It is not!

[@armandinejacotin6706]

tilitila88 no need to wait - email me here at [e-mail]

[@normasaavedra6927]

Or you can just pay the xtra money you have to the principal without going into debt with a credit line. Stay out of debt people!

[@toodevious816]

Great idea, however, can't pay a mortgage or car payment with a credit card! Also someone making 60k a year would only be bringing home about 45k to 48k AFTER TAXES.

[@liamking6915]

To clear your debt, Contact [phone] on WHATSAPP(he does not take upfront payments) or via mail@ excessmoney167@​gmail.com if you need help with your Credit score fix,Cash app hack, Paypal hack,Western union,Credit card hack,Instagram verification His fast and reliable.

[@MrMatute7]

You can get balance transfers from credit cards into you checking account

[@deno77joe]

Liam King do you mean “clear your debt” as in clearing any damaging reports after a bankruptcy so it doesn’t show on your credit report? I have been ruined because of Covid-19 and need to take action to get out.

[@bankruptsee]

You can move money into checking with a line of credit. Credit cards, you could but with massive cash advance fees.

[@MrMatute7]

Secret Label if you manage your credit cards well , the bank will send you special where you can balance transfer from your credit card to your checking account for 1-2interest free. This will allow you to take advantage and it pay it off before the special expires with the money you already had in kind of using

[@johnreti3917]

Laura, thank you for the nice presentation. You are a great teacher. A few years ago I did something similar to what you are explaining. I bought a house for cash, but I was $100,000 short, so I took out a bank Line of Credit for $100,000. It was at 9%, but now it might be lower, like 7%. If I had taken out a loan I would have had to pay a 2% cap and closing costs, adding up to thousands. Then, as you explained, I would have paid thousands in interest for years. The credit line is great because it is a 2 dimensional loan. I put all my income into it and paid my expenses from it. Interest is charge only on the current balance. This I paid off the line of credit real fast.

[@faisalhassany4591]

You missed one important part taxes on salary and property

[@denisedoogan703]

Exactly....people also put in their 401k. In order to bring home 60K at an average rate of 28% taxes you would have to make at least 90k plus. This is very misleading. Plus they do not allow you to pay a mortgage with your credit card.

[@MrWisdom79]

And mortgage and homeowners insurance. No way at 6% with principal, interest, and insurance that mortgage is 1200 bucks.

[@denisedoogan703]

@@MrWisdom79 the $1,200 is only principal and interest

[@H3774ND]

@@denisedoogan703 it may only be P&I but what house can you own that doesn't have property tax?? It needs to be factored into the expense of the mortgage.

[@denisedoogan703]

@@H3774ND exactly, I was agreeing with you and telling you the example she posted was only P & I. I think this entire presentation is misleading and not even remotely correct!

[@Thebackyardneighbors]

We have paid our primary house mortgage of $400k in 5 years of buying with 1 income. It is possible with some determination and lifestyle changes. Your video has inspired me to share my story in my channel. Thank you for that! Keep making more of these videos!

[@margaritamartasin4902]

Good thing my husband is the one that take care about the finances..and I been learning how to avoid to over use my credicards. People should just spend what they can pay in whole the credicard and get a second hand car instead a new one and pay it ASAP. That's the main problem people don't know when to stop...spend..spend..and no pay.

[@tommytuton7235]

I make $68,000 a year but I only take home $31,200 a year, I take home $1,300 biweekly, I take home monthly 2,600

[@WTFIWFYDB]

Margarita Martasin Credit card could be used to benefit you. A lot of times they have some gifts and cashbacks if you use the card. The thing is to return money before you have to pay intrest and purchase things that you would have purchased regardless. But if you bad with money managment it's better to not even have one.

[@cleanenergyprogramsflorida4108]

Most home loans and your cars will not take Credit Cards. If you open a small business and use a Credit Card processing to be able to put in your account. You can also use the miles you get to pay your payments that would save you even more money.

[@javamochafrap]

If you earn 60k a year, you dont take home $5k a month. There is such a thing as fed state and local taxes.

[@mbsbsanchez68]

Also you need to pay food, gas, credit cards, day care, car loan, bills, gogo, and much more !

[@charlestonhambrick1365]

This is the comment I was looking for

[@joeyofblades]

First problem I had with this video, glad I'm not the only one

[@mjg5054]

This chick is living in a fantasy.

[@javamochafrap]

@@mjg5054 she just probably never had a job and doesnt know what happens when you dont get the full gross amount. ;-o She probably has always been a KZbinr w/o a real job

[@EduardKorenschi]

Maybe my math is wrong, but somehow, for the line of credit (credit card or whatever), despite saying you have a 21%APR, you're deducting the 5000$ directly from the principal, forgetting the 21/12 * 12000 interest = 210$. So 5000$ - 3000$ (normal expenses) means you're taking 2000$ off of your credit card loan every month ... that is exactly 600$ (you were paying before: interest-210$ + part of principal) + 1400$ you were uselessly saving. So instead of doing all these exotic calculations, and filling so many boards, why not just say: pay your credit card first (and forget the savings), then all those extra 2000$ now put them to pay back your principal of the home loan??? Unless you have indeterminately free (0 interest) credit cards in the place you're from. Otherwise, once the credit card incurs a 21% interest ... you can't beat those 6%, no matter how you force it.

[@ericwsmith7722]

Forget the fact mortgage interest payment are deductible, and credit cards ( or "lines of credit ) are not deductible.

