EXPOSED: The Pay Off Your Mortgage in 5-7 Years HOAX

EXPOSED: The Pay Off Your Mortgage in 5-7 Years HOAX. July 2019 Mortgage Payoff Series

EXPOSED: The Pay Off Your Mortgage in 5-7 Years HOAX video duration 11 Minute(s) 24 Second(s), published by Average Joe on Money on 09 08 2019 - 22:30:00.

EXPOSED: The Pay Off Your Mortgage in 5-7 Years HOAX there are many videos out there on YouTube claiming that you can pay off your mortgage in the next

schoolofpersonalfinance #personalfinance #financialeducation #financialplanning #financialfreedom Wouldn't it be great to pay off your mortgage in only 5 The first step to paying off your mortgage is to know where all of your finances are going to save and pay consistently, The key is discipline July 2019 - Mortgage Payoff Series I am a single mom that is currently on Baby Steps 4, 5, & 6 of the Dave Ramsey plan
Which mean, I am saving for retirement, .

EXPOSED: The Pay Off Your Mortgage in 5-7 Years HOAX

there are many videos out there on YouTube claiming that you can pay off your mortgage in the next 5-7 years. Does that sound to good to be true? It Is. when you square it with real life, it is.

these videos will claim that in order to accomplish this task of paying off your mortgage in 5-7 years, you need to utilize a credit card and a Home Equity Line of Credit or HELOC. Here is how it is supposed to work:

STEP 1: Take you entire monthly income and use it to pay down your mortgage.

STEP 2: Use your Credit Card to Fun all of your monthly expenses for that month.

STEP 3: Use your HELOC to pay your required monthly mortgage payment AND to pay off your credit card in full.

STEP 4: Next month or for the next multiple months, you use your excess income to pay down your HELOC account to $0.00.

STEP 5: Repeat the Process

The process claims to work because you are significantly reducing the amount of interest your mortgage charges you.

Here’s the problem: there is a ton of risk and a reliance on debt to pay off more debt. Here’s a better solution that is a LOT less complex:

Use your extra income each month and pay down your mortgage with it! You will be able to save a significant amount of money on your mortgage and pay it off, a 30 year mortgage, in less than 12 years, maybe even faster! 👍🏻😎

Don’t fall for this 5-7 year mortgage payoff. If you cannot explain the set-up to your child, it’s too complicated.

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My name is JOE and I am just your AVERAGE JOE ON MONEY. This channel is all about helping people like YOU and I. the Average Joe, learn the fundamental principles of money and personal finance that we should have learned in school, BUT nobody taught us!!