How to pay off a 30 year mortgage in 5-7 years - Answers to the Most Frequently Asked Questions!

[@coffeeis4closers]

The problem with the 2000 cash scenario is most people dont have that or wont have that. The beauty of your plan is you are using the banks money to make yourself money. Thats the benefit. If you have 2 grand hanging around every month to pay toward your principal, wow! more power to you.

[@Tommylee1242ATGMAILDOTcom]

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[@susanrichardson1176]

Im so glad I found your channel. There are so many people who make money but have never been taught how it works and end up doing things like “buying the banker a house” too. I love how you explain it all in such an easy to understand way (with the cutest accent). These videos are SO enjoyable and valuable to watch and I imagine almost anyone who doesn’t work in finance could get great money saving tips. Glad to see you’ve ignored the criticisms and kept making videos. The negative people probably wish you’d stop showing people how to be savvy cuz they work for a bank. 😂😂

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[@mr.nmoney3554]

step 1: become a responsible adult sit down and start tracking where every penny is going and coming (debit/credit) step 2: determine if there are areas where you can cut cost/expenses to maximize cash flow step 3: look at your mortgage and determine if there are any restrictions and how much is left to owe step 4: look at your credit cards and or get a credit card with a cash advance that has minimum fees and lowest interest step 5: apply this method for at least the fist four to five years to pay on mortgage PRINCIPLE step 6: stay diligent and track your mortgage pay off date and expenses

[@Real.msjackson]

Noted!

[@thequietplace1512]

Hi Laura, Thanks for the first video and this one; your mission was to help expedite payment of mortgages by way of line of credit but you did much more than just that. Thanks again.

[@thomasstone822]

Thank you for telling me where you learned this! I'm Obsessed !!!!!

[@joshbeach4680]

She's out here doing God's work. I didn't come from wealth, actually quite the opposite, so I wasn't instructed at an early age how to manage my finances like some may have been. On top of crushing college funding and being a Millineal, this may be the ONLY way I am ever able to own my own home and secure freedom from debt slavery. Working the financial system and playing the banks at their own game, I love it 😊 I don't know what motivated you to help others, but I understand not to look a gift horse in the mouth. On behalf of all the average Americans with above average IQs, we thank you for the advice and I will be following up on the course so I understand it more in depth. I get the general overview. You're awesome!

[@davidsawyers8754]

For most that do not know, if you join a Credit Union and open a Credit Card with them, APR is like 8-10% with decent credit score. Much easier to work with her methodology if you go this route. We (wife and I) used this methodology to pay off our 17k debt we collected up during COVID19 outbreaks.

[@lovelyday8224]

Thanks so very much for your grass roots advice and for kindly showing us the calculations for clarity👍🏾🙏🏾

[@garfield8900]

This strategy works better with a HELOC because the interest rates are a lot less and they come with check writing privileges.

[@Tommylee1242ATGMAILDOTcom]

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[@spropst01]

OMG……………In tears!! Thank you soooooo much Laura!!!!

[@elraultrujillo3005]

Did work for you ?

[@hiskingdom]

Hi Laura ... I think many would like to implement this strategy but don’t know how. Have you thought about putting together a step-by- step guide that takes one through the entire process of paying off a mortgage in 5-7 years? . It would really be helpful and useful.

[@kaydell321]

his kingdom she did. This is a follow up video

[@georgewashington3555]

I agree, @laura pitko,, could make another video going step by step. i would appreciate is also.

[@keithymedas3853]

Im in love

[@muscleinvesting]

She already did.

[@caseyschulze]

@@muscleinvesting she already did? Where?

[@oxoraizenoxo7420]

Thank you!! How come no on ever factors in the CC interest, compared this to my extra payments (no hidden fees), vs VELO+ CC and I'm + $10k in savings on extra payments, which the calculator only applies monthly(I pay weekly) meaning my savings was even higher. Your break down is by far above any other on this strategy especially with the possible split cc/extra payment.

[@thomasgreenaway1247]

I am a banker and your presentation is misleading, firstly mortgage interest payments are not fixed amount as you are suggesting. Secondly you omitted the interest charged on the CC, you did not account for inflation and additional living expenses that is obvious.