[@regal953]

Not any more

[@paulac875]

Eduard Korenschi I think she's suggesting we do it this way because the money that goes back and forward into the credit card accounts are revolving. As opposed to pay the Interest to the bank. What I'm planning on doing when I purchase a new home is pay an additional 1,000 a month on my principal. I don't know if the bank will allow you to pay extra. She's right about people paying for their house twice to the bank.

[@ericwsmith7722]

Paula c ... why don't you just have a shorter mortgage ?.... you don't have to take a 30 year.. or even a 20.

[@paulac875]

eric wsmith that makes perfect sense. Just do a 15 or 20 year and pay it off faster. Thank you.

[@mblankenship15]

The problem is with the savings amount every month. Most families do not have that much to put into savings. They pretty much live paycheck to paycheck, so the extra money you keep adding to pay down the line of credit is non existent for most families. Try to do the calculations without the savings and see what happens.

[@dsanti4069]

Stop living paycheck to paycheck. Sell a car, sell your house. Stop eating out. Pick up a side gig, move to a lower rent, do a garage sale. Stop fucking spending!!!! . Stop the excuses and grab your life by the balls and make it happen. With a will there is a way.

[@66wow99]

She did show you how cashflow works. For example, there was an immediate cashflow of $600 on the LOC once you transferred your paycheck.

[@mblankenship15]

I don't think you understand the entire issue. Get a mortgage calculator and do the math. You will come out about the same by paying extra on your mortgage extra each month. This method has been debunked for a long time now...

[@mblankenship15]

Its the same either way...

[@handygeek2377]

Also consider, if you have a $200k mortgage, the total you pay to the bank is usually between 2 times and 3 times the initial mortgage. So for every extra dollar you put in against the principal, that equals saving $2-3 in the long term. I agree most of us live paycheck to paycheck. There was a period about 10 years ago when I couldn't afford to save the lose change in my pocket, I had 50 cents left before my next pay. You know those coins that have the special designs on them.. I started saving those, and forced myself to buy cheaper or less. At the end of the week I was surprised I had $5-8 and that went against the credit card. Every week was a struggle, a tough struggle. Slowly but surely... the debts came down and I was saving $50 a week. A year later one card paid off! Then the next and the next and now I've got only a year or so left to get rid of the mortgage. You can do it. Dang if I can do it at $5 a week, you can do it too :) One step at a time, you will find your family can believe it too. All the very best to you!

[@mussiegebreyouhans1160]

Hi Laura, First of all, I would like to thank you for your clear explanation of how to accelerate and pay off a mortgage in just a few years. Since I didn’t have a car loan or credit card payments, I applied for a $20,000 credit line and purchased a multifamily duplex in Sacramento, CA, at the end of 2017. At that time, I bought the home for $340,000; today it is valued at about $560,000. To earn extra income alongside my full-time job, I started a side gig and followed your guidance and principles. As of today, I have only $50,000 left on my loan. The journey has not been easy; I pushed myself to my limits, which required focus and discipline. Thank you for the valuable video you released. Because of your advice, I am where I am today.

[@mexolexo]

I have no idea why you popped up in my feed. This video was mixed in videos about kodi builds. You’re my angel! I will have paid off 10,000 in, at most 6 months! I’ve had a line of credit with my credit union for years. Used it a few times but never knew about this method. Next step is to pay off two vehicles and then the mortgage. 5 years is my goal. Thank you again for sharing this information.

[@kimwinston4692]

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[@debtreliefandloans]

Alex M good luck its only a theory full of holes. 20 years as mortgage lender 35 years in real estate. And many years teaching credit. Way too many missing numbers

[@armandinejacotin6706]

I recommend you pay the vehicles first.

[@toriless]

BS

[@radeeshabrown8744]

Thank you very much for explaining it a bit clearer. Matthew teaches this as well but I needed to see it visually so that I can apply this to my debt strategy. Side note, please ignore negative comments because they don't know how to do this correctly. You did a great job.

[@debtreliefandloans]

Radeesha Brown mathematics don't lie. She is incorrect. So many of the ideas don't work in the real world.

[@BroadcastingEssentialMusic]

Yes yes!!! It was a good video

[@Damascuss07]

No, YOU don't know how to do this correctly. You're taking out a high interest loan to pay a low interest loan - you're still paying interest. Take that $2k surplus from her calculations and put it directly into your principal and you will pay your house off just as quickly for *less* money! You're not paying interest on it at all, via the LOC like she's using, how can people not understand this? What a stupid video, apparently being watched by a lot of stupid people.

[@bulutongtubig01]

yeah but she doesn't calculate the monthly interest rate on the LOC of 21 %

[@iris5517]

Damascuss07 stupid people like you, right? You don't have to insult anyone.

[@betswilford1627]

I didnt see u add in the monthly interest charge for your loc but outside of that .. brilliantly explained!

[@aliannacone4782]

I disagree. Refinance to a 15 year fixed at a lower APR, say 3%. Then put all discretionary money on the balance. You will pay it off years early and save thousands of dollars in interest. Never use a line of credit or credit card. It is a trap,.

[@granitemoss1451]

Amen. A foolish endeavor someone tried to pretty up by making it look complicated and sophisticated. Put your time and effort into just paying extra straight to the principle and watch your mortgage shrink significantly, year after year, until it's gone.

[@PreeminentbrandsNet]

Al Iannacone as long as you use it like a debit card it's not foolish. Especially if you are getting cash back rewards

[@parveens5685]

You’re right. I refinanced to a 15 year from a thirty year after three years and made one to two extra payments a year on principal. I was able to pay it off in less than ten years. Could’ve paid it two years sooner but had another baby and wanted a larger emergency fund.

