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VANNtastic MoneyTalks - Mortgages Waste Money and Time

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1 мар 2024

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Комментарии : 380

@Riggsnic_co 2 месяца назад

Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

@Jamessmith-12 2 месяца назад

Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?

@JacquelinePerrira 2 месяца назад

It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance

@kevinmarten 2 месяца назад

Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns

@Jamessmith-12 2 месяца назад

I find this intriguing. Could you please provide me with the means to get in touch with your Adviser? I am concerned about my dwindling portfolio.

@Jamessmith-12 2 месяца назад

how can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success??

@Bees-knees99 5 месяцев назад

Front loading interest on mortgages should be illegal. This is why the lower and middle class will never get ahead - until now, this is incredible advice!!! Thank you!

@DoctorMcFarlandStudios 5 месяцев назад

Its not front loading anything just to be mean. Its the interest you owe during that time period. Take your mortgage total and multiply it by the interest rate. Now divide that by 12 months in year. You will see your Amortization schedule is not telling you anything different than the math does. A mortgage keeps a consistent payment so you know what to expect. This is why a fixed rate is far better than a balloon rate that could change all the time. Velocity banking is a method of borrowing "other peoples money" to pay large chunks down on the principle of the debt to in turn cut out the interest you would have paid during that time period. These "chunks" are less in interest due to the fact that its a much smaller number compared to a mortgage that could range in the hundreds of thousands. IT'S JUST MATH :) Most lower to middle class doesn't have enough cashflow to allow a mortgage payment AND a HELOC payment though Christy has proven you can do velocity banking with zero cashflow starting out. If you are not to that point then you don't have a cashflow problem, you have an income problem. The guy in this video is able to make a chunk of 20,000 at a time because he has a great income to start with.

@Bees-knees99 5 месяцев назад

@@DoctorMcFarlandStudios I understand exactly how mortgages work, the interest is not evenly distributed, it is front loaded so that you pay interest first and make a small dent on the principal until you are better than halfway through your amortization schedule. That is why she is demonstrating a more humane way to pay it off. They should be illegal.

@cnd422 5 месяцев назад

Simple interest rates are divided by the months of the year, but also change based if the daily remaining principal. Amortized interest is charged regardless of the remaining principal . That’s what she means by “upfront.” That is what most people do not know. That’s why moving those payments to simple interest LOCs saves so much money. She’s not embellishing one bit. You really shouldn’t comment misinformation.

@DoctorMcFarlandStudios 5 месяцев назад

@@Bees-knees99she is demonstrating how to pay down the principle faster. The interest payment is just math.

@DoctorMcFarlandStudios 5 месяцев назад

@@cnd422you may won’t to check your terminology again. Figure up a HELOC vs mortgage and you will get the same equation. The only difference is a HELOC amount is already less so therefore is less interest.

@dougfeese693 3 месяца назад

Im so mad because im 63 years old and just finding this out, thank you soo much. I look forward to binge watching all of your videos.

@brianwalker4760 5 месяцев назад

Im a loan officer and I have a first lien heloc product. I tell everyone that isnt living paycheck to paycheck about them and people always turn them down because they are scared. I tell them not as scary as being 70 years old still in mortgage debt

@prayloudly3983 4 месяца назад

Where do we shop for a HELOC? Does it need to be local?

@paullowell3342 4 месяца назад

How does borrowing against your equity help you? That’s just more debt? Please explain Ty

@xavior718 3 месяца назад

⁠@@paullowell3342it’s not really more debt because the loan is used to get rid of a chunk of the mortgage at a lower rate of the loan rather than the mortgage’s rate.

@Johnrider1234 3 месяца назад

No freaking way

@Darlene-ox9cz 25 дней назад

That's adding more debt, exactly HOW does that help? It DOESNT.

@barttfisher 2 месяца назад

Very clear and helpful : thanks! I'm working extra to keep my ROI flowing into my mortgage payment. it's the last piece of debt i have and i'm a bit overeager to see it gone. Any index fund or stock tips to help that get done?

@FinnBraylon 2 месяца назад

It’s a good time to buy in on the market, so seize the opportunity to purchase stocks on sales.

@HildaBennet 2 месяца назад

I think stocks will plummet further before actually experiencing steady growth and there are still quite a few stocks that makes for a good buy this season, you just have to do your research, but to be on the safer side and not second guess your market decisions, I’d suggest you reach out to a proper investment manager for guidance, they’re better equipped at understanding market patterns/movements and adjusting portfolio to match up with these market trends.

@PennyBergeron-os4ch 2 месяца назад

my portfolio is down over 23% j and It’s been that way fsince 2022 and I really could use professional help, I’m close to retirement. have you worked with an asset manager before and could recommend any?

@HildaBennet 2 месяца назад

Her name is “Sonya lee Mitchell” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

@PennyBergeron-os4ch 2 месяца назад

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.

@Darlene-ox9cz 25 дней назад

I have overpaid my principal every single month ever since the first payment was due in June 21, already knocked YEARS off the life of the mortgage, actually paying FAR MORE towards principal than interest.. It's not complicated..