[@andrewsema359]

Compounding is such a powerful tool. And start small you see the pay off. I paid my property under 6 years.

[@bradrobert5863]

With Jon Goven your Credit Report will be fixed without no traces and get your desired result for you. He gave me an excellent score and He helped me to accomplish my goals by getting rid of my negative items off my credit report, paid off my outstanding medical bills within 4 days. Trust me he's truly the best. Get more info via ([e-mail])

[@dv1867]

Hey Laura, you are a very articulate speaker. You explained a lot in your how to pay a mortgage in 5-7 years video, that I did not understand as a first time home buyer. You could definitely be a professor in a college or University! My question is can you use a 20,000 line of credit if you had a larger mortgage of $610, 000. Would this strategy still work in this time frame with a larger mortgage? Thanks Zlsura. Keep up the great work! You are doing a terrific service for many people.

[@hughrobert6189]

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[@captoshuragnarok7444]

Very interesting and well put together. Thank you for making this video as a followup!

[@johnkimotho315]

The strategy definitely works and especially with the right bank. USAA bank is great for this, they do not charge a cash advance fee as long you transfer the money from your credit card to your USAA checking account.... Great job!

[@Tommylee1242ATGMAILDOTcom]

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[@lisaohlert9258]

As a financial person, the way to pay off a home early is to apply chunks of cash to be applied to the principle only. This will reduce the years to pay off the mortgage.

[@hughrobert6189]

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[@rvalentine1000]

GM Laura, great information from your video. Thanks and continued success to you for trying to help others!

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[@Lisa-nt7wt]

I appreciate your information. I feel so woke now that I have learned about velocity banking. We as people need to know how to use our money in a way that benefits us, not the banks. I rather count my own money. I am very thankful to God for this knowledge. They don't teach this in college. What a shame. Peace, Lisa

[@honeyg3589]

This is exactly what I needed to know!

[@Fatherdwayne]

I watched both videos and i like the theory of it. However, not everyone has a $15K credit card available to them. How would this work for a person with 1/3 of that limit? AND in my instance i have another factor to deal with which is conversion rates. $0.84c KYD (salary) = $1.00 USD (credit card). A payment with a credit card will constitute a 'Cash Advance', which incurs a fee.

[@minnesnowtan9970]

Bank? At SECU (State Employees Credit Union) in Baltimore and Wings Credit Union in Mpls -St, Paul, You can have a zero dollar fee with a plan to use your savings and or line of credit to back up checks. They will charge a credit card style interest rate but paying it soon keeps it low. No set fees, only Credit Unions give such options where a bank will not. Can you join a credit union? Often there is a criteria that allows you to join if you reside X miles from a branch. It could be 5 miles. Other criteria could be helpful as well, check for yourself.

[@myreviews4905]

I checked w/ my Credit Union in FL on their Visa card. You can take a cash advance of $15k and there are no cash advance fees.

[@shanaroberts390]

Wow! I didnt believe they really work, I thought my sister was just ranting about how fast Gina got her credit fixed lol. Thats really nice, I'll definitely check them out now.

[@Ofeliamarino]

Your videos are so helpful

[@gu3sswh075]

Ofelia Marino what kind of scam is this… She doesn't have any videos on her account!

[@laciavinquez]

@@gu3sswh075 people are crazy

[@TheBaggyT]

At around 12:40, there's a little omission which might make the difference... Yes, the home loan is paid off (only 2 months faster), but there's also the interest on the line of credit. If your aim, like mine, is to minimise the total amount of money paid, then I care greatly about the credit interest, and would rather my home loan take 2 months extra to pay off, for the sake of having zero interest to pay on a line of credit. The other thing left off is simply assuming that without a line of credit, a person would just pay $2000 per month extra. The trick is to funnel as much money as possible into paying off the home loan as early a possible. If you can put in $3000 for the first 2 months, it will make the world of difference.