[@aliannacone4782]

The problem is that most people send too much just to get minimal rewards. In the end they lose.

[@feefee2]

Al Iannacone wouldn't refinancing to a 15 yr make your monthly payment higher or no?

[@albertoperez1947]

I think you explain easier than my financial teacher at the school. Thanks sensei

[@hibarixv1155]

I'd listen to your financial teachers at school, she's looking at this in a vacuum and missing many crucial details.

[@jollyjae415]

I stopped when she said the avg. person in the US makes $56K/Year.. then she made it higher.

[@BradleyWelshTV]

lol i was thinking the exact same thing

[@mehulsanthosh2888]

Haha I was thinking the same thing.

[@mattr7118]

JollyJae That's average household income not average person.

[@lilijody]

JollyJae she met ur income plus ur kids and pets income combined

[@rockyshorz3193]

JollyJae I stopped when I realized she doesn't know 40% of income is taken for taxes, social security, insurance, meaning... 56k isn't $5k a month, it's $3... She means well...

[@manchesterunitedstandusa4877]

Your genius. I had no Idea about all this mathematical information behind

[@jrivers247]

If you already know how amortization and simple interest work, jump to 20:00 .. You’re welcome.

[@nathanielbuck5042]

Needed this 20 minutes ago. Haha

[@luvknottsjilldavis6477]

Laura! This is an excellent video! I commend and thank you! This information can change lives for those who can receive it. You could have charged for a class like some of the others that won't give out the nitty gritty without a charge. (As you can see, some people need to be charged before they can appreciate life changing information.) I sincerely thank you for being so wonderful and giving! It is life changing for me, and I'm sharing this video with all my love ones; children and grandchildren. Sharing this with our youth is phenomenal.

[@paimei7988]

Jill, as far as I know you cant pay a mortgage payment using a credit card, same goes for auto loans.

[@darcelcollinson6818]

I agree, it was simple enough to follow and I appreciated her free lesson. I’m indebted to her for her insight, thank you Laura! Much appreciated. DARCEL, Vancouver, Canada

[@rebeccabrimmer7145]

When you calculated the monthly take home income you didn’t account for taxes or other withdrawals from the paycheck like healthcare or 401k. Taxes alone can easily eat one third of income.

[@edcor2578]

I was going to say the same. 🤣

[@mioangel1227]

And mortgage insurance!

[@skip7578]

Don’t worry! Her heloc scheme magically and wonderfully pulls money out of thin air…NOT!!! Truth of the matter is in her heloc scheme you pay back everything you take out with interest! On 20k every 6 months $66 to$100 a month…WOW!

[@royaltyfreerocks6883]

I would love to see an estimate of how much is the hour spent into setting up a yt channel valued. That is, if you were to stop creating content how much money would you get per month and what would the resale value of your channel be, considering that return ~#Linuxtechcorps~ was my REDEMPTION

[@odithegoldenretriever2158]

They are literally the best, fixing my credit and investing using their platform saved my life from going back to the trench I came from 7 years ago... 🙌🙌

[@najeebammir1446]

I started working on my credit 2 years ago. I didn't know where to start I had no credit. I started looking up videos and found *Credit Backdoors* . I followed what you said and started with an secured credit card for 200.00 and mad sure to keep my utilization under 10% and paid on time every month. I now have 3 unsecured credit cards and a 757 fico score. Thank Danielle for all the information and tips. Now we are in a position to buy home.

[@johnmarler6735]

I went broke waiting for her to get to the point.

[@yummyra6522]

Lolol

[@duperfastEUC]

@Domfeh Mensah can he fix my drug problems too?

[@lg8365]

Lol🤣

[@everythingphalone]

😂😂😂😂

[@thebarndochick4270]

Seriously... this is painful.

[@MFranklinstein-vw2tn]

This is 100% wrong. The claim is to pay off your mortgage without doubling payments. In this example, i guess it's technically true because she's more than triping the payments, just not every month directly to the bank Make 3.5 amortization schedules, use excel and learn how. Make one with the traditional mortgage. This will help make sure you built it right and you will also duplicate/clone it to make your other two. Make the 2nd (duplicate of first) simply applying $3,000 extra each month as thats the net decrease on her TWENTY-ONE PERCENT LOC (asinine). Just add $3,000 to your $1,200 payment (for a $4,200 monthly payment), it's the same effect. Make a third one (convoluted) applying an extra payment every 5 or 6 months (depending on if you want to go negative on your LOC but her idea is to never let the bank have your money, so you must maintain a balance on your 21% LOC and refresh $12,000 every time you go below $3,000 for that month, but you will also never go above your $15,000 limit). Make a other one (the ".5") for your LOC so you accrue and pay you TWENTY-ONE percent interest. You HAVE to account for that interest as it's the cost of using your LOC. Build them out until balance is zero (on both accounts for the 3rd using the LOC). What you'll find is using her convoluted method, you'll pay $38,500 in mortgage interest and $9,400 in LOC interest, for a total interest amount of $48,000 and payoff in 69 months, or 5.75 years. If you just paid $3,000 extrs every month, then you'd pay $29,000 in interest and payoff in 55 months, or 4.58 years. It's better to pay off the LOC entirely, stop paying the bank 26% interest, pay off any other smaller debts at higher rates, refinance your ridiculous 6% mortgage into 3%, and then apply extra towards your mortgage. All you're doing with her effed up method is temporarily paying the bank 21% interest 9n money instead of 6%. That's the epitome of financial stupidity. Literally. If you really think this is a good idea, you're a simp fooled by a pretty face, perky t1ts, and tight body pushing a product by actuslly lying to your face on numerous levels, but again, the target audience is people who suck at money to begin with so more can be leached away.