@monkeythefoot1348 2 дня назад

Actually it is complicated if you make low wages and only qualify for a small loan on a crap house that takes up all your money. But you did it 🤷‍♂️

@Darlene-ox9cz 2 дня назад

@@monkeythefoot1348 Actually it isnt. USDA IS FOR MOD TO LOW INCOME BUYERS AND IT'S ZERO MONEY DOWN LOL! Fixed incomes are indeed buyable incomes, Our mortgage is a fraction of what our rent was, we take what's left over from our check each month and toss it into savings, it ADDS UP. smdh LOL

@jerrold3685 5 месяцев назад

I was trailing off a late night RU-vid binge and came across your channel. Mind blown. Thank you so much. As a side note, love your accent. My late grandmother was from Georgia and a woman of God. People loved her accent here in Oregon.

@VanntasticFinances 5 месяцев назад

@jerrold3685 How sweet. Thank you!

@GeauxRilla 3 месяца назад

@@VanntasticFinances We are watching in Kennesaw and need help too! Love the accent, its normal round these parts.

@mr.mr400 4 месяца назад

God bless this woman helping people with her knowledge 🙏

@shawncolefdi 4 месяца назад

I love when these live back and forth are recorded and presented for some reason you get so much more clarity

@amymckay7241 5 месяцев назад

Thank you, Christy! I am one of the one percent who had my home paid off. Out of necessity I took out a HELOAN and a HELOC on it, which has really been dragging me down. In my heart I’ve always rejected the thinking that says never pay off your home, but continue to use it to fund your life. Now I know exactly what to do. You are a blessing in our lives and in my adult children’s lives soon to come. I am going to start passing these videos on to them now that I understand! God‘s protection over you!

@barrysvendsen9161 5 месяцев назад

You’ll see the unjust interest returned to you one day in the near future - this is only one the many things that the “white-hat” elements of our military & Trump are working on behind the scenes👍🏻

@thetravelingnpmarkhill2910 5 месяцев назад

Well, you have convinced us. We are going to our bank tomorrow to take out a PLOC. WE will start this plan this week. We have about $60,000 in debt between credit cards and car loan. (Home is paid off) We have a positive cash flow of $3000 per month after expenses. I figure we can have this all paid off in less than 2 years.

@malzimus Месяц назад

Were you able to get the PLOC and if so how are things going now? 😊

@thetravelingnpmarkhill2910 Месяц назад

@malzimus YES! We have already paid off 2 of 3 credit cards. I honestly can't believe how easy this is. We have a fairly high cash flow every month, so things get paid off quickly. On pace to be completely debt free in less that 2 years. ( house is already paid off.

@malzimus Месяц назад

@thetravelingnpmarkhill2910 That's fantastic, congratulations, well done, and keep on keeping on!! 👏

@malzimus Месяц назад

We're in the opposite boat cash-flow-wise and lots of irons in the fire with only one typical income, multiple mouths to feed, two almost new drivers, vehicle repairs, need a different clothes washer and kitchen faucet replaced, gearing up for a future move about 3.5-4hrs away, and more. BUT we've just last week started putting a portion of income onto cc to lower daily average balance and gradually pay a few of the bills the cc can be used on with that money and tiny daily bit onto a recent and unexpected car loan. We also just tithed yesterday for the first time in a long time, walking in faith and praying for wisdom. 🙏 We have done our best overall for over 15 years with mostly one income but even if it takes years, we want to be debt free as soon as is doable.

@thetravelingnpmarkhill2910 Месяц назад

@@malzimus I'm no expert... but I will say having the ploc and putting all our income in every week has made this very easy. We just pay every expense we have out of the place and replace it with income.

@mangao4334 4 месяца назад

This just confirmed my thought about mortgage interests, thank you

@vcjmusic1 5 месяцев назад

Thank you, I'm start this March month, I'm sinking in debt. I'm also watching a over and over your vedios.

@usinebob 5 дней назад

I was scared of HELOC for many years, but once I took it I am so excited to pay off my mortgage in about 4 to 5 years.

@sleepy580 4 месяца назад

Paying off a line of credit and a credit card this month. Started velocity banking last year.

@ReynaDPerez 5 месяцев назад

The way you can also measure if you’re on track to paying down your lines is the interest charge per month.. tip: it should be lower and lower every month, assuming you didn’t have an emergency and had to borrow $ from it.

@melissasweeting-percentie6679 3 месяца назад

Madam, this work you are doing is invaluable! I think God brought you into my life at the perfect time. I will definitely be sharing your channel so others can be blessed. xoxo Melissa K.

@righteousbyfaithinChrist 13 дней назад

I just purchased my first home 2.5 years ago in December of 2021. Im 70. My income is va and ssr. This is the first time that I've even been interested in more information. Veterans United turned loan to Freedom Mortgage. Line of credit usage...to pay off car and house... Mortgage Death pledge...it figures. I am definitely going to be looking into the first lien heloc...so glad to have stumbled on this ..thank you Lord.

