Let me say.. You've helped start a financial revolution man. No matter what minor mistakes. You challenged us to think outside the box to use these banking products to enrich our lives. Keep it going!!
One of the things I like about VB is the practical simplicity. By that I mean it's easy to do. It's difficult to understand, but it's easy to do, especially if you have a LOC from which you can pay all bills. It's very simple then. Put ALL of your income in the LOC. Pay ALL of your bills from the LOC. So simple. That's a tremendous benefit to someone who has a hard time getting & being organized, like me.
I agree once you get it you get it. The initial understanding of the concept the math behind can be difficult. Once you are doing for me it is better than budgeting my finances. I spend less because I’m Constantly looking to pay less interest
I watched the full video; that's how intrigued I was. I think the "mistake" you might have made in this video is that in the car loan amortization calculator spreadsheet (time stamp 43:43) you said the loan start date was today (October 14, 2023) and made the date of the 1st payment of $633.89 AND the extra payment of $1400 on the same day at the start day of the loan. Typically, with any amortized loan, if the payment is monthly, then the 1st payment would be 30 or 31 days AFTER the loan start date (in this example would be Nov 13 or 14). If this were true, then the first payment on the amortized car loan would have been also higher than the calculated $245
13:26 My dad made this objection today. He explained that "front-loaded" means you pay all of the interest charge before you start paying the principal. So no equity is accrued until after all interest is paid. He then claimed that credit cards, which is what I'm using for Velocity Banking, have the same sort of interest charges. He based this on the balance going down over time, so the same % interest will result in a smaller interest charge as time goes by. He definitely couldn't understand how a credit card with a 24% rate could be better than a loan with a 4% or 5% rate.
Your dad is absolutely right. A 24% card is NOT better than a loan with a 4% rate... The loan is significantly more cost efficient As a simple example, take a 100 000$ amount. That will cost you $24 000 with that credit card from hell in a year vs only $4 000 in with the loan. Even if you manage through all kind of manipulations to reduce the balance on the card to $50 000 only, on average, during that year... it will still cost you $12 000 or at least 3 times more than the loan (assuming you paid no principal at all on the loan)
Denzel, Love your content I have no debt with the exclusion of my primary mortgage Value $1.3 million owed $535K @ 2.625 30 fixed. I have a rental property with a first position HELOC @10% with PENFED with zero balance My question is out of the box thinking I was going to borrow 25K out of my HELOC. With my cashflow it would take me 4 months to pay off my interest paid for this period would be $340.00. With the $25K I would purchase 800 plus shares of Verizon stock its dividend payout 8% .66 per share that = $528 every quarter x 4 = $2112.00 year gain What are your thoughts ?
If you have a 1.3 million dollar home and another rental property paid off I’m wondering why invest money outside of your control when you could maybe do more real estate? That’s the first question my next is why is your HELOC at such a high rate you could be paying a much lower rate like Christy said and probably lock in a rate below prime by about 2 or 3 points. That would be an easy move to make to save money on the interest side.
I would think I had more control outside of real estate 8% compounding cash out when ever i need too. would like to know where to get fix HELOC at 2/ 3 % less than I'm paying on rental property sign me up @@DenzelNapoleonRodriguez
Very true and even if understood, few would be willing to spend the time or detail-oriented enough to consistently execute these strategies even in the uncommon case they may provide a meaningful benefit over alternatives. Many others wouldn't be willing or able to take the risks the strategies involve.
It was because income is income and cashflow is cashflow two different things. If added 1,400 then it would look the person makes more than 6,400 in a month. Let me know if that is clear. Cashflow is money left over after all bills are paid.
@keshac7690 You are correct in questioning this. This is a mistake Denzel made. In the first calc of the first month, he subtracted 50% of the income ($3,200) and the full amount of the cashflow ($1,400). The cashflow is already embedded in the income figure so it was doubled up in the first month. This affects all of the VB interest calculations from that point on (too low) and is the primary reason that it "looked like" the VB balance was so far ahead of the Snowball scenario on the amort schedule.
@@cmoss11467 in the first month using velocity banking I didn’t apply my 1,400 to the balance of the car I pulled 42k from the HELOC and then applied all of my income to the HELOC.
Because of when I’m starting on October 14th I said in the beginning that we have cashflow from the previous month. So September cashflow is being used in October. Octobers cashflow is being used in November. Same with the debt snowball I’m saying the regular monthly payment plus the 1,400 is being applied to the balance on October 14th so septembers cashflow is being applied on October 14th then October’s cashflow is being applied on November 14th and so on and so on.