[@bradrobert5863]

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[@TheBaggyT]

@@bradrobert5863 Thanks, but I"m not American. Watching this video to see if I can adapt it to my country. I currently have no credit card and no debt. My interest is in paying the bank as little interest as possible.

[@lifeastierra]

Question 2). Once the card is back to 0 balance, why not at that point get another card with 0% interest and apply the strategy to the at for the duration of the three years?

[@MrTexaz101]

LifeAsTierra, 0% Sounds like a good idea.

[@holdingnutria5622]

Adding credit lines every 6 months probably doesn't help your credit score

[@criscristlervandort1638]

This is awesome. I love it yes I understand all of it when we bought our home I had 2,700 a month plus my husband income I paid the house he paid all the others now I only make 1,800 month. I have a crap load of cc debt. Nothing is what it seems buying a home. They give you so much but you can't find a new home in that rang so you buy a old home everything in the first 4 years goes bad if I would have none this it could of almost been paid off Now. Thank you for sharing this. I'm going to figure something out. 🤔

[@fachettyjimmy1041]

it is fantastic that you also contribute to the financial education

[@bradrobert5863]

With Jon Goven your Credit Report will be fixed without no traces and get your desired result for you. He gave me an excellent score and He helped me to accomplish my goals by getting rid of my negative items off my credit report, paid off my outstanding medical bills within 4 days. Trust me he's truly the best. Get more info via ([e-mail])

[@gingerdavidson7790]

Also thank you for explaining in detail, and doing it talking slowly instead of like most that talk so fast.

[@JaceJacobs]

Awesome. I’m going try this while borrowing from my crypto. Loved both your videos. Namaste

[@rabelothi]

Really nice video... congrats!!! 👏🏼👏🏼👏🏼

[@Anthony-vp9rx]

This system only works if the Line of Credit is 0%. You have not allowed for the interest charges on this account. Income in, loan repayments out, living expenses out and the rest transferred later. The LOC has interest charged each month of approx $210. assuming this is the case, you are reducing your loan by $1790 per month, not $2000 per month. Also the $600 credit card cost assumed in the first video cannot just disappear. If it was an expense in the initial scenario, it must be considered in this scenario. I suppose this is why so many Americans lost their homes during the GFC. Anyone who thinks paying 21% instead of 6% should not be advising customers how to structure their loans. Scenario 1 - Borrow 200k at 6%. Scenario 2 - Borrow 188k at 6% and 12k at 21%. (as you take a 15k LOC and put $12k straight into the other loan reducing it immediately) Scenario 1 is cheaper.

[@viviantrinh2280]

Laura! Your videos are very informative!! My question now is, how do things like Mortgage Insurance and Down Payment assistance programs affect Velocity Banking?

[@khizarqureshi8840]

Ask an attorney

[@eggsdietdiary]

Just found you today. So much goalssss 💛✔️ 💡

[@timothyjohnson2755]

Great video! I really like how well you break it down and explain everything in great detail! Very professional and well spoken! What I’m about to say next you may not like but I do it just because I feel it needs to be addressed, not because I’m trying to diminish your work here. I just want to say that I see you talk about the cash advance fee on these cards without mentioning the interest that is tied to that cash advance payment. that interest accrues DAILY. You’re making people believe that there will be a one time fee on a cash advance payment and nothing else, but the truth is the interest that accrues on a cash advance payment that I saw from the cards offered at your bank in particular showed an interest rate of %17.... that means if I make a car payment with one of those cards at your bank and it’s considered a cash advance payment, I’ll be hit with a penalty and then %17 interest on that my car payment will accrue DAILY until I pay off the balance on the card. So a simple $200 car payment at the end of a two week period is roughly $670.... what I’m saying is, this strategy works for monthly expenses that are not going to be labeled a cash advance, but if a cash advance payment is made on your card, the interest is going to start the minute you swipe the card and add up every day until you pay it off. This could set people way back. Below is a link to help simplify cash advances for people before they consider this method. Please take the time to read this before you start this method. It could save you a lot of money if you don’t understand what you’re doing. www.investopedia.com/ask/answers/111414/how-does-interest-work-cash-advance-my-credit-card.asp

[@kimstarks12]

The credit card is getting paid off on pay day monthly so no interest

[@MiamiNinja.2Thailand]

Brains and beauty. Great video. This are the types of strategies that I love implementing to grow my real estate portfolio.

