Can you really pay off your mortgage in 5-7 years?. 5% Down No PMI Mortgage Loan Phil Caulfield 650 222-0386
Can you really pay off your mortgage in 5-7 years? video duration 11 Minute(s) 43 Second(s), published by Lizy Hoeffer on 09 04 2019 - 20:07:32.
This week's Money Tip is all about the Velocity Banking! You will hear or have heard about this strategy after you become a homeowner
It's one of the most SUMMARY: In the above video I reveal a powerful strategy that is practically available to all, but is known and fully understood by a very few
If one takes the time .
Low To Zero Down Mortgage Programs Http://www.kingwoodmortgageguy.com Mike Durr "The Kingwood Mortgage Guy dispels a myth regarding how much Mortgage Home Loan MYTHS 2019 Top 5 Mortgage Myths When Buying a Home Mortgage loan officer Rich Conlon shares the top five home loan myths that PMI - nobody likes to pay it
Is there a way to avoid PMI when the down payment is less than 20% - yes there is! Our 5% down no PMI program is the answer!
This week’s Money Tip is all about the Velocity Banking! You will hear or have heard about this strategy after you become a homeowner. It’s one of the most popular mortgage searches on internet and so I wanted to give a comprehensive breakdown so you can decide if this practice is good for you!
For starters… what the heck is Velocity Banking? Velocity Banking also known as the “HELOC Strategy” is a personal finance approach that uses a home equity line of credit (HELOC) to leverage disposable income to pay down your primary mortgage. Typically banks will loan up to 80-90% combined loan to value for a second mortgages and depending on your credit and if your property has sufficient equity you would borrow enough to pay your monthly expenses plus principle reductions. The idea is that you would use this credit line as your primary operating account to pay your monthly expenses (similar to what you would do with a checking account) and then whatever is left over in disposable income would be used as a principle reduction payment to pay down the balance on the first mortgage. This would eliminate the need for a savings account as all of your extra funds would be used for principle payments and you would still have access to emergency/big purchase funds since you are leveraging an equity line.
The PROS: If you are disciplined with your personal finances and have “disposable” income this is an excellent way to get out of debt. Paying down your mortgage will save you thousands in interest, and can help you retire earlier (if that is what you desire).
The CONS: Most Americans when given the access to credit find themselves more in debt so a line of credit can be a slippery slope. Also mortgage interest is historically low, and leveraging a home loan so that you can invest your disposable income in the stock market, retirement accounts or other investments will more than likely pay back a higher return at this time.
Another con- but not so much about the approach, is that this type of strategy is highly associated with multi-level marketing companies or subscription software that charges monthly fees for information on best practices. My personal opinion is that you can research most of this if not all of this information free with a Google search so please keep that in mind before signing up for anything!
As always, if you have any questions, we're here to help!!
-Lizy
LizyHoeffer.com
602-818-6222
Follow us on social!!! @lizyhoeffer
Also, special thanks to Javier Vidana for sitting down to chat with us!!
Other Video about Can you really pay off your mortgage in 5-7 years?:
Mortgage Home Loan MYTHS 2019 Top 5 Mortgage Myths When Buying a Home
Mortgage Home Loan MYTHS 2019 Top 5 Mortgage Myths When Buying a Home Mortgage loan officer Rich Conlon shares the top five home loan myths that .5% Down No PMI Mortgage Loan Phil Caulfield 650 222-0386
PMI - nobody likes to pay itIs there a way to avoid PMI when the down payment is less than 20% - yes there is! Our 5% down no PMI program is the answer!
How to pay off a 30 year home mortgage in 5-7 years
SUMMARY: In the above video I reveal a powerful strategy that is practically available to all, but is known and fully understood by a very fewIf one takes the time .
0 Comment