@@DenzelNapoleonRodriguez If you're using September's CF and the analysis starts with 10/14, then your mistake is that your starting loan balance should have been $40,600. Your amort schedule is calculating as if the $1,400 was paid at the end of the month and not the beginning of the month. That would be an apples-to-apples with your VB calculations. Instead of the VB interest calcs being under-stated, the Snowball interest calcs are over-stated.
It seems like you're not comparing apples to apples here. The snowball is just tackling the car, right? But the VB is tackling all of the bills. Right? I may have missed something at the start of the video. If the snowball is taking on the entire debt, how did you create an accurate calculation of that?
I've refinanced a few years ago. Since you actually pay more on the mortgage once you refinanced, how might I catch up on paying off my mortgage since I've added to my mortgage by refinancing. Hope this makes sense. FYI, the new interest rate is 2% from 4%. Good luck
If you just continued to pay your regular mortgage payment on the 2% versus the person that stayed at the 4% because of the timeline you know locked in a new 30 years versus wherever you were at maybe you had 25 years left the person at 4% would pay off the mortgage faster than you just by making extra payments. Even though my rate at 4% is higher my timeline is shorter and my actual interest costs is less. The other thing is you probably paid thousands of dollars in closing costs that adds to your balance people forgot to calculate that. What was your total closing costs?
I wanted to catch up to where I would've been had I not completed a refinance. I was wondering how should I go about catching up where my original cost would've been?
@@c.parker8439 yeah that 8k is compounded in the overall loan so it has an effect. Another option is something called a mortgage recast or just sticking with the rate you have and make extra payments. If your intent is to save money by refinancing that is trap the banks set up for you. If you refinanced for the purpose of increasing cashflow so that you could invest in another real estate property and lock in a low rate than that would’ve been a better move in my opinion
@@DenzelNapoleonRodriguez RE: "If your intent is to save money by refinancing that is trap the banks set up for you" - Refinancing to save money is not a "bank trap" - anyone refinancing should calculate the interest savings from the lower rate over the time they expect to be in their home and compare it to the costs of refinancing. If the interest savings is "enough" more than the costs, then go forward. "Enough" is a personal decision.
Let's make it simple for the folks out there. No need to watch hours of videos. 2 simple rules 1. If you have a loan with a high(er) (annual) interest rate and can move to a loan with a low(er) (annual) interest rate (e.g. replace a 30% interest CC by a 12% PLOC for example) then it will be financially beneficial 2. If you have a loan with a low(er) (annual) interest rate and move to a loan with a high(er) (annual) interest rate (e.g. replace a 4% mortgage with a 7.5% HELOC for example) then it will NOT be financially beneficial All the rest is just noise
Great video on showing how Velocity Banking doesn’t work. Maybe one day you’ll finally show a video where it does work. Let me guess, it will be where the HELOC has a lower interest rate than the original loan. 🤦🏻♂️ If I had to guess you were a true believer of VB when you first learned it and started to make your own content. But I think after analyzing William Lee’s video, it finally clicked to you that VB doesn’t work. Even though people like Cheryl Moss have been saying it all along. But I’m not going to hate, keep scamming people who don’t understand any better, and now with your new life insurance scam. But at least you stopped peddling 1st lean HELOCs unlike your other pals. And some friendly advice, distance yourself from VAN… Her horrible math is so apparent, people are catching on quick.
