How Velocity Banking Pays Down A Mortgage FAST!

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[@emmapeel4299]

Thank you for clarifying due date payments at the end of this video. I almost made the mistake of throwing money into my largest account and would’ve definitely been short after the closing date. I appreciate the clarification.

[@dixiebell7011]

You cleared up my ?s. Thank you.

[@oak415]

When you refinance you have to close ur HELOC which incurs a fee. It was $495 at Bank of America . That’s why i chose a Personal LOC instead until I can refi

[@smelltheroses2day]

Something's not adding up. If you use $2K CF to do VB, wouldn't the correct comparison of savings be to send the same $2K to the mortgage too. When I do that I get $17229 for the next 12 mos interest. If I do a $10K chunk from the LOC to the mortgage every 5 months, I get $16717 interest on the mortgage for the next 12 mo. for a savings of $512 in the 1st 12 mos of VB. So far so good. But before calling it a win I have to subtract the interest on the LOC for the yr from that. If I only avg $30/mo int on the LOC, that's $360. $512-360=152/12 = about $13/mo savings. Thats if I don't screw up the timing of income & expenses on the LOC or sometimes overspend the expenses that have to come out of the LOC by even a tiny amount. It also seems like VB takes alot of time and attention to get max benefit. Looks like I'm "making" about $6.50/hr if it only takes 1/2 a wk to manage all of this. Just making the $2,000 extra payments looks like a once a month to do that could even be automated. I think Christy's saying I'd be saving $18,096 in 12 months less at most $1200 LOC interest or about $16900 in savings compared to the $152 difference I calc'd. What am I missing here?

[@DoctorMcFarlandStudios]

I was fine with this video till the end when you started making the bank the bad guy :) Velocity banking is a better way to pay off a mortgage but you can't blame it on the math to figure out how much interest you own on a mortgage. Now I will say I don't like that banks keep advertising a refinance when its in their best interest. That just comes down to education and knowing how the banking process works.

[@kris15367]

Hi. What would you recommend for our situation? We just bought a house 5 months ago in southern CA. The loan is for $724K @ 7.875 apr. our plan was to refinance when rates got even lower around low 6s. Would you recommend we just take out the HELOC and do velocity banking or should we refinance first and delay getting the HELOC for velocity banking ?

[@Jesus-kt5dc]

You don't need to get a HELOC. A PLOC would work just fine.

[@charleswhubbard]

I appreciate you sharing your knowledge to help us - let me help you by letting you know your graphic is not correct - mortgage NOT motrgage 😊

[@extension117]

When she says “bring your income in”, is she really saying use your income to payoff the heloc? Or is there a way to actually transfer money into a heloc account? Thank you.

[@aironwhite6533]

Your depositing your paycheck directly into the heloc. Then paying all your expenses from your heloc as they come out. till they come out the loan in low and not charging as much interest daily. This is instead of holding money in a bank account waiting for the bills to come out. Not earning income and not paying down a loan. Just sitting and waiting with daily interest accumulating in your loan account.

[@eliejuniorjeancharles7158]

So, how do we pay the heloc back, since we have to withdraw the money we deposited in to pay the bills?

[@juliem2538]

You have to have some cash flow. Part of your income will go to pay down the 10K as the loc balance moves up and down as expenses come out.. then next paycheck comes in.. rinse and repeat until balance of loc is paid off. Then… chunk another 10K to principal and so on and so on.

[@juliem2538]

Your income deposits will satisfy the “payment” on the loc

[@cryptonator1988]

What if you put a 20k line of credit in s and p 500 and let it accrue interest then you can double the loan in a few years and keep taking heloc out and adding too your positions is this a better idea?

[@FloatingRam]

so you make the $10,000 payment to the principle then all your monthly income $5,000 is in the LOC, so how do you pay off the monthly interest payments on the mortgage the rest of the year? does the $10,000 payment satisfy the other payments for the rest of the year or do you just have to make the interest payment out of your LOC?

[@claireselby8249]

You keep making your monthly normal mortgage payments

[@mackmane8178]

If all of your income is dumped into the LOC how are you making the mortgage payment, and once the LOC is paid off are you repeating the process by paying 10,000 towards the mortgage again?

[@jdev232]

​@mackmane8178 you make your monthly payments out of LOC, once balance of LOC reaches zero, you start process all over again. Another 10k chunk borrowed, goes straight to mortgage, you...ON PAPER and in practice are paying it off with your paycheck/ direct deposit while also living off LOC. at a certain point, because you're positive in cash flow, the LOC is paid in full. Simple yet confusing isn't it. Lol. Still trying to grasp myself. She does a good job explaining. There's another video where she shows entire scenario and walks thru whole situation. You should check it out, it'll explain it perfectly

[@MaddSweetGT500]

Hi, Is it better to use 10k from my savings or open a HE/PLOC and use the banks money to apply this 10k chunk?