@marshallwise1763 4 месяца назад

The ppl that don’t understand VB is they don’t understand how banks front load the interest and how HELOC is simple interest.😢

@loft27ss 5 месяцев назад

This is GOLD! Blessings to you

@yokoschroder314 5 месяцев назад

Great info, watch it, share it- help your family and friends to cut off their financial leg irons early.

@eliza_kai 5 месяцев назад

This is a very interesting tool that can be used and I get what you teach; however, let me say this. I had a million dollars in credit lines 3 years ago. My husband and I both suffered a very unexpected health crisis that left us financially ruined. That then affected our mental health. It was a snowball of just horrific trauma. Needless to say, we’re now facing bankruptcy. That after being completely financially free. Lines of credit are DANGEROUS to the average person. If you’re watching this and you’re in no place whatsoever near financial security, please do not ever do this. You’d have to have some kind of super human self control and know that you will never abuse those lines of credit no matter what. We had no choice so idk how this is good to propagate to the masses here. It’s very unwise.

@YouAREyoubeYou 4 месяца назад

Who are you to decide and stand on your self righteous soap box as though you are somehow above the masses while you are filing bankruptcy to the tune of a million dollars plus? I’m assuming you actually believe that if you couldn’t control your spending then how can the “masses” which you are a part of-control theirs? How ridiculous of you.

@Tee-Star 4 месяца назад

So is the current mortgage system. I believe discipline is what's required here. By the way, I hope you both feel better.

@lillithjones993 24 дня назад

I am thinking as a landlord I have been told not to pay off the investment property because I can write my interest payments off of my taxes, but I’m thinking whatever taxes I would have to pay on my income from one house would not be near as much money as I would have to pay an interest. My eyes have been opened 👀😮 🎉❤ Thank you for this knowledge. I wish I would’ve seen this video 11 years ago BUT there is still time to make a better decision thanks to you!

@Casey-summer 2 месяца назад

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

@Buffet-walton22 2 месяца назад

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

@mellon-wrigley3 2 месяца назад

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

@lilyhershey1 2 месяца назад

@@mellon-wrigley3 Kudos on the effective execution of innovative ideas and tactics that lead to significant advancement. As I seek guidance from a trustworthy advisor, would you be willing to share details about the individual assisting you?

@mellon-wrigley3 2 месяца назад

Wright promptly do a web check where you can connect with her Gertrude Margaret Quinto and do your research with her full names mentioned..

@lilyhershey1 2 месяца назад

My needs are kind of unique and complex. I'll contact her nonetheless, and I hope I'm able to make something out of it.

@clevelandwoods5467 5 месяцев назад

Wow !!! Never thought about it that way .

@GreatEspiritAM18 5 месяцев назад

Love your Chanel! God bless you Christy! I'm seeking to buy a new home but I'm still not completely understanding the Heloc. You should do a lecture about it. May the great Spirit bless you always.

@jobpozos7086 8 дней назад

Christy, thank you for sharing your wisdom! I will be reaching out to set up a 1:1 consultation!

@garbagekid09 2 месяца назад

I'm proud of you! Keep spreading the message!

@RosalieXimenes Месяц назад

Paying off your mortgage early isn't a bad bet, although Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market

@Christainfloyd Месяц назад

The stock market is no different, to maintain profit, you need to have some in-depth knowledge on the market. I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.

@AnsjeHarris Месяц назад

In my opinion, it was much easier investing back in the 80s but it’s a lot trickier now, those making consistent profit in these times are professionals reason I’ve been using an advisor for the past 5 years to consistently build my portfolio in preparations for retirement.

@PaulStaniscia Месяц назад

I'm very much aware of the great benefits of working with a pro but I haven't found one for myself. Can you please share more info on the advisor that guides you?

@AnsjeHarris Месяц назад

Marisa Breton Dollard 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..

@PaulStaniscia Месяц назад

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

@gregvisioninfosoft Месяц назад

question: if he is saying 'my goal is to do the line of credit with a home i PLAN to purchase...' doesnt that imply he must first purchase the new home. and then WAIT FOR ITS EQUITY TO INCREASE - before any bank will give him a line of credit against that same home?

@Buffalokiddo 2 месяца назад

Sounds too good to be true. I bought my first house in Los Angeles in 2017 for 325k at a rate of 4.625%. House is worth 550k now. My payment varies after my mortgage is analyzed every may because my taxes and insurance are included in payment. 2017 payment was 2k. Now it’s 2100 because taxes have gone up. I need to do this. Can I please speak to you or communicate with others that have done this. Sounds too good to be true. I have money to pay 10k chucks. My credit score is 805. I have no car debt or credit card debt. Only debt is mortgage. I need a step by step process. Thanks Also my real estate agent said the bank might not allow a heloc because there’s not enough equity. Is paying 100 extra per month directly to my mortgage principle help or not really. PLEASE HELP.