Thank you for the advice. I appreciate the value you bring to the table - still a true believer of velocity banking and infinite banking concepts - love Cheryl Moss one of my best haters - I will continue to serve people not scam. - I will keep Christy Van close by - I like First Lien HELOCs I personally just bought a house using a first lien HELOC and will continue to share about that product and how it works. - these strategies help me pay off debt fast and invest for the future. I enjoy leveraging capital to multiple wealth it is a strategy I simply choose to use and choose to take the risk. Others do not like yourself and that is fine more power to you. - I combine all strategies and may the best ideas win 🏆
@@DenzelNapoleonRodriguez I don't hate you and that you'd stoop to saying so is a clear indication that you've got nothing constructive to say in response to my (and many others') analysis of your VB case studies and advice. I’ve noticed that characterizing critics as "haters" is a common tactic used by VB promoters hoping to get others to dismiss the critic and what they have to say. You've had ample opportunity to respond to the claims I and others make about VB and your advice about it, and, if you are right and we are wrong, it should be easy for you to demonstrate. A true VB believer, with the Truth on his (or her) side, would surely and swiftly do so for the benefit of all viewers. You've promoted yourself as a near Master of the VB topic with nearly 10,000 hours studying and working with it. Why do you walk away from so many opportunities to prove us wrong? On the other hand, it's been very easy to review the VB case studies you and your fellow VB promoters provide and demonstrate the flaws in the VB concept as you and others present it. Often, it's clear just using simple common sense. Going beyond that and having actually "run the numbers" on dozens and dozens of your and others' cases, I can confidently say that VB is a mediocre strategy with the most favorable set of facts and assumptions and those would be an uncommon situation to find in the real world. In most situations... that is to say... for most people and their real money, VB is more complicated and confusing, more financially costly and time-consuming, and more risky than other debt acceleration strategies. I haven't commented on the Infinite Banking Concept yet as the detailed data required to do an analysis of it is never provided in your (and others') videos. Extrapolating from the conceptual, math and logic errors that you (and others) present in your promotion of VB, I suspect IBC is an area ripe for analysis and comment.
@JC-hd2tt I have asked Denzel to point me to an example of a case he's analyzed where VB resulted in a meaningful advantage and I'm still waiting. Rather than take anything seriously that I, you and others have exhaustingly pointed out to him, it appears he's inclined to double-down in his "true believer" position, including his defense of Christy Vann. It truly looks like a "You can lead a horse to water, but..." situation and it's a shame because he's a talented marketer and salesman, especially for his age. Too bad he's marketing and selling advice that ranges from marginally effective to terribly misguided.
@@DenzelNapoleonRodriguez Whether you "like" 1st lien HELOCs and have personally used them is virtually irrelevant to the advice you give in your videos and to your clients. You have acknowledged in multiple videos that it's a risky strategy and also that you're personally very willing to take that risk. Most others either don't understand the risks or, if they do, wouldn't want to or have the financial capacity to take the risk if they had full disclosure of it. The problem with your presentation of the concept is the lack of clear and full disclosure of the risks and especially of your conflicts of interest being an affiliate of a 1st lien HELOC provider (re: VB) and as a licensed life insurance agent (re IBC.)
@racheldixon3482 Denzel is making an apples-to-oranges comparison of the 7% annual interest RATE to the overall AMOUNT of interest paid over the term of the loan compared to the beginning loan balance (the 26.7% figure.) The 26.7% interest amount, as a stand-alone figure, is meaningless unless it is compared to an alternative amount of interest that would be incurred using an alternative debt reduction plan like making extra payments and debt restructuring to lower the interest rates (consolidation, refinancing and even VB cashflow juggling.)
@@cmoss11467 I think it’s helpful to know what I’m paying over a period of time it brings awareness. I also showed the interest costs of what I would pay if I just made extra payments
@@cmoss11467 I think if you would’ve just read Rachel question which was simply how did you get that number has nothing to do with anything else. Just a simple question but look at your response and how it comes off like everything you say is right and everyone else needs to fall in line. My biggest advice to you is you should start a UA-cam channel and educate people I think you would be great 👍
@alanlajoie7307 Sounds like a plan to me! With the EXCEPTION of the rate on your FIRST LIEN. That’s a pretty high rate. Fixed rate on FIRST LIEN could be 7.75% saving you more.
@@alanlajoie7307 A 1st position fixed rate HELOC is pretty rare. (Similar story with 2nd position HELOC's.) If and when available, it will very likely have a higher fixed rate (other than maybe a short-term teaser rate) compared to typical variable rate HELOC's. Very unlikely, if you could find a 1st position, fixed rate HELOC, that you'd get a 7.75% rate as Christy suggests, in an interest rate environment today where first mortgage loans are nearly at that rate.
Let me say.. You've helped start a financial revolution man. No matter what minor mistakes. You challenged us to think outside the box to use these banking products to enrich our lives. Keep it going!!
One of the things I like about VB is the practical simplicity. By that I mean it's easy to do. It's difficult to understand, but it's easy to do, especially if you have a LOC from which you can pay all bills. It's very simple then. Put ALL of your income in the LOC. Pay ALL of your bills from the LOC. So simple. That's a tremendous benefit to someone who has a hard time getting & being organized, like me.