[@zeyedim]

You are 100% correct I did not even waste my time to watch this video The numbers do not add up if someone is making $56,000 a year they are not bringing in $5,000 monthly you have to deduct the medical The pension that's coming out of people checks union dues and any other miscellaneous items.

[@allanulsby1433]

@@zeyedim not sure what union your in but my (IUOE) pension, health and welfare are on top of the take home pay. So your union package for example is $60hr minus h&w, pension, training etc (yes I do pay dues $30 monthly out of my take take home) your on the check take home is then $30 - $40hr of course that hourly rate and package differs from local to local, state to state and what union your in. So doing a HELOC or line of credit makes excellent sense

[@leetravathan]

I just discovered this video... about a year after it was made. I purchased a 300k home 3 years ago. I have been making extra payments toward principal each month since we moved in. I now owe only 200K, so I know systems like this do work. It does take discipline. But it feels good. This video helped me see another way to help myself do even better. ;-)

[@jakyc29]

So basically, I will charge $12k on my credit card, use that money towards mortgage interest. Now I have a $5k credit card payment in addition to my regular monthly mortgage payment that I charge again monthly, PLUS the interest on the high cc balance. This seems to be paying double mortgage and double interests. Now, mortgage loans do not allow credit card payments, so do I pull cash from the credit card to pay for my mortgage at an even higher interest rate? And the credit card will charge a significant fee for the $12k LOC loan. I wish you would explain this. Thank you.

[@nicolasfernando890]

How do you pay mortgage using a credit card?

[@debtreliefandloans]

video flawed. but extra payments always work.

[@natejenkins786]

The simple solution, pay the $1400.00 extra that was going to savings on the mortgage, until the Credit card is payed off which would be 2 years @ $600.00 per month. Then pay $2000.00 extra a month until the car is paid off. Then in say 5 years or whenever the car is paid off take that $600.00 and pay towards the mortgage and in 6 years and 6 months (or sooner depending on when the car is paid off) your mortgage is paid off. as well as your car note and credit card. Interest may be about the same depending on the interest rate on the car loan and the number of years left to pay off the car.

[@markman63]

my neighbors held swinger parties at their house, $50 per couple, every saturday. They paid off their house in 4 years.

[@adriancaldwell]

I’ve just done a spreadsheet that’s 115 couples in one evening The clean up bill would negate the income

[@twinklefairy5122]

@@adriancaldwell haha! I wouldn't want other people's bodily fluids all over everything in my house

[@bluefan651]

That's a great idea!!

[@Jons007]

Bastards charged me more!!!

[@WheelerRickRambles]

What’s the address?🤣🤣

[@dbanegas]

I don't think you can use a credit card for this strategy. If I'm not mistaken you can't pay other loans with a credit card. You would have to take out cash advances every month an pay cash advances fees and higher interest. Now, a home equity line of credit (HELOC) could work because you can use it just like you would use a checking account and write checks out if with no penalties.

[@laurapitko6404]

Hello Denis, thank you for your question. There is a loophole you can take your credit card and link it to your checking account for overdraft protection that way you can make the payment to your mortgage from your bank account, and that $12,000 would get charged from your credit card.

[@nocoolname32]

what bank and CC have you done this loophole with?

[@beetheace]

Yes, Denis, great point for everyone. I have access to the HELOC where the masses may not. Equity position as you know is required and many may not have that. 80% of equity stake can be released, right? I like the linking to overdraft. We shall see... thank you for collaborating here. Great forum👌

[@chinojarjos]

I see your point I was wondering about the same thing. The idea is very nice but in reality is not that easy although possible. What credit card would let me do this? What about taxes and everything else?

[@jean-simondoiron2783]

Dividing expense in two categories his best. First expenses that can be charged to a credit card such has daily living expenses,some reccuring payments can also be put on a credit card like a cell phone bill or car insurance. This gives you an extra 1% back if the card your using has cashback rewards. Second the others expenses that cant go trough a CC will pass directly in the checking Account. One thing she hasnt mentionned his that the LOC has to be linked to the checking account. Expense and payments goes in and at midnight each day the checking account goes back to a 0 balance. The payments get absorbed by the LOC making extra payments and when an expense comes in it comes out of the LOC. The credit card get paid in full from the LOC at the end of the month automaticaly. No interest is charged on the CC if paid in full every month. You save huge amounts of interest by doing it that way.

[@jimmydryhands9288]

I think you should invest in a bigger whiteboard

[@fatdadfit6022]

And less lights!

[@krystalharrison72]

Lol!

[@WhatToSellOnAmazon]

ROLMAO!!!!

[@cinmusiclyrics1087]

😂

[@jackieorozco1151]

💀💀💀

[@Aftab-d8g]

Laura Pitko, I am highly grateful providing such an idea that is highly appreciated. Your simple math and very effect way, sounds good.

[@jamesphillips1175]

So I make 30.00 per hour and work 40 hrs per week my income is only 1200 per week. My credit score is 780 my house payment is 960.00 per month on a 30 year note that's including tax and insurance but I pay 600.00 every 2 weeks that just brought me to 15 years to payoff which is saving me 174,000.00 in interest that's on a 120,000 home

[@paulac875]

James Phillips hi, I plan to pay an extra 12,000 a year on my loan towards my actual house part.