@kevindelgado7083 Месяц назад

Man In my opinion she already explains pretty well, just rewatch the videos taking key notes and examples to deeper understand. If you have a good CS and no debt you should be able to get a LOC, just shop around different banks and see which one offers you the best. In the eventual case of not getting any sort of help, every bit of money that you pay towards principal will save you precious time and interest rate fuckery

@rogueblackfish3625 12 часов назад

You don’t have to have a Heloc. If you can’t get one the get a Peloc it will accomplish the same thing. If you go to her yt page and sort her videos by Popular you will find her top video explains perfectly how to do this to pay off the mortgage quickly. Good luck!

@sergechelton4818 2 месяца назад

you can pay it off faster,but without savings and back up to pay your mortgage,you can lose your house with missed payments,so best to have back up,because the banks want a payment,they dont care how much you have paid off...

@havefaith4358 4 месяца назад

It doesn't help anyone, for those that know not to share. I HATE the fact that you look so calm and cool giving/sharing this information! Thank you so MUCH! lol

@pooroldgreyhaireddaddy 5 месяцев назад

I refied in 2015 for 88k no cash out. Dropped my interest rate from 7.35 to 4.5. Original loan was 95k in 2008. 16 years later we're still at 69k+. We have paid mostly interest for sure. We have a 53k LOC on this property with a 9k balance. We could plop 40k out of it leaving a 29k balance. Should we max the LOC or just to 10k chunks like your example with the couple making $5,200/mo. (Our income is higher but so are the expenses). Thanks Christy.😊

@ThroughthefireSina Месяц назад

Just paid off 3 credit cards doing VB in 3 months. Thank you!

@lberry152008 5 месяцев назад

I still can’t wrap my brain about this scenario: for grins, mortgage balance 300k, my payment with taxes & insurance is 2,100/ month, even if I put 100k from a helicopter on the principal, my monthly mortgage payment stays at 2,100/ month. I now have to pay towards the 100k, I am adding to my debt? What am I missing, I want this to work. Thank you,

@christinesalomon4903 4 месяца назад

If I am understanding Christy (and I've watched a lot of her videos!), putting 100k down means you move way down on your amortization schedule, so more of that $2100 payment is applied to the principal than to interest. Pull out your loan paperwork and find the amortization schedule, it will make more sense then. You are still paying the $2100 and the HELOC, but you'll pay a lot less in interest. Also, the key is to link your HELOC to your checking account by way of " overdraft protection," and make sure your checking account has zero balance. I hope this makes sense. Christy, am I correct?

@marcopolo9446 4 месяца назад

Research amoritization and why it exists then you will understand.

@lberry152008 4 месяца назад

Thank you both, now it is making sense. I still need help that' for sure 👍

@ALazyImmigrantInUS 4 месяца назад

She is telling which is true. If you see that $2100 payment.. how much goes to principal & how much goes to interest.. you will understand. If you cleaned up $200K for example .. then just took credit card balance transfer to checking account & paid the rest also... another 50K... for which you may get 12 - 15 months 0% interest free period.... if you paid Card full in first year they will give double amount in 2nd year. In this way, you can finish all in 2 - 3 years

@lberry152008 4 месяца назад

@@thomasxxxxxx2345 no shoe box unfortunately 😢

@Anjanya1948 3 месяца назад

I agree. I never had a mortgage I bought cash

@Soundpro729 2 месяца назад

I followed Dave Ramsey to get out of debt. He’s wonderful for smacking reality into folks with bad spending habits. I feel like I moved on from him once I got out of debt. I knew there had to be another way so I stumbled into velocity banking videos. Thank you so much.

@brianjames6763 4 месяца назад

You are the truth trust me I pray that God himself protect you 🙏🙏🙏

@SovereignEntity-63 5 месяцев назад

I just love 😍 that accent girl , You are also brilliant..! 👍 New Sub. here to stay..! 🙏

@naomimelo7729 4 месяца назад

YOU are smarter than Dave Ramsey by far! Sorry not sorry Dave ;)

@chriswood4510 2 месяца назад

They are just different, Dave helps a lot of people.

@lolacole5653 2 месяца назад

This is so risky if they call the line.

@stevenporter9114 5 месяцев назад

can you do a video that shows the calculations where you show the difference between paying down a $400000 house using a normal pay schedule vs paying the same house off using a LOC. I know how it work, but I don't know how to do the math. I would like to pay $5000 a month. If I knew how to do the math I could look at what it would to take to pay off a $490,000 house in 5yrs using a line of credit. Thank you and keep up the great fight. The amount of money that I would have to pay each month is not an issue.

@uninsurable9028 4 месяца назад

I always thought that getting all the interest up front was a racket. They let financial institutions get away with everything!

@joandarc8430 2 месяца назад

You must make sure there is no penalty on the mortgage if paid off early.

@johnkesinger2191 4 месяца назад

I’m interested to find out more about the first lien HELOC

@anyways661 5 месяцев назад

Thank you Christy!

@tamikob33 5 месяцев назад

My question is and the situation that I have ran into is how do you go about your accounts not showing up as negative (for however short). I am currently looking into a loan assumption for my current house and the mortgage company underwriter asked why my accounts are going negative? I explained that I utilize my Checking Line of Credit and that it pays it when it hits after midnight.

