Mortgage Interest vs LOC Interest…Can California Man Payoff Mortgage with $2,900 Income a Month?
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- Опубліковано 15 вер 2024
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Wow, I finally get it. From all the videos out there, she makes the more sense. Thank you!!! Game changer for sure!
How sweet! Thank you! And I LOVE YOUR NAME VAN!
@@VanntasticFinances Christy, I’m trying to decide whether to pay mortgage through a HELOC or plastiQ. Any suggestions? Wonder if you could make a video addressing and comparing those two options back to back! PlastiQ process seems a little easier. Thank you, Christy, you’re the best 😃
@@vanheaven4421 Hi Van! The HELOC would definitely be easier to work with and save the 2.5% on every payment.
@@VanntasticFinances Christy, can’t thank you enough for the quick reply. It really helps me a great deal. Love your name as well. It is really great how you help your followers with your hard work. Keep up the great work please 🌹
@@vanheaven4421 Thank you for the kind words!
I love your point about changing our mindset of debt vs. revolving credit. It seems obvious but it really is a change in a way of thinking for me. I've started implemented Velocity Banking that past few weeks and am making progress in getting my cash flow working more effectively. Thanks so much for sharing and much appreciated!
Thank you for watching!
Love your inside Christy!
Thank you so much!
HI! QUESTION: HOW CAN THE MAN MAKE MONTHLY $2900 INCOME TRANSFERs TO THE LOC WHEN HE NEEDS TO HOLD $1000 OF IT IN HIS BANK FOR THE NORMAL MONTHLY MORTGAGE PAYMENT? THANK YOU
Just transfer the necessary funds from the LOC account when the time comes. Sure, you could keep those funds in your regular checking account, but by putting it in your LOC, you ensure that the monthly minimum payment is satisfied.
Hi. Thanks once again.
Hi Ismara! I sent you an email. Thanks for contacting me and thanks for watching!
I "I emailed you back already. Thanks
As always...VANNtastic!
Thanks!
What I don't get though is if the whole income ($2,900.00) goes to the Line Of Credit how the monthly payments of the mortgage are done? Because if I am right mortgage cannot be paid through Credit Card. Please elaborate on that part. Thanks 🙏
You can get a line of credit that is not a credit card. The line of credit can have cash with drawn at any time. Does that make sense?
@@VanntasticFinances Got it. Thanks
@@DelaRenta1 🙏🏽
For years I have linked my checking account to my bank credit card as overdraft protection so I write checks where I have to. Small overdraft fee(credit unions are best for that)
How much interest did he accrue over the course of 4 years and 9 months 😢 Around,8k
How did you come up with the $20,393 in interest saved.?
That's if he was just paying his regular home loan monthly payments without actually doing it the Christy's way. His home loan is amortized and it takes a lot longer to pay off the same amount than lines of credit.
If you could get a 1st lien heloc like you mention in your other videos instead of the $10k heloc, would that be more beneficial than doing the chunk payments like this? I have almost this same mortgage amount but we can probably get a 1st lien for the same amount of our mtg loan.
Love your videos btw! 💗