[@cynthiagraham4046]

We are using this system (because of your previous videos) with a HELOC. Have paid off vehicle loan and two other loans. After that is paid off soon we will hit the mortgage hard. It works people. Saves a ton of interest 🇺🇸💰🇵🇭🎚

[@laurapitko6404]

Thank you for sharing Cynthia, super happy for you!

[@TheSangriah]

Thank you for mentioning a HELOC. Gives me something to look into at my bank since I'm not sure my credit cards will allow for large cash advances to implement this plan.

[@chrisduvall2011]

@@TheSangriah i found a company at www.plastiq.com that allows you to use your credit cards to pay your rent or mortage payments and it not be cash advanced. Im not sure of their rates havent been there in a bit. hope it helps

[@dennyoviedo4884]

What a beautiful and honest woman , thanks 🙏🏿 for this info . You are of the good ONE .

[@aselsadikova8812]

Great job! Thank you for very smart and useful content. Do you offer your personal service on a setup of the plan ?

[@mireilleyemi]

Thank you so much!!! Very informative.

[@chris53small]

cant say i fully understand but its making sense this can be applied , Thanks

[@daddarrian3227]

Hey guys, anyone can create an amortization schedule in Microsoft or apple. In Microsoft excel, find it under new file templates. This spreadsheet is simple to use by simply entering the mortgage or loan amount, the frequency of payments (ie monthly), interest rate, term, and accelerated payments if any.

[@hughrobert6189]

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[@txdragon22]

Love your videos..you got me started last Feb. Doing this to pay off my debts love it.. thank you so much.. please keep doing videos

[@laurapitko6404]

Thank you!

[@rbi216]

Is it working for you?

[@MsBkmorenita]

How do you pay your mortgage with a credit card?

[@adrianestefan1408]

Very helpful Laura, Thank you very much

[@SSGFL1]

Fantastic video Lady in Red!

[@lorenzoandujo1012]

Thank you for explaining the strategy so well

[@lesterjohnson2691]

Hi I came across your video. I think what I’m confused about is after you make the principle payment to the mortgage you still have to pay the following month’s min payment. How do you make the subsequent monthly payments and catch up on the balances on the LOC at the same time? Eventually you will not be able to continue making large principle payments, monthly mortgage payments, and keeping the LOC available amount at a high amount.

[@camicastillo3941]

You're amazing. You truly clarify a lot here

[@vanessap4380]

Hi Laura, Will a regular line of credit from the bank work as well? Also mortgage interest rates are really low where I live (Toronto) ~2.2% right now. Is it still worth doing this strategy? I'm so happy I found your channel today- thanks so much.

[@maryhollad6136]

Hey Vanessa, I love gina@creditmasterfixllc,com they is some very good people to work with thank you. An they make shore everything is done perfectly.

[@adamhero459]

Lol don’t believe her nonsense. She is trying to trick people into thinking paying a higher rate. And no, simple internet at a much higher rate does not save you anything. It actually costs more.

[@sundukchi]

Excellent presentation! I think it works by looking at your spreadsheet!

[@dustinhaas2518]

You have by far the best smile, and I just have to ask. Do you use Crest or Colgate??

[@kapilaperera4387]

Hi Laura, What happen If you have a LOC limit of 40,000 and you have about income(7000) and expenses(4000). Do you still put your all LOC ex- 30,000 into mortgage? But you can't repay this 30,000 by 6 months. because you only payoff(30000-(3000*6)=12000). it will take 10 months to payoff your LOC balance. Next payment you can apply to the mortgage is in 10 months. Appreciate your response.

[@ameliafox8227]

Hello Vanessa P, I got intouch with gina@creditmasterfixllc-com and se helped me... Am very sure she can as well help you too

[@jovandass3158]

What about a pause effect ... Meaning use the credit card up till month 44 then pay cash and also pay off your credit card in full all interest included and then start back using the credit card

[@shahidasohail8947]

7 star info. 👍 thank you.