@dansullivan2293 2 месяца назад

Been tuning in once in awhile… I’ll be watching … great informative piece, thank you

@bigal5255 5 месяцев назад

Heloc is adjustable rate. Usually not fixed and based upon prime plus margin. Not sure about this.

@equynenergie 4 месяца назад

I live in Canada and the interest on my HELOC is very high and monthly payments hurt as I was recently widowed so my available income is much less but this information is very useful 😊 Thank you ❤

@Russ92 3 месяца назад

Should I get a loan from my retirement account and put the cash towards the principle on the mortgage? The interest rate on the loan from the retirement account is 10% but all of it is just going back to my retirement account as I'm paying it off. Max I can borrow is 50k

@mrstephandowning 5 месяцев назад

Hit the rewind button when we need to!

@gmichinok Месяц назад

In a 30year home loan, at what point in the loan is it too late to do this? We are 15 years into our 30 year loan, would this still make sense to do now?

@stephtuggle 5 месяцев назад

Thank you for another great video! Can someone please tell me if this would be great if I have a 2.75 rate?

@helensanderson6789 2 месяца назад

Probably not....I am in the same boat. If you want to save money on interest you have to find a loan that is less. You can use 0% credit card checks that give you 21 months or so.. This can work.. just be very conscious and pay it off within the time limit...

@danielobeng106 5 месяцев назад

Hi Vann. I’m so impressed. However I would need some help with this explanation still. Can we schedule a zoom meeting for some details personally. I will cover any charge if any.

@jhonhincapie6803 3 месяца назад

My father owned a few properties never took more than a 10 year mortgage

@michellekharris 5 месяцев назад

I need to work with you. Especially when I buy my next house

@caramela4830 5 месяцев назад

Hi there!! Is it possible to do a video on paid off land scenario. While using the equity on the land to build a custom home but paying it off as soon as possible? Or, can we contact you to do a consulation for this scenario?

@benoittolbert6700 5 месяцев назад

You and your channel are a blessing. Is it possible to do a consultation to get a personal plan to pay off my mortgage? I will pay for your time

@kaelou3408 2 месяца назад

Please make sure to start a video channel at one of the other video websites: Rumble, Brighteon, Odyssee, etc.! Only YT will shut you down.

@jameskeith9311 4 месяца назад

I feel like I am listen to a audio version of the Federalist Papers debate. Live examples!

@lisamarie5244 4 месяца назад

It was my understanding that you can only get a HELOC based on 80% of your home's loan to value. So I have 200K equity in my house and 20 years left to pay, I can only get a HELCO for 160K. How can the person get so much on their HELOC? Am I missing something?

@nowyouknowrealestate5703 4 месяца назад

Doesn’t add up to me either.

@HousewifeInTheWoods 4 месяца назад

A HELOC is based on the value, not just the equity by way of what is paid. So say you bought your home for 100K.... you still owe 60k on the original loan BUT the market went up or you made large improvements and your homes value is now 180K.... thats the value. Thats the number they get 80% from. You take that heloc money and turn around and pay off 60K that you owe to the mortgage. That is now paid off, no more front end loaded interest and now you have all of your stuff essentially paid with the heloc at a set rate you can hammer away on and borrow against repeatedly. Its how we were able to buy properties in cash and a business. One ring to rule them all ;)

@warriorblue63 5 месяцев назад

Do not use a HELOC to pay off your mortgage HELOC interest rates RX astronomical

@Ryan-cx5zr 5 месяцев назад

I feel like this lady works at the bank. I may be wrong but it seems more logical to pay that money straight to the mortgage every month vs a “chunk” and pay interest back to the bank. Am I crazy? Do I just not understand something?

@SteveUTubesucks 5 месяцев назад

@@Ryan-cx5zr Your understanding is just fine. This Marcy D'Arcy-looking lady is misleading people by alleging that a HELOC (which is likely to have a higher rate than any pre-existing mortgage viewers might have) will save money over a conventional mortgage. The only savings comes from throwing $10k/mo at the loan. If you can afford that, you'll save money on total payments no matter the type of loan. Amortized vs simple interest makes no difference.

@oak415 5 месяцев назад

@@SteveUTubesucksactually it is both of your understanding that is off. Please look at you final closing disclosures pages somewhere under loan calculations. Your total interest rate is actually much higher than you think. My 6.725% for example is actually 130% for the privilege to buy my house. So how can an interest rate of 6.75% to borrow 488k turn out to be $650k in finance charges alone? To make matters worse the mortgage companies front load their interest rates to make sure they get paid first. A HELOC’s interest rate is pretty straight forward calculated yearly buddy.

@donniebeck6112 5 месяцев назад

How does your calculations incorporate the interest rate of the Heloc in the pay down?

@Getnutritiousnow 5 месяцев назад

Hello! I can across your video about 2 weeks ago and became so excited! For years, I have been complaining to my husband about the interest on our credit cards as well as our mortgage. And I really thought there was no way around it. So you see why I got so excited about what you are teaching. Okay, our scenario. We currently have a mortgage on rental property that we refinance in 2021. Plus, we have about $12,000 in credit card debt. My question is do we work on the credit card debt or the mortgage? We have negative cash flow and our renters pretty much cover the mortgage on the rental property. It’s the taxes that put us in a negative cash flow on the rental. We just applied for a LOC and our credit cards are not at there limits. I can go into more detail if needed later. Thanks so much!