I agree once you get it you get it. The initial understanding of the concept the math behind can be difficult. Once you are doing for me it is better than budgeting my finances. I spend less because I’m Constantly looking to pay less interest
I watched the full video; that's how intrigued I was. I think the "mistake" you might have made in this video is that in the car loan amortization calculator spreadsheet (time stamp 43:43) you said the loan start date was today (October 14, 2023) and made the date of the 1st payment of $633.89 AND the extra payment of $1400 on the same day at the start day of the loan. Typically, with any amortized loan, if the payment is monthly, then the 1st payment would be 30 or 31 days AFTER the loan start date (in this example would be Nov 13 or 14). If this were true, then the first payment on the amortized car loan would have been also higher than the calculated $245
This is true I was trying to just do math based on the day of the livestream and showing what it would look like.
Keep it simple. The first ones where the best.
Thank you. Excellent tips.
I wish I knew how to run the numbers.
I wish Denzel and his VB buddies did!
13:26 My dad made this objection today. He explained that "front-loaded" means you pay all of the interest charge before you start paying the principal. So no equity is accrued until after all interest is paid. He then claimed that credit cards, which is what I'm using for Velocity Banking, have the same sort of interest charges. He based this on the balance going down over time, so the same % interest will result in a smaller interest charge as time goes by. He definitely couldn't understand how a credit card with a 24% rate could be better than a loan with a 4% or 5% rate.
Your dad is absolutely right. A 24% card is NOT better than a loan with a 4% rate... The loan is significantly more cost efficient
As a simple example, take a 100 000$ amount.
That will cost you $24 000 with that credit card from hell in a year vs only $4 000 in with the loan.
Even if you manage through all kind of manipulations to reduce the balance on the card to $50 000 only, on average, during that year... it will still cost you $12 000 or at least 3 times more than the loan (assuming you paid no principal at all on the loan)
@@thomasxxxxxx2345 Did you watch the video at all?
Denzel, Love your content I have no debt with the exclusion of my primary mortgage Value $1.3 million owed $535K @ 2.625 30 fixed. I have a rental property with a first position HELOC @10% with PENFED with zero balance My question is out of the box thinking I was going to borrow 25K out of my HELOC. With my cashflow it would take me 4 months to pay off my interest paid for this period would be $340.00. With the $25K I would purchase 800 plus shares of Verizon stock its dividend payout 8% .66 per share that = $528 every quarter x 4 = $2112.00 year gain What are your thoughts ?
If you have a 1.3 million dollar home and another rental property paid off I’m wondering why invest money outside of your control when you could maybe do more real estate? That’s the first question my next is why is your HELOC at such a high rate you could be paying a much lower rate like Christy said and probably lock in a rate below prime by about 2 or 3 points. That would be an easy move to make to save money on the interest side.
I would think I had more control outside of real estate 8% compounding cash out when ever i need too. would like to know where to get fix HELOC at 2/ 3 % less than I'm paying on rental property sign me up @@DenzelNapoleonRodriguez
how did you get the $1400 cash flow? you already put in 3200 (income ) to heloc?
Your links aren’t working to your page where we can find first lien HELOC, in which banks are doing them
Many people won't understand the complex strategies.
This is true it takes time took me 2 years to fully get it
Very true and even if understood, few would be willing to spend the time or detail-oriented enough to consistently execute these strategies even in the uncommon case they may provide a meaningful benefit over alternatives. Many others wouldn't be willing or able to take the risks the strategies involve.
San Tan Flats in San Tan AZ is 👌👌
Should I stop my autopay on my bills that I can’t use my cc on
Just asking what about cash flow ?the first month cash flow (3200+1400) was included but not the second it was just income (3200x2 ).
It was because income is income and cashflow is cashflow two different things. If added 1,400 then it would look the person makes more than 6,400 in a month. Let me know if that is clear. Cashflow is money left over after all bills are paid.
@keshac7690 You are correct in questioning this. This is a mistake Denzel made. In the first calc of the first month, he subtracted 50% of the income ($3,200) and the full amount of the cashflow ($1,400). The cashflow is already embedded in the income figure so it was doubled up in the first month. This affects all of the VB interest calculations from that point on (too low) and is the primary reason that it "looked like" the VB balance was so far ahead of the Snowball scenario on the amort schedule.
@@cmoss11467 in the first month using velocity banking I didn’t apply my 1,400 to the balance of the car I pulled 42k from the HELOC and then applied all of my income to the HELOC.