[@Lu-cho]

wait... wait... shocked I'm just shocked.. your first video on 30 years mortgage you looks beautiful but... now you looks 30 times beautifully amazing

[@terrim.602]

New Sub!! I didn't understand the last comment about $100. What does that mean for paying off the mortgage? Also, does the credit card have to have a $15k limit? I mean can it be $10,000? My husband and I are going to start doing this! We are very excited to be debt free and buy more investment properties. SERIOUSLY, THANK YOU FOR DOING THESE VIDEOS! We are going to watch them over and over until we understand it and have our own plan 😊😊

[@terrim.602]

@kingston logan what? Are you saying he can fix credit scores? Why do I want to hack a western union?

[@stevenbuonacore9690]

Okay so you answered some of my questions on the follow-up video... You're basing this on 5K.. so question number one the 2000 left over are you making $2,000 per month out of your credit card to your home loan? Or are you pulling it out every 6 months then applying it to your home loan?.. and question number two is the leftover $3000.00 You are also putting that into your credit card, correct? and paying the remainder of your bills using the same strategy of what you're doing to your home loan?.. thank you so much, Your videos are inspiring.

[@hughrobert6189]

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[@biz4smitty]

Wonderful information, you are very insightful thank you!

[@pameliac]

Wow!!!!!!! I really like this one 👍

[@invitebig]

When comparing paying 12,000 every 6 month versus 2k every month, you will also need to include the cost of capital for the lump sum payments. Once you do this, you will see that it is not only saves time and money, it is also much safer to pay 2k per month instead of using velocity banking

[@jonnyboy4774]

If you answer a question with a question you can never answer wrong.

[@Easy_Victor]

Provided one has an excellent credit score and the ability to provide additional payments to the principal, if there is no penalty to pay off the principal early, why would you use debt to pay off debt?

[@kathryndawson-nowak807]

Why wouldn’t you just save the $12k in the six months and pay off the principle with that rather than risk taking on debt? If you save it first then pay the principle and you loose your income you are in a safer position. If you put $12k on a credit card and then loose your income you’ll find yourself struggling quickly.

[@FranciscoRamos13]

Not sure how you are making this happen with a Visa credit card. It keeps on telling me that mortgages are not payable with Visa. What other routes could I use?

[@sabrinac6532]

You would use the cash advance portion of your credit card. It is all explained in her first video. I hope this helps.

[@FranciscoRamos13]

Sabrina C yes I kind of understood that but how. I don’t get the balance transfer checks on my cards. So unsure how to use that feature.

[@sabrinac6532]

@@FranciscoRamos13 you should probably speak to the credit card company about your cash advance options.

[@jennybowell4778]

Gina@creditmasterfixllc=com has always been there for me, treated me with respect and offered good advise. I would also recommend my family and friends to you

[@Spirit53111]

From the description in the 1st videos... "In the video I will demonstrate how a banking strategy can be used to pay off a 30 year home mortgage in just 5-7 years without sending double payments" And starting at the 26 min mark you said make a principal payment,, Sry young one, that's the description of "a double payment"

[@craig9069]

Great video!

[@justsayin1]

Good concept but in the example you are not factoring back in the monthly interest on the 12k so you are not going to pay off 2k per month but the fact that you put down 5k per month will reduce the daily interest and therefore the monthly payment.

[@giovannagiovanna6928]

So, it seems to me that the interest you pay in 6 months in a credit card is much less than the interest you pay for your mortgage, because every 6 months you start paying interest for $12,000 but it goes down as you pay it within the 6 months, while in the mortgage you pay interests for $200,000 and it hardly goes down in 6 months. Is that the idea?

[@karynwhite9944]

Wouldn’t this method affect your credit score negatively? Since this 12k out of 15k LOC would be way over the 30% utilization limit ($4,500)?

[@cooloong]

using credit card isn't the only LOC. you can also use HELOC which has much lower interest and doesn't affect your credit score, correct me if I am wrong please.