@loft27ss 5 месяцев назад

Dave Ramsey is your answer

@debbiedamioli3199 4 месяца назад

Can I use my plow to chunk on my mortgage.

@rlyen1969 5 дней назад

I am a bit money stupid, but if they have an extra 10k in disposable cash, simply add 10k of extra payment each month and pay it off in 2 years.

@techshark6181 5 месяцев назад

Get rid of the 401k, place it ALL in the RoTh... 401k is NOT helping you

@CJ-222 5 месяцев назад

Out of curiosity, why would you say that? I have both a roth 401k and a roth IRA. I utilize the company money match for my 401k. It's free money and you'd be silly to not take advantage of it.

@Justaguywithtruth 5 месяцев назад

401k is less secure for the coming collapse..too connected for the immediate drop in the stock market..

@user-rx4bl4ou5c 4 месяца назад

Lol on that statement alone your credibility is out the window

@techshark6181 3 месяца назад

@CJ-222 do the math, yes or no? Are taxes going to go up or down by the time you retire?? If you said up, not only are you correct, but your just silly by just passing up and paying the LOWEST tax now, instead of paying the highest taxes then... that along eliminates your so called free money.. It is taxed as income, not free money.. ALL MONEY in a ROTH is free money, growth, profit, dividends, AND you can take out your initial deposit, at any time, PENALTY FREE, without having to beg for you own money back, and have to apply for hardship to get a couple of dollars out in an emergency or heck, if you just want your money back.. No love, you're just being silly following with out knowing.. Do the 401k up to company match if you like,

@techshark6181 3 месяца назад

@user-rx4bl4ou5c you do not know what you speak of, if you think a 401k is better than a roth... A Roth 401k is real, and it destroys ALL 401K... YOU, prove to have no Credibility at all

@terryjohnson2578 5 месяцев назад

I'm really bad with numbers, so I need help understanding this. You say mortgages are bad, but do we really have an option? I don't have the funds to get an LOC to cover the costs of a home. What am I missing? Are you saying to get the mortgage and then an LOC on top of that and use the LOC to pay down the mortgage? If so there would be two payments, one for the mortgage and one for the LOC. Doesn't that double what you're paying each month? Please give me a very simple way to understand this and how I could afford to do it. Thanks!

@louiseyvette2261 5 месяцев назад

Watch her other videos and it will become clear. It's not about not having a mortgage, it's about paying it down faster.

@brichardism 5 месяцев назад

I also don’t get it and I have a masters degree in Engineering lol. Sure you pay the loan down faster, but you have to pay more each month in order to do so (you pay interest on both the LOC and mortgage) - if you have extra money anyway, why not just pay off the principal directly and avoid paying interest twice? I am so confused.

@louiseyvette2261 5 месяцев назад

@brichardism if you see some of the other videos, it's easier to see why it works.

@louiseyvette2261 5 месяцев назад

@@brichardism part of it is because if you make extra payments, you no longer have access to that money in an emergency

@legionofboombap4705 5 месяцев назад

@@brichardismyou're paying your bills with the line of credit. And you're also sending all of your monthly income to the LOC. Meaning, the house payment and interest is being paid with the credit line each month. As you pay down the line of credit, you will get to the point where your monthly income pays off the line completely. You then take that entire loan, say $10,000 and send it to the mortgage and have it applied to the principal. You will now have reduced your mortgage by $10k AND have saved much more interest than you paid on the line of credit. You then take out another LOC and repeat the process. Alternatively you can, if you have a solid income, pay an extra $200 to $300 to the mortgage company each month and have that applied to the principal instead of the interest. The point of all this is to pay MORE, FASTER in order to save in interest costs.

@sedaashxaturyan1614 4 месяца назад

Who can recommend a company or credit union in CA that is giving 900k in 1st lien Helocs for fixed rates 10-15years?

@justinnelson5176 5 месяцев назад

What are your thoughts to using a well funded IBC WL policy as the heloc & to use cash reserves to start the wheels in motion? Also do you have any resources for a good excel spreadsheet for playing around with numbers like the ones you discuss? I also have a large practice loan as well. Thanks for all that you do, Justin

@NUMSFILMS 5 месяцев назад

Thank you for this information! :)

@artman6976 5 месяцев назад

Oh my gosh I love these videos ❤

@fishingisfun8841 5 месяцев назад

I would really like to get in touch with you. My wife and I have some credit debt and I am a garbage man she runs the small dog grooming business we have. We have good credit, I know we could do something but I just don’t know how, even after watching plus I’m a bit intimidated. Thank you.

@droopypie 5 месяцев назад

Can you take a HELOC with just Social Security income?