Because of when I’m starting on October 14th I said in the beginning that we have cashflow from the previous month. So September cashflow is being used in October. Octobers cashflow is being used in November.
Same with the debt snowball I’m saying the regular monthly payment plus the 1,400 is being applied to the balance on October 14th so septembers cashflow is being applied on October 14th then October’s cashflow is being applied on November 14th and so on and so on.
@@DenzelNapoleonRodriguez If you're using September's CF and the analysis starts with 10/14, then your mistake is that your starting loan balance should have been $40,600. Your amort schedule is calculating as if the $1,400 was paid at the end of the month and not the beginning of the month. That would be an apples-to-apples with your VB calculations. Instead of the VB interest calcs being under-stated, the Snowball interest calcs are over-stated.
It seems like you're not comparing apples to apples here. The snowball is just tackling the car, right? But the VB is tackling all of the bills. Right? I may have missed something at the start of the video. If the snowball is taking on the entire debt, how did you create an accurate calculation of that?
I've refinanced a few years ago. Since you actually pay more on the mortgage once you refinanced, how might I catch up on paying off my mortgage since I've added to my mortgage by refinancing. Hope this makes sense. FYI, the new interest rate is 2% from 4%. Good luck
If you just continued to pay your regular mortgage payment on the 2% versus the person that stayed at the 4% because of the timeline you know locked in a new 30 years versus wherever you were at maybe you had 25 years left the person at 4% would pay off the mortgage faster than you just by making extra payments. Even though my rate at 4% is higher my timeline is shorter and my actual interest costs is less. The other thing is you probably paid thousands of dollars in closing costs that adds to your balance people forgot to calculate that. What was your total closing costs?
@@DenzelNapoleonRodriguez $8k
I wanted to catch up to where I would've been had I not completed a refinance. I was wondering how should I go about catching up where my original cost would've been?
@@c.parker8439 yeah that 8k is compounded in the overall loan so it has an effect. Another option is something called a mortgage recast or just sticking with the rate you have and make extra payments.
If your intent is to save money by refinancing that is trap the banks set up for you.
If you refinanced for the purpose of increasing cashflow so that you could invest in another real estate property and lock in a low rate than that would’ve been a better move in my opinion
@@DenzelNapoleonRodriguez RE: "If your intent is to save money by refinancing that is trap the banks set up for you" - Refinancing to save money is not a "bank trap" - anyone refinancing should calculate the interest savings from the lower rate over the time they expect to be in their home and compare it to the costs of refinancing. If the interest savings is "enough" more than the costs, then go forward. "Enough" is a personal decision.
Let's make it simple for the folks out there. No need to watch hours of videos. 2 simple rules
1. If you have a loan with a high(er) (annual) interest rate and can move to a loan with a low(er) (annual) interest rate (e.g. replace a 30% interest CC by a 12% PLOC for example) then it will be financially beneficial
2. If you have a loan with a low(er) (annual) interest rate and move to a loan with a high(er) (annual) interest rate (e.g. replace a 4% mortgage with a 7.5% HELOC for example) then it will NOT be financially beneficial
All the rest is just noise
Great points
Great video on showing how Velocity Banking doesn’t work. Maybe one day you’ll finally show a video where it does work. Let me guess, it will be where the HELOC has a lower interest rate than the original loan. 🤦🏻♂️
If I had to guess you were a true believer of VB when you first learned it and started to make your own content. But I think after analyzing William Lee’s video, it finally clicked to you that VB doesn’t work. Even though people like Cheryl Moss have been saying it all along.
But I’m not going to hate, keep scamming people who don’t understand any better, and now with your new life insurance scam.
But at least you stopped peddling 1st lean HELOCs unlike your other pals. And some friendly advice, distance yourself from VAN… Her horrible math is so apparent, people are catching on quick.
Thank you for the advice. I appreciate the value you bring to the table
- still a true believer of velocity banking and infinite banking concepts
- love Cheryl Moss one of my best haters
- I will continue to serve people not scam.
- I will keep Christy Van close by
- I like First Lien HELOCs I personally just bought a house using a first lien HELOC and will continue to share about that product and how it works.
- these strategies help me pay off debt fast and invest for the future. I enjoy leveraging capital to multiple wealth it is a strategy I simply choose to use and choose to take the risk. Others do not like yourself and that is fine more power to you.