[@hughrobert6189]

Contact 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 .

[@MommaCrissa]

@@cooloong A HELOC does affect your credit score, but it should bounce back like a home loan does. However, I would get a larger HELOC and only use 29% of it and use this technique. Example: 50k Heloc (if you have the equity) and only use up to $14,500 every month (29% of 50k)

[@tedbrayden4851]

The comparison is weighted by a front loaded first $12K payment that's it. Better to avoid a 21% interest.

[@darieldelosreyes4397]

Hey Laura, In the video, it seems like Laura was using a regular credit card (that you got from your bank) that was connected to her bank account. Once you got your paycheck, you transferred it into your credit card to pay down the $12,000 deficit that was used to pay off some of the principal. If we do not pay this off completely each month, would that have a negative impact on the credit score? Thank you for your help!

[@meredith2277]

Fascinating. Could be super helpful or really mess someone up.

[@hardheadcat]

thank you for all your advice . It will be used this year

[@laurapitko6404]

Happy to hear that Jeremey :)

[@AlejandroP7]

Smart Laura, thank you!

[@ramilbadlis2584]

Hi Laura, this was my question from your first video."Hi Laura, on the 2nd part of Credit line payments, the bank increased my line of credit to 12,000.00 but my salary still at 5000.00 how can I pay the 12,000.00 every month for my principal? Could you please explain it to me further. Thank you so much" I cut and paste it here so if you can answer me there or here, Thank you

[@stevevargas4687]

Can you do a video on HELOC some day? And thanks for the Great Videos!

[@hugme9592]

I'm doing this but I'm using the HELOC instead of credit card because the interest on my HELOC is only 4% as opposed to the 18% on my Credit cards. My primary home I paid off years ago, I'm paying off my rental property with it.

[@chasingmoney9428]

@@hugme9592 that’s exactly what I plan on doing when I start. Is there any way you can explain to me the process of of exactly to do it? Every time I speak to someone they say it’s a stupid idea and am paying extra interest but they obviously don’t see the concept. I would appreciate it! If you can email me I would greatly appreciate it [e-mail] Thank you!

[@Santiasm]

@@chasingmoney9428 The way I do it is take out a $15k home equity line of credit (or as much as you feel comfortable with) use 10k of it to pay 10k PRINCIPAL off the mortgage, then pay $1000/month back onto the line of credit for 10 months. If you look at your amortization schedule to see how much time it would take to pay 10k off your mortgage and how much interest you would pay, then compare it with the interest on a $10k line of credit over 10 months, the difference is huge. Then rinse and repeat until your mortgage is paid off.

[@ronkelly6351]

I am very interested in trying this method. The up front think I am having a hard time understanding is the beginning income. I am very close to the income level (single with single income household) mentioned in the video, but I do not BRING HOME $5k per month. Closer to 3k per month. Am I missing something? Will this method really work for the average person? Thanks for any help!

[@healthyliving2977]

Hi Laura. How can we use line of credit as checking account? I mean how cam we deposit our in come to line of credit instead of to checking?

[@BrittneyWinterzzz]

Forgive me if I overlooked it, but can you provide the link to the 12 hour class?

[@remimartin01]

Laura, not totally getting your explanation about not charging other items on this card. Also, if 45 months is the deminishing return point, 3 years come along quite fast for the complexity. Basically you need 2k cash flow monthly! That's a lot of extra cash most people won't have and if the leverage doesn't make sense after 45 months, what is the exact benefit? Do you have the total fees paid for your scenario vs NOT doing it at all. This would enhance the prospective. Lastly, wouldn't the overdraft be a negative if it's happening monthly? Does your bank limit the number of overdrafts before account scores become negative?

[@Tommylee1242ATGMAILDOTcom]

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[@kell7195]

Better off you set up an offsett account to your homeloan all your money goes into with a credit card attached you pay everything out of with a 44 day auto sweep. Have to have the right homeloan to begin with where the offsett reduces the interest charged as its counted as payed off the loan but you can withdraw and utilize if required. In Australia where a normal home costs over a million dollars you need to use sophisticated banking solutions to make any headway, only investment properties are tax deductible not your personal home which makes it harder again to get ahead.