[@mycharmedunicorn8715]

James Phillips I have Wells Fargo they tell me I can’t do the bi-weekly Payment’s.

[@jamesphillips1175]

Teresa Sweezey you just ask for an accelerator and everything you pay extra goes towards the principal instead of interest therefore lowering your interest rate. But after watching this girl she knows her stuff I might change.

[@jamesphillips1175]

You can go through equity accelerator, but whatever web sight you you look up your mortgage payments on you can add additional payments towards your principal

[@mycharmedunicorn8715]

James Phillips are you talking about refinancing?

[@TruthOrConsequences2]

I heard all your arguments. Why not just apply principal only payments? Hmm, now just think about that for a moment and here's what you'll find...cash flow problem! You need to tighten your belt as they say but do you really? Laura explains the strategy where you don't use any more money than you were before (that's the import point). You have your checking/savings account money working 24x7 against the CC balance (called paycheck parking) that consists of both a temporary (elapsed time between paycheck parking and bill payments) & a permanent reduction (equal to your cash flow). It's not just a theory (playing armchair quarterback), I'm actually "doing it". Proof positive that it works. It works in the real world. If you remember anything, remember time and balance are much more important than interest rate. I know we've been taught otherwise. We've been taught wrong. Go to your mortgage calculators and make a double payment the 1st month, how much interest did you save? That's what you really need to know about how this process works. Interest for both Mortgages & Lines of Credit are calculated on the average daily balance. Banks have designed (or rather fooled) us into thinking to pay monthly payments which maximizes the average daily balances during the month. Interest on a mortgage is front loaded with interest, in the first 5 years you will pay approximately 90% interest, 10% principal (varies according to interest rate). Let that soak in Here's the way I do it...instead of a 21% CC, I use a HELOC & 0% CC's. No interest charges on the CC's. I have a 1st lien HELOC that eliminates the need for a mortgage. I deposit my paycheck directly into the HELOC, this will work down the balance of the HELOC for 3 or 4 months. During this time I use 0% CC's to pay bills and every 3 or 4 months pay down the CC's directly from the HELOC. Rinse and repeat. The results would be unbelievable except they are right in front of me. We have about 3 years left until payoff, saving many thousands of dollars. The technique works...Period. I put together a playlist of youtube video's that demonstrates different techniques from different vendors. I have no dog in the race but just want people to get out from underneath their self imposed financial prison... kzbin.info/aero/PL08y0wdJHWAODq-4_4Iap58_ncuGSzOl2

[@phongluu2091]

Yes. The HELOC makes more sense provided you have positive cash flow ($5K income and only $3K total expenses). Using a CC at 21% interest rate doesn't sound safe. Plus Laura forgot to include the 3-4% transfer fee when she transfer the money from the CC to the mortgage. A $12K payment transfer from CC to mortgage would create a transfer fee of around $400 which is not efficient method.

[@phongluu2091]

If you have $2000/mo positive cash flow, you can simply pay off your mortgage in 5 years by just making an extra $2000 towards your principal at the end of every month. I don't see the point of using Laura's strategy

[@mikeblitzen]

If I used my credit card to make extra payments towards my principal, I could earn points on my card and pay off my card every month ( which I do ) would this be a good idea?

[@bloodaxecastle]

@@phongluu2091 The principal of her strategy is that it allows for a rainy day. The credit card or line of credit allows a person to have the cushion that they need in the event of unforeseen circumstances. By taking all of your money and not saving anything you no longer have a cushion to work with. If you have a positive cash flow and spend all the extra money on principal payments then you're left with nothing when you're in need. This strategy helps to create a positive cash flow by effectively eliminating the individual credit card payment giving you more to work with every month.

[@leecarter7363]

Its great in theory, but here is an idea. Instead of continue to use your credit card after it is paid off, (and continue to pay interest) just use your checking account and apply all extra income above expenses to the mortgage monthly. And just an FYI your credit score will still increase if you do not use the card. Credit scores are over rated anyhow. You can do just about anything in this world with no credit score it just may take a little longer. Some say there is good debt, but I believe ALL debt is bad and before someone flies off the hinges and asks me how much debt I have, first off that is none of your business but yes I have debt. It takes years to fix a problem that you make in one day sometimes. I have paid off 86k in 12 months on a 77k salary. scratching your head on that one huh??? I sold stuff that was unnecessary and a ton of it at that. I then applied all the money I got from selling stuff to the balance on cards/loans. So not only did I eliminate a debt by selling my truck, I also received an excess of 8k and immediately applied that to credit cards. I am officially down to just cars, student loans, and my house. Any way I respect the information you presented and if it works for some go for it. I would just suggest once the card is paid off cut the dang thing up and all excess money be paid to the mortgage till its gone. With the exception of saving 6 months of living expenses first in the event of an emergency.

[@bmw35bk]

I respect people commenting like you

[@760Kid]

Your an irresponsible critic!

[@leecarter7363]

Wes D and let me guess.... Your perfect????? Lol 😂

[@760Kid]

Far from it. I just wanted to give you Crap. Debt sucks but when it's your only option to provide for your family that's what we have to do. Using strategies like yours help overcome and progress in like. Well done sir.