@theincredibleediblekrausewich 4 месяца назад

Where is the world are people going to get 100K to pay off their HELOC every 8-10 months?!?!?.... on top of paying the existing mortgage Take a 100k loan at 8%+ (that you need to pay back), to pay down a loan at a lesser rate? Paying back that HELOC at the now higher rate is going to be front loaded too... Witchcraft I say !!

@iamOAKland 5 месяцев назад

The American Dream is to home own a home...........but you have to be sleep to achieve that!!!!! Now thanks to VANNtastic and some others, you can achieve this woke.

@user-hm5ij5ei8g 5 месяцев назад

CAN YOU MAKE AVIDEO ON HOW TO USE A $5000 LOC, THAT IS ALL I CAN GET. THANKS

@jim1282003 5 месяцев назад

Hi Christi, I been approved with my heloc. Do need to max it out and put in towards my mortgage?

@jonstolarski 5 месяцев назад

how often does one need to make a payment on the LOC, does this work if I only get paid once a month and does the date at which the interest on the line of credit is applied to the principle factor into how much I end up paying???

@lindseyeckert5914 5 месяцев назад

Love your channel ❤

@ruthbrazell3521 5 месяцев назад

Love your channel ❤ Teacher🎉

@DoctorMcFarlandStudios 5 месяцев назад

Hey Christy, I still don't understand why what the banks do is so bad. Even at a low interest rate of 3%, if you apply that to a 300,000 home the interest is 9,000 a year divided by 12 months. That is $750 a month then you add whatever the principle payment is. The bank isn't going to waiver the interest portion just to be nice. Nor are they charging it just to be mean. It is simply what you owe in interest. Even with a IBC loan at 5%, if you borrowed 300,000 from the Insurance company you wouldn't owe the interest till the next anniversary of the policy but if you chose not to pay any of the interest it would still compound and be added to the total owed on the loan. With IBC you have that flexibility. Either way you can't get out of paying interest either with the bank or with the insurance company. 6% of a 10,000 HELOC is only 600 a year and $50 a month. Obviously the interest is less because the starting number is much less than $300,000. You are not wrong in the way you are teaching this. $10,000 chunks on a mortgage will move you forward down the Amortization schedule. As long as the cash flow is there it can be a very effective way of paying down a debt. Thanks.

@Jesus-kt5dc 5 месяцев назад

I don't think she's saying what the banks do is bad. Only that the way amortized loans function, front loaded interest is a bad deal for the consumer. Followed by pushing a refinance by year 7 to restart the amortized schedule. She's more describing the financial tools and how to leverage them for the average citizen to thrive. You can find videos where she says "we need banks and banks need us, I have no problem paying interest" she just wants an educated consumer. A lot of people struggle because they don't understand the tools, velocity banking gives people the knowledge on how to leverage these financial products. Which is up to them once understanding the tools how to manage their finances. Have a great day.

@VanntasticFinances 5 месяцев назад

I would study an amortization schedule, then you will understand. Thanks for watching

@DoctorMcFarlandStudios 5 месяцев назад

@@Jesus-kt5dcInterest owed does not change. Now, promoting a refinance every few years is not something good the banks do to consumers and that is where the lack of education comes in.

@DoctorMcFarlandStudios 5 месяцев назад

@@VanntasticFinancesI have downloaded a schedule from my mortage company. Its not evil, its just how the numbers work out. Borrowing money from some other tool to pay down in chunks at a time is a way to get rid of debt fast. Thankfully the sale of our last home allowed us to come out ahead when buying our new home a few years ago. It worked out that the interest is about the same as our principle payment. At this point I would take a loan from my IBC policy to take chunks out of the mortgage then pay back the insurance company over a short period of time till I am ready to pay down another chunk.

@brichardism 5 месяцев назад

@vanntasticFinances hey Christy, if I move my entire mortgage over to a HELOC (with the same interest rate as my mortgage) and I need to keep my HELOC payments the same as the mortgage - wont I still pay the same interest on the HELOC as I would have on the mortgage, and pay the loan down in the same amount of time? So if I am constrained in what I can pay monthly, how does a HELOC help me pay down the mortgage early, since I have to pay the same interest either way?

@codysmith8042 2 месяца назад

Wouldn't it be the same if he just made a 10K principal payment every month?

@chriswood4510 2 месяца назад

Yea Ramsey is a bit too conservative.

@vernonpayne2287 5 месяцев назад

Christi....hi I am from South Africa...how would you explain a HELOC in south african terms...and how would you go ahead helping someone from South Africa...

@AfricanUSA-th9ov 3 месяца назад

She Is Talking To The American System. African System Is Not The Same. HELOC Is Borrowing Money Towards The House That You Own. Bank Will Take Your Home If You Don't Pay The Money Back

@stevenporter9114 5 месяцев назад

one of the things that I don't think you talk about are the fees that come with opening a line of credit. Some of those fees can total over $3000 to open the account. How does that work into your equations?