[@jdmunguia]

How to you pay mortgage from the PLOC. Or credit card? My mortgage only allows payments from checking or savings account

[@flyangelguity7911]

She said you have to find a credit card that accepts balance transfer checks or cash advance.

[@kendal4452]

This was sooo very interesting. I really want to try and apply this. But I believe it starts with a decent credit card. I need to know more I will seek out velocity banking as you suggested. But I think most of us live paycheck to paycheck, but I can definitely get $100.

[@DinoRivera]

Hi Laura, where do I get the Loan Amortization Schedule Excel spreadsheet that you show beginning at 11:10? this is the one that shows how to pay off a mortgage using a credit card with extra payments every 6 months.

[@jeffreytaylor1058]

Hi Laura. Thanks for sharing this informative video. My question is their a specific type of heloc we should look for? When picking which bank to get the heloc from what criteria is most important? Thanks in advance.

[@cheerry777]

Laura's strategy is using credit card line of credit. Different from Heloc. HELOC would be much better and easier to use. But not everyone has a Heloc. I'm trying to pursue a Heloc right now. Need at least 10 years draw period.

[@ritaduncan7508]

Hello Laura, my question is CAN YOU USE YOUR EQUITY OF YOUR INSTEAD OF A REGULAR CREDIT CARD?

[@hughrobert6189]

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[@stephaniemuloin4590]

Wow! Just bought a house with the low interest rate. The link to your spreadsheets is no longer working. Laura are you able to provide your spreadsheets again? I would very much appreciate this. Thank you for your time in doing these videos.

[@jazzmannca]

I don't understand why you have to go through all this complexity when you can just save $2,000 a month for 6 months and then make a principal payments of $12K. Do this every 6 months and you accomplish the same goal of paying off the mortgage without having to use credit cards or line of credit.

[@laurapitko6404]

Hi Robert, I touched on this in the video basically using a line of credit will almost always pay off a loan faster and save you more money while building your credit history in the process so your access to credit grows too in the process, then after your loan is paid off you have access to a larger line of credit this is especially valuable when you invest in real estate.

[@jwb4bb]

@@laurapitko6404 How will it save you money and pay off the loan faster than just paying down the principal with cash?

[@andresvalderrama8482]

@@jwb4bb may be if you watch the video completely you will see how much more you will save by using a credit card, specially in the part where she compares three of the methods and its highlighter in yellow you save money and save time by paying it almost 4 months earlier, all the information its shown and people still asking questions and even if they put it in front of you with highlighter.

[@ishouldknowthis5095]

For those who already have great credit or who don’t have any credit cards w/ reward benefits that will allow one to make mortgage payments, here is another strategy: use your retirement funds (hopefully you have some, and hopefully you have a job that matches a percentage of what you put in). My job matches 4%, which I know isn’t great but it’s something. I put in 10% of every paycheck. I can borrow up to $50,000 per year, with a 6% interest rate. All interest that I pay GOES BACK into my retirement account, so rather than pay a bank the interest, I am actually paying myself. The term is up to 5 years but you can pay it down quicker than that, as with any line of credit. Just a thought.

[@gerardgmz]

@@ishouldknowthis5095 I friend of mine said the same thing when I shared the initial video to him.

[@abusarkar]

Hi Laura, also can you please share your loan amortization schedule excel sheet where you have the comparison between Regular Loan Schedule, Using Credit Card, $2K Extra Month and Using Savings Account? I want to make use of it by plugging in my mortgage total and see how it works with the other 3 options for me and also when I should switch from Credit Card/Line of Credit to just $2K Extra per Month option. I would like to run this with some real numbers for myself. Again, thanks a lot for sharing your wisdom. I know you have already shared an amortization table calculation app but it's not as comprehensive as your excel sheet you showed in your video when it comes to do the comparison of the different options, so it would be really great if you can upload your amortization excel sheet, maybe on google drive for all of us.