[@leecarter7363]

Wes D I agree totally about taking care of your family. But as life progresses hopefully we become wiser and more financially stable. This affords is the opportunity to follow steps to help us become even more financially stable and hope change future generations. I for one want to leave my kids and grand kids a nice bit of money but I am also wanting to teach by example. The best wealth building tool you have is your income. Without it 99.9999999% of people would not be able to retire. I would rather “keep” my money than pay interest making it harder for those in the finance industry to retire off of my hard work.

[@BHARATRISING108]

Did a very good job explaining a complex situation which many dont understand, keep it uo !

[@Nyss9588]

the concept is simple, use the credit line to prepay, however, the question is, there's a remaining balance on credit card every month, I don't see credit card interest in the equation.

[@ErickSanchez-md8ds]

yopinkmama tian in would love the answer to this too

[@alkyr9946]

what you can come up with is that it will take longer than 6 months to get the CC to 0. It will take 7 months to pay of the CC to 0 if you pay 2k a month but add nothing to the card after that. But since she is paying the 3k of all expenses back, the next month you are back to 10k

[@jeffstreeter3037]

@@alkyr9946 and your monthly payment's to the bank still include the interest portion of the payment, plus you are paying the 21% interest on the card starting when you charge it back up to high balance, and your score takes the hit for utilization. I tend to think you would still be better served by doubling your house payment. all extra over monthly is put toward principle. You can write off home loan interest. Use equity lines to purchase a car (though I get throw away vehicles from grocery store parking lot "For Sale" finds. I spend way more time in my house than my car.

[@jenkilpatrick1]

Really interesting, I knew about how extra principal payments were good but never thought about how much interest is being saved by using my line of credit instead of money sitting in both savings and checking accounts, you think you're being sensible by saving up.

[@daisy2107]

average doesn't make 5k a month if we did we wouldn't be so much in debt

[@TheKwakBrothers]

Hey Daisy, There's actually a video with the updated version of this strategy here that might address your thoughts: kzbin.info/www/bejne/aZeQlpV5n8p7btE

[@TheEllaTB]

Income has nothing to do with debt. Spending habits do. We were earning 3k/month, a family of 6. Our financial advisor applauded us and bent over backwards to help us buy a house because, she said, "It's clear you have good money habits. (Rolls her eyes while saying the next part) you wouldn't believe the stuff I see working in a bank, people with way more money who don't know what to do with it." When I married my husband I said "no debt". We were sorely tested within our first 4 months together. We didn't even have money for food at times. We'd go for a walk and find a couple bucks on the ground and rejoice as if we had won the lottery. My husband would say, "just say the word and I have someone who will lend me money no questions asked" But we embraced the testing and discovered we can live on so little and we are stronger than we think

[@snowcrossfan]

While when you make less and state that with good intentions but, when you make more money you seem to find yourself spending more if your not budget conscious. I was like this when I was younger, spent all I had, didn't save. got a better paying job, found more stuff to spend it on. Wasn't until my late 30's I realized if I keep doing this, I wont be able to ever retire. If your looking for good foundational principals, check out Dave Ramsey's channel. All I can say i wish I would have grown up sooner in the money aspect. BTW the video here is wrong about 5k per month, unless she found a loophole where no taxes are taken out. I didn't watch the whole video but from what i saw the math is off but the principle is correct. Pay more each month, its called the snowball approach.

[@twixiesky]

@@snowcrossfan exactly! Principal is on point but not at all based on the real world. She totally forgot about gross vs. net. Some people making more than that per year don’t take home 5k/month. Not to mention the crazy home prices....I could only wish it were $200,000 for a house where I am - you might luck up with a studio condo unit for that price, but that’s all....

[@khadijahdavis1572]

This young lady is a genius, I'm definitely doing this strategy

[@coryronquist2875]

you could avoided paying another 7500+ in interest over 5 years by avoiding putting the 12000 on the line of credit and just put the cash flow 2k as a principle payment each month... and from what i see any time you use over 50% of a line of credit it reflects negatively on your score...

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[@sohaibhafeez]

Banks now a days don't accept mortgage payments thru credit cards. They want it from your checking account.

[@bankruptsee]

Line of credit, not credit card. You can pull money from line of credit into your checking.

[@davephone8013]

@@bankruptsee I paid off a mortgage by using balance transfers to other CCs that I actually had no balance on and then asked the CC to send me the check. Rotate several times and with multiple cards and you get 0% interest. Now I think they charge 3% balance transfer fees, then they didn't. Also Line of Credit sometimes will give you a 1 year teaser loan (super low), you can use two lines of credit and use them as buckets to get a continuous teaser loan.

[@hughrobert6189]

check out john_mcnees on Instagram or mail him on [e-mail] or [phone] on WhatsApp(he does not take upfront payment) if you need help about forex trading , Bitcoin, hacking your PayPal,credit score fix, bank account,western union hack,money gram,credit card hack,instagram verification, facebook and many more.. you can as well check his website newtomorrow.net His fast and reliable

[@e-w-n-s7647]

Then use you LOC to offset your "OTHER" bills.

[@davephone8013]

I don't think they ever have. What I was saying was move money to a CC you don't have a balance with via balance transfer at the teaser rate they give you and then contact the CC company that you now have a debit balance with and tell them to send that money to you in the form of a check, now you have cash and can apply it to your mortgage, but CC now charge like 3% to do the 0% interest (18 months) on balance transfers, when I did it they did not charge anything. I only needed to shuffle the money every time it would be ready to jump to the CC standard rate of 20% or some such high rate.