@VanntasticFinances 5 месяцев назад

@stevenporter9114 Absolutely not…on a First Lien the ONLY fees should be less than $3000 including origination fee. (Unless you have no equity) There should be zero fees for any other line of credit. Regardless, comparing $3000 to the $20,000+ charged in mortgage fees is certainly a joke. Thanks for watching

@stevenporter9114 5 месяцев назад

@@VanntasticFinances we currently have a house worth $750,000 and remaining balance is $490,000. Who do you recommend getting an LOC through? We have been talking to loan depot and today we talked to a local loan originator.

@victoriatongun1775 5 месяцев назад

@@VanntasticFinances Do you offer consultation? If yes, how do I setup on. Thank you very much 😊

@kellydice1723 5 месяцев назад

I have a lump some of money should I put it on my mortgage or my line of credit?

@robertgill448 23 часа назад

Who the heck has $10,000.00 cash flow after paying your debt payments? Fanasty Island for sure.

@dumpybear8664 5 месяцев назад

NOBODY cares about you in the banking world. They may be nice to you when you're benefiting them , but very cold to you when you aren't. I cannot believe how simple this is. Like the guy in this video, I just thought this is what you did (standard mortgage, loans...etc). This will free me (just got my Heloc a couple days ago). It will also be taught to my children. We're done with the system.

@1maybeline 2 месяца назад

I've worked in banking for 20 years and I'm just earning about this concept. Don't expect anyone in a bank to teach you something that they don't know themselves.

@brianwluxevovacations215 5 месяцев назад

Where is the best place to get a PLOC? I tried my bank and they said no. Too much cc debt.

@jstray83 5 месяцев назад

Use your credit card. Leave out your mortgage/rent and any other expenses you can't pay with a credit card. Pay all your expenses with the credit card. Put your paychecks into the cc minus the amounts that can't be paid by cc. Budget, don't overspend, and it can work the same way. Your interest rate may be higher, but you're already paying it if you're carrying a balance. Write it out on paper to see it for yourself. Do a couple of months of math and see how it works for your situation.

@MelanieLong-ib1xi 4 месяца назад

This is such a great show very informative 😊

@jw6180 4 месяца назад

Fascinating! HELOCs are a higher, variable interest rate and aren’t they capped at a certain percentage of home value? I don’t understand all this, so I’m going to dive into your videos!

@TheToomdog 5 месяцев назад

How do you grow your wealth once everything is all paid off? Do you just go back to using regular checking account and let the paychecks build up? It makes so much sense to battle debt and I’m sure the answer is obvious but I’m having a brain fart with the what’s next question?

@Jesus-kt5dc 5 месяцев назад

Once you get out of consumer debt you do go back to the old way of checking, until you go back into debt and you go back to velocity banking. The only question is "what are you going into debt for?". This is where the real work begins. You have to have a goal to increase your skills, knowledge or purchase an income producing asset. Real estate, doctor, truck driver, infinite banking, mechanic, plumber, any idea, product, service you have to improve people's lives. These are all things that add value to the economy to be purchased. This is a much difficult path because a lot of people won't do what it takes or never take a risk. Hope this helps have a great day.

@byranttaylor1535 5 месяцев назад

I was thinking of taking out a 20k personal loan, putting that in growing wealth stocks and income property, and using velocity banking to pay it off again, rinse, and repeat

@Jesus-kt5dc 5 месяцев назад

@byranttaylor1535 A 0% interest credit card for 21 months would be a better move.

@cpatterson2386 5 месяцев назад

Thank you Christy I appreciate you

@virtualhomestaging8291 3 месяца назад

This information is good, but I need to book for dummies to really for sure understand the numbers. Is there any case studies of this model?

@kc6071 5 месяцев назад

Can u make a video on what type of heloc we should get?

@Celticsfan10134 5 месяцев назад

401k is as bad if not worse than a mortgage

@Jesus-kt5dc 5 месяцев назад

Yeah, it functions as a voluntary tax. To a retirement that may never happen.

@CJ-222 5 месяцев назад

roth 401k with company match. Better than an IRA (for me at least). If you choose a low expense ratio option you are getting free money and it is tax-free.

@Justaguywithtruth 5 месяцев назад

@@CJ-222You have no choice but to ride that company match.. It's a bonus until retirement... Hope you make it.. Then take it all. Social Security maybe dried out by then.. It's being used for Illegals at around 8 to 10 k or month given to them.. Just being real.. This Government is wicked..👹💰🎪🔍🤔🤨😎👍

@user-kd9ld3rn4b 5 месяцев назад

Then why can't a person get enough credit and pay off the house immediately, on the spot?

@luisphilip2694 Месяц назад

Eye opening.

@michaeldaugherty6826 4 месяца назад

So, I’m confused. If I get a line of credit (not sure what this is or how to get it) will I still be making the monthly mortgage payment while paying back the line of credit? So, if it’s 10,000 every 7 months, how would that work as far as paying everything off?

@Jesus-kt5dc 4 месяца назад

Yes, you still have the monthly mortgage payment to make. The part that's probably confusing is, income into the LOC satisfies (functions as) payment. The LOC is functioning as your new checking account. So you meet mortgage payment like this Paycheck (income) -> Checking Account -> LOC (park income here) (lowers average daily balance) -> Mortgage Payment. Hope this helps, have a great day.