[@FernandoRodriguez-ds5ri]

Hi. I’m a newbie I’ve NEVER had a cc but I have a great credit score. I send 5k to my mortgage (principal) in December every year. Should I continue doing this or look into an line of credit. What’s the pros and cons by me sending extra to principal annually?

[@ladylove34]

Here’s the math that’s missing: comparing interest to interest. I did it for y’all so you can compare methods. See below for what you would pay in interest in each of the following scenarios: (1) the first one she mentioned in the video - i.e. regular payments and $1400 toward savings, (2) a scenario not introduced of making double payments every month, with the second payment coming from $1200 of your savings money, and (3) the LOC scenario she recommended in the video. In the first two scenarios, assume you are paying $600/mo toward your $12k balance on your LOC and don’t use it again, keeping it as a $15k LOC available for emergencies. In both cases, you would pay $2,899 in interest over 25 months. BTW, I used Bankrate’s mortgage and credit card calculators to get interest amounts paid. Regular payments: you would pay $231,676 in interest over 30 years and would have $504,000 in savings* account (FYI, that is $117,600 in savings in the first 7 yrs) Pay an extra payment amount ($1200) toward principle every month and keep the $200 difference in savings: you would pay $59,429 in interest over 7 years and have a savings account with $16,800. Pay using the LOC method outlined in this video (regular payments plus $12k every 7 months from a LOC you pay down every 7 months): - you pay $9,504 in interest to the line of credit in 7 yrs - you pay $45,424 in interest in your mortgage So, in total, for the last method, you pay $54,928 in interest over 7 years and have $0 in savings. *I did not even add on the interest from keeping the money in savings on any of my savings account balance calculations. So you would have more money in each case.

[@inaedemarughu8275]

@@ladylove34 I’m still lost. I don’t see how she’s paying off the 12k LOC every 7 months. Is it the $1400 that would go to savings plus the $600 that would normally go towards the LOC payment? Are you sacrificing cash on hand for credit at this point?

[@eugenevan100]

great stuff thanks for sharing

[@Lalonde79]

Great video and math is correct. But only works if you're aloud to make multiple lump sum payments

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[@gingerdavidson7790]

What company has the best revolving line of credit?

[@yarddog6237]

Hi Laura Thank you for the mortgage explanation could you please explain how that would work on a car loan looking forward to your answer and explanation thank you

[@faze_x-pulse5752]

I don’t want to open up another line of credit. The way I plan on doing it is by buy down the principal and wait till interest rates go down to refinance the house with a better monthly mortgage giving me more money to put towards the principal. Would this strategy work. Of course you’d add another 9k to every refinance you do.

[@rond820]

Very instructive, thank you Laura God bless

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[@vladislavzima3256]

Hi Laura, I'd like to know why you utilize credit card for this strategy with high interest rate as opposed to applying and opening a HELOC with about 4-5% interest rate (which is also calculated on average daily balance)? Plus, getting a HELOC will allow you to get a much higher balance (based on accumulated equity in your home). Thanks.

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[@Sean-mc4iq]

Because the months where you are not prepaying, you are getting interest grace periods... While a Heloc you pay interest right away.

[@jimmccahon5648]

Very much appreciated! 😊✌

[@tiffanyc9730]

I thought about trying this, but neither my mortgage lender nor the lienholder for my car take credit card payments. How do you do this if that's the case?

[@sarahmathis9444]

Pay yourself by square

[@ectoninja]

According to her first question that was addressed is you pull a cash advance from your credit card. This is usually at higher interest plus fees that accrue, but this cash would go into your checking account and you would pay your mortgage and loans however you normally would.

[@martinlopeziii3184]

I think she mentioned in this video that her cards are from PNC. Maybe give them a try 🤔

[@gregsilva7271]

www.plastiq.com/ I've seen where others are using this service, although I've never used them myself.

[@ClydeM7]

Hi Laura! Do you think it would be a good idea to take out a small loan from a 401k account (say 20-30k at a time) for velocity banking? This way the interest paid would be to myself & I'll save on paying mortgage interest. Would appreciate any feedback.

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