[@anthonywilliams2491]

Hey Laura, very informative video, but two (2) questions for you, shouldn't the person's take-home reflect the $5,000 base minus taxes, and second is there a specific ratio of debt relative to net income that is ideal for this strategy to work?

[@instantprofitorg541]

Reach out☝ instant profit helped with the bills

[@simondegaris1611]

How did she forget tax!! 🤦🏼‍♂️

[@MrWill77975]

It take home income. That’s AFTER TAXES!

[@patsfball3710]

Why would u want to pay off your mortgage fast? I can make 10 to 18% on my money so.the money would make more sense in mutual funds not a home mortgage. Male the minimum payments on the home.every month and the money you make in interest on your 300k instead of a home you could live off every year

[@JeffsTrades]

5000 was the after tax take home....good grief

[@patriciawarmoth661]

Smart young lady. All young people should watch this. She spoke a bit slow for me, but she explains everything simply

[@emretetik7804]

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[@odithegoldenretriever2158]

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[@dalton1981]

One thing i never see explained in these VB videos is why it makes more sense to do it this way, than to say just pay the extra $1000/month direct to your 1st mortgage. If you covered it in your video and i missed it, can you point out the time you covered it? Thanks!

[@beetheace]

Most likely it's the 2 dimensional liquidity that increases over shorter time segments thereby boosting a credit score faster and leading to higher accessible credit lines to subsidize business/living expenditures. If you own a business, this is critical. If you want to stay an employee and not access extra lines of credit to purchase assets, then you are mostly correct in following the direct 1st mortgage payments with the same cash, just ensure it goes to Principal.

[@laurapitko6404]

Hi Dalton1981, thank you for your question. The reason why this strategy is beneficial is because of 1st, the speed factor and 2nd, it saves you a lot in interest as I demonstrated on the app "Karl's Mortgage Calculator" in the video the amount of interest that is paid if one where to make the regular monthly payments for the 30 year duration of the loan. Now to really answer your question if you were to make an additional payment of a $1,000 towards the principle of your home mortgage every month it would be great however it is not getting you down that amortization schedule line quickly enough because we also are making regular monthly mortgage payments of $1,200 and most of it is going towards interest, but when we use VB and make a $12,000 paydown on principal on the amortization schedule we are hitting that intersection point faster where we are able to avoid those interest payments (remember in my video when I mentioned it is only at the 17 year mark that the payment is starting to make an impact towards principal paydown instead of interest, well by leveraging the speed that VB gives us it allows us to progress down that time line at an accelerated rate and we avoid having our money go towards interest. Please let me know if my answer was able to provide clarity.

[@paulac875]

dalton1981 that's what I plan to do. I think she didn't say pay that extra money because it will not be a revolving line of money. Because when you give that extra 1000 a month to the bank on the house you don't get to use it again. It just goes to the bank.

[@carlobicicletta9903]

What is VB?

[@carlobicicletta9903]

What if you have already paid off 40 or 50 or 60% of the loan, does the strategy change? (and what is VB)

[@desmetde]

How do you pay your mortgage with a credit card??? You can't

[@wendyannh]

She just explained it, and it's actually freaking brilliant. I almost quit watching a few minutes in, and had some really negative comments, but I'm glad I watched the whole thing through. This is the first new thing I've seen in decades, and there is no question it can work - but the key is you absolutely *must* ensure that the bank knows those payments with the credit card are to specifically go to principal on the mortgage. And no, you can't do this from the comfort of your home computer like making a normal credit card payment. You will actually have to *go* to the bank, or at the very least call them, to explain what you want to do, and to ensure that the payment gets credited appropriately. If they screw up and credit it as only a regular payment, because *you* don't make it crystal clear what you want to do, then no, it's not possible at all.

[@caminantesolitario6163]

@@wendyannh yes you right even you can use your credit card buying gas food everything and you can make many on your credit card at the end of the year you can get a juice cash

[@edwinthomas618]

@@wendyannh Wow can it be brilliant when you don't have the credit cards that will allow this. Most mortgage companies no this. Please provide this information then it will be brilliant

[@eCoArise]

She said "line of credit" not credit card, a line of credit is much more flexible: theydiffer.com/difference-between-a-line-of-credit-and-a-credit-card/

[@andywilliard4678]

line-of-credit is different from a credit card. Line-of-credits are revolving loans, and you can write checks out of them to go toward any bill, including the mortgage. You can also get a debit card for the line of credit account.

[@doshikruks]