- I combine all strategies and may the best ideas win 🏆
@@DenzelNapoleonRodriguez I don't hate you and that you'd stoop to saying so is a clear indication that you've got nothing constructive to say in response to my (and many others') analysis of your VB case studies and advice. I’ve noticed that characterizing critics as "haters" is a common tactic used by VB promoters hoping to get others to dismiss the critic and what they have to say. You've had ample opportunity to respond to the claims I and others make about VB and your advice about it, and, if you are right and we are wrong, it should be easy for you to demonstrate.
A true VB believer, with the Truth on his (or her) side, would surely and swiftly do so for the benefit of all viewers. You've promoted yourself as a near Master of the VB topic with nearly 10,000 hours studying and working with it. Why do you walk away from so many opportunities to prove us wrong?
On the other hand, it's been very easy to review the VB case studies you and your fellow VB promoters provide and demonstrate the flaws in the VB concept as you and others present it. Often, it's clear just using simple common sense. Going beyond that and having actually "run the numbers" on dozens and dozens of your and others' cases, I can confidently say that VB is a mediocre strategy with the most favorable set of facts and assumptions and those would be an uncommon situation to find in the real world. In most situations... that is to say... for most people and their real money, VB is more complicated and confusing, more financially costly and time-consuming, and more risky than other debt acceleration strategies.
I haven't commented on the Infinite Banking Concept yet as the detailed data required to do an analysis of it is never provided in your (and others') videos. Extrapolating from the conceptual, math and logic errors that you (and others) present in your promotion of VB, I suspect IBC is an area ripe for analysis and comment.
@JC-hd2tt I have asked Denzel to point me to an example of a case he's analyzed where VB resulted in a meaningful advantage and I'm still waiting. Rather than take anything seriously that I, you and others have exhaustingly pointed out to him, it appears he's inclined to double-down in his "true believer" position, including his defense of Christy Vann. It truly looks like a "You can lead a horse to water, but..." situation and it's a shame because he's a talented marketer and salesman, especially for his age. Too bad he's marketing and selling advice that ranges from marginally effective to terribly misguided.
@@DenzelNapoleonRodriguez Whether you "like" 1st lien HELOCs and have personally used them is virtually irrelevant to the advice you give in your videos and to your clients. You have acknowledged in multiple videos that it's a risky strategy and also that you're personally very willing to take that risk. Most others either don't understand the risks or, if they do, wouldn't want to or have the financial capacity to take the risk if they had full disclosure of it. The problem with your presentation of the concept is the lack of clear and full disclosure of the risks and especially of your conflicts of interest being an affiliate of a 1st lien HELOC provider (re: VB) and as a licensed life insurance agent (re IBC.)
How did you figure out the car loan at 7% and said actual on the amortized loan car payment is 26.7%?
Look at the total amount of interest times that by the balance owed
When you look at the total amount of interest you would pay over a 7 year period it’s more than 7%
@racheldixon3482 Denzel is making an apples-to-oranges comparison of the 7% annual interest RATE to the overall AMOUNT of interest paid over the term of the loan compared to the beginning loan balance (the 26.7% figure.) The 26.7% interest amount, as a stand-alone figure, is meaningless unless it is compared to an alternative amount of interest that would be incurred using an alternative debt reduction plan like making extra payments and debt restructuring to lower the interest rates (consolidation, refinancing and even VB cashflow juggling.)
@@cmoss11467 I think it’s helpful to know what I’m paying over a period of time it brings awareness. I also showed the interest costs of what I would pay if I just made extra payments
@@cmoss11467 I think if you would’ve just read Rachel question which was simply how did you get that number has nothing to do with anything else. Just a simple question but look at your response and how it comes off like everything you say is right and everyone else needs to fall in line. My biggest advice to you is you should start a UA-cam channel and educate people I think you would be great 👍
@alanlajoie7307 Sounds like a plan to me! With the EXCEPTION of the rate on your FIRST LIEN. That’s a pretty high rate. Fixed rate on FIRST LIEN could be 7.75% saving you more.
where can you get a fixed heloc I/O
@@alanlajoie7307 DENZEL has the link to the bank
@@alanlajoie7307 A 1st position fixed rate HELOC is pretty rare. (Similar story with 2nd position HELOC's.) If and when available, it will very likely have a higher fixed rate (other than maybe a short-term teaser rate) compared to typical variable rate HELOC's. Very unlikely, if you could find a 1st position, fixed rate HELOC, that you'd get a 7.75% rate as Christy suggests, in an interest rate environment today where first mortgage loans are nearly at that rate.