[@KaspiansTravels]

For a $10K chunk, don't apply for a HELOC. HELOC approval fees range from $500-900. It's not worth it for that. I'd use your $10K or apply for PLOC.

[@MaddSweetGT500]

@@KaspiansTravels thank you

[@eliejuniorjeancharles7158]

How does someone know the equity on a home?

[@timothyferguson7521]

Take how much the home is worth and subtract it by how much you still owe. The balance is equity.

[@user-se1nb9tx2m]

To piggy-back on what timothy said below. With how dynamic the market is to get a true estimate of the worth of the house it might be beneficial to get another valuation of your home. There is a possibility in some areas of the nation where you bought a house for "x" amount of dollars and now it is worth less. In this situation you owe more than what the house is worth😕. But more than likely your home is worth more now that when you bought it.

[@cody6171]

If my wife an I will end up selling within a year or two, would it still be worth paying extra to the principal? Wouldn’t it just be us getting our extra money back?

[@VanntasticFinances]

@cody6171 MORE of your payment will be going to the principle and not interest...therefore, you would be gaining more equity with each payment.

[@avad4366]

What if my mortgage interest rate is 2.99 with 410k remaining and I’m 3 years into a 30 year mortgage. Does it still make sense to get a HELOC? I pay off $200 extra monthly towards principal currently. The videos I’ve seen are based on higher interest rates so not sure how to calculate that out.

[@Evan-iq5xf]

Thumbnail made with plenty of velocity!

[@Kero645]

We pay $700 extra on the principal every month on our mortgage. Is it better to do that or save the $700/mo or do a lump sum once or twice a year?

[@m2lookmtn358]

Additional chunks are far better. See some of her other videos

[@bunkerbunny5]

Definitely keep watching her other videos. She mentions a HELOC or a PLOC. You’re definitely going to want to utilize something like that to pay down your mortgage.

[@nenaenriquez3480]

Good either way but lot better Vanntastic way because credit score goes up faster? I'm just learning new ways...love it!!!

[@trope5105]

Looks like Van doesnt reply to comments, but if any ya'll know, i have a question. i own a small trailer house, single wide mobile home. i dont have any debt, im single mid thirties, pretty good credit score, but im looking to optimize my spending, and ive been pedling with info that Van talks about for a while, but how do implament Vanns methods if i dont really own a home, or have debt, etc? im looking to start a conversation of sorts, so chime in, i wanna raise my credit score, and save some money in the best way possible so i can get into my first home as a single man, hopefully int the next year + if we can get this economy and interest thing fixed a little bit after the election. im clueless, so have mercy, but please help me, even if youre not an expert, i would love some direction! mucho thankso to you ... oh ??? lol, jp.

[@VanntasticFinances]

@trope5105 You only need to get a line of credit. I have many, many videos explaining the line of credit and how to use it...with or without a home.

[@Jesus-kt5dc]

Velocity Banking is debt pay off system, leveraging a LOC. If you don't have debt, cash flow, LOC then it doesn't work.

[@trope5105]

@@Jesus-kt5dc so im better off getting a car loan than a personal line of credit? thats what im trying to juggle. i have a decent credit score. at this point i think im prob just gonna pay cash for the fuckin thinng and save up another year for a used truck

[@Jesus-kt5dc]

​@@trope5105With your shoes with no debt it would mean the majority of your income is likely cash flow. So I would try to get a PLOC with the smallest interest rate possible. However you might not have enough credit limit in the PLOC to buy a new car. Another thing you could do is get a loan then 6-8 months down the road get a PLOC to start velocity banking. Lastly, to know how long it'll take to pay off a loan or line divide the amount of debt by your monthly cash flow. Hope this helps, have a great day.

[@lissac67]

can someone explain it to me in more simple terms? I get the basic concept to velocity banking. I have a mortgage and a heloc. In this example she is paying into the HELOC and paying the mortgage out of that, saying she will save interest on the mortgage. But the mortgage payment still gets paid every month, just out of the HELOC, and they are still paying interest on the mortgage every month. So I am confused on how that saves anything as the mortgage payment still includes that month's interest amount? I just need to understand it more clearly and am struggling with that in this video. Thanks!

[@axel12GT]

On an amortized schedule when you pay the minimum monthly payment a large amount of the money goes towards interest instead of the principle over the life of the loan. When you pay extra on the mortgage payment that money goes straight into the princple and they recalculate how much interest you have to pay based off the principle. So as long as you find some way to put more money towards the princple you are going to pay less in interest over time. You can run the calculations ina mortgage calculator.

[@Xrpurple]

Apparently you are just a fomo pump, you never explain how to do anything, but you always “big up” this idea and base it all on Christianity, what? I am guessing that this is some program and or website that we/I have to pay for, is this right?