I had worked for credit card companies before and I know what I am saying. You are absolutely correct about the cash advance. But do you know that cash advance is incurring interest on a daily basis and it is immediately from the day of transaction. And it is higher interest than a regular retail purchase. Moreover, on a credit card when you make a payment, the payment is always put towards the balance with the lowest rate of interest, and then the balance with a higher rate of interest is paid. And this is the exact reason why people get in credit card debts as when you make a minimum or higher than minimum payment the balance with a lower rate of interest is paid first and then the one with a higher rate of interest. Leading to snowballing the balance and then people getting into greater and greater debt. This can happen to people with retail purchase balance as well if they don't pay off the balance in full. But it is not as bad as a cash advance. You can get in a CC debt faster with Cash Advance than a retail purchase. And if you have a combination of both cash advance and retail purchase the CC companies always pay off the retail balance first as it incurs interest monthly where as the cash advance incurs interest daily and they can make more money on a cash advance balance than on retail purchase balance. This is the fact. Which either you are unaware of or just negligent. Here is an article explaining that www.investopedia.com/ask/answers/111414/how-does-interest-work-cash-advance-my-credit-card.asp Also after reading this article I found out that now it has changed and the balance with higher interest is paid first. But you still need to read the fine print. As it may still be not true for some credit cards. Even if it is true, still I the other video which you had made the with the excel sheet i saw that video and still I am not sure did you consider the loan interest + the CC interest and fees put together or just the CC interest? I am not discouraging what you said. As I myself had used a credit card balance transfer for my first ever loan, which was a car loan. I had used credit card to bring down my car loans working rate of interest from 18.25% to 5%. But I had a background experience in credit cards and I knew what I was doing. Moreover it takes a lot of discipline and finance management. I was a MBA student back then. Still, I had spent several hours in budgeting, forecasting all expenses and emergencies also had to consider buffer amount. I also was willing to take a risk. If anything beyond my calculations would occur then I had a back up plan so I would not get in greater debt. All this financial planning and financial discipline is needed. Can you imagine just for a $12,000 car. I had to do all this. And, You are asking a common person to follow your program without any knowledge of CC or financial background. This could lead to greater debt. The best advice was not to refinance after 4years.

[@isthisnametaken7]

Important clarification: The median "household" income is $59,000 in the US. Household usually includes 2 or more workers. (married couple?) The median "individual" income is about $31,000 a year.

[@laurapitko6404]

Yes you are correct I did not make this clear, but I was referring to a household meaning the 60K Net had to represent 2 incomes from 2 people.

[@reginaldsimsjr8524]

yea she didnt include taxes, nor medical...etc at all- thats more like $2500 a month maybe

[@PseudoSarcasm]

Laura Pitkute I'm not sure if you are intentionally misleading people. How much interest do you pay on your 12k credit card over the 6 months? Having extra 12k on the loan saves you about $100 over the 6 months. Dump the credit card and pay $2k a month onto the loan instead. (PS. If you work for a credit card company, good job!)

[@daddarrian3227]

Laura; it’s good that you start with a disclaimer because your advice is a mix of good and less than good advice. You have done a long drawn out demonstration to simply prove or suggest that 1) those who have excess monthly cash flow, instead of saving it and getting 1% return use it to pay down highest interest loans; ie 21% line of credit; 2) keep line of credit only for emergencies 3) once line of credit is paid off use the excess cash flow now $2000 toward your mortgage. In theory this works, but you must understand in real life the mortgage payback restraints usually restrict making multiple principal payments by applying early payment penalties. 4) so timing is key so you will need to understand the terms and conditions of each mortgage. 5) it’s never good to borrow from line of credit at 21% to pay down on mortgage loan of 6%. 6) finally you haven’t shown how to pay off mortgage in 5-7 years like your video title states. That’s misleading! And a waste of time.

[@ogdenjohn8507]

Paul Hubley LoL good job Paul

[@hojo70]

Paul, for #5 I believe she made a point to explain that interest on a 21% on a revolving line of credit is less than 6% on amortized loan, at least initially on a 30 year mortgage. One would have to run actual interest calculations for each to compare and simulate to determine if that's true and if her 5-7 year payoff estimate is accurate

[@daddarrian3227]

Hojo70; no matter how you spin it; it’s never good to borrow at a higher rate of interest to pay down on lower interest debt. Thinking there is some special formula or great reveal when you “run the numbers” is creating an unjustifiable myth that this is possible. Anyone watching this should do so with caution. Some common good advice was given in the video like: 1) review your monthly cash flow receipts and payments to determine if you are in a deficit or surplus cash flow; 2) if you have surplus cash flow and want to use it to improve your financial position one way is to use these excess funds to pay down your debt with the highest interest rate first; 3) you may also consider using any funds used for investment or savings only if after tax return on investment is less than interest cost on your current debt; 4) once you pay off your line of credit at 21%; unless you have a real emergency I personally would avoid using any debt at 21%; 5) people should be aware that there are mortgages out there that may allow you to apply automatically any surplus funds you keep in an an account to your mortgage and allow you to draw down on your mortgage balance for monthly expenses. These are special mortgages with special terms and conditions that enable conditions to save you interest over the life of your mortgage and reduce your overall amortization period; that is hinted at in this video; but do not require you to borrow at 21%.

[@daddarrian3227]

Consider 3 scenarios: 1. 200,000 mortgage at 6% over 30 years result in $231,676.38 interest 2. Laura’s suggestion to Borrow $25,000 from 21% LOC to reduce mortgage principal. By dropping mortgage by $25,000 and maintaining payments at $1,200 = $175,000; reduce overall amortization to 22 years and total estimated interest cost $140,580.40. In this scenario we must also consider the $25,000 LOC at 21%. Using the excess $2,000 per month to pay off LOC will take 1.185 years, payments of $2,000; total interest $3,451.87. Add this to mortgage interest = $144,032.27. This is a better financial position than scenario 1; but not nearly as good as the next scenario. Requires repeating process. Puts mortgagee at higher risk since LOC is at 21%. 3. Use $2,000 excess funds to simply increase mortgage payments by $2000, which would reduce overall amortization to 6.25 years and total estimated interest cost $40,332.06. Option 3 is simple and a viable option when choosing mortgage terms and conditions.

[@faithsrvtrip8768]

Paul Hubley : My loan had no prepayment penalties. I can pay as much in principal as I want.

[@redgear4566]

You could also get a new credit card with no apr for a year. Thank you this is good. I really do like the Christmas lights btw