HELOC to Pay Off Mortgage

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HELOC to Pay Off Your Mortgage… You may have heard this elsewhere or you heard it from us… You can pay off your mortgage FASTER using a HELOC. Well, it’s true! I’m going to breakdown exactly how you can use a HELOC (or just about any line of credit) to pay off your mortgage faster… On average 5-7 years.

Download our FREE HELOC Calculator & Explainer eBook: http://chopmymortgage.com

HELOC During The Recession VIDEO: https://www.youtube.com/watch?v=XxlVwLmzr2E

HELOC To Buy Investment Property VIDEO: https://www.youtube.com/watch?v=bjLbDQsSZAw

We call this strategy & method: Accelerated Banking.
It has many names from different organizations such as Sweep Strategy, Velocity Banking, Mortgage Acceleration, Pill Method, HELOC Strategy, etc…. It has SOOOO many names. But… the REAL name is Accelerated Banking

This strategy hails from Australia. And in Australia, it is reported that 1 out of 4 people use this strategy to pay off their mortgage.

The strategy involves using a Simple Interest HELOC (Home Equity Line of Credit) to pay off your mortgage. It’s taking advantage of several things…

1. Lower Average Daily Balance = Less Interest You Gotta Pay.
   Using the Open & Revolving nature of the HELOC, we’re going to use the HELOC to make a principal payment against the mortgage which further reduces the interest owed as well as the time spent to pay off the mortgage. But now you have a balance on your HELOC. This is where you use your income and savings to knock down the principal balance on the HELOC which allows you to lower the average daily balance YET… Still use the income to cover your expenses out of the HELOC

2. Double Income Utilization
   This is a concept where you use ALL of your income to reduce the balance of your HELOC but still being able to use the same income to cover your expenses. In one variation of the strategy, we introduce credit cards to hold all of our expenses while our HELOC is to use to wipe out the balance of the HELOC at the end of each credit card statement period.

3.HELOC is now your new “Savings Account”
By throwing all of our extra savings into the HELOC instead of your savings account, you can actually expect to save 4-7% interest (depending on the HELOC rate), instead of trying to earn 1-2% APY on a savings account. It’s a matter of opportunity cost. By decreasing the balance of the HELOC with the savings, you’re saving interest by whatever the amount you have “deposited” against the HELOC.

If you’re skeptical about this strategy… You should download our FREE Excel Calculator and our FREE ebook that explains deeper as to how this strategy works!

Download our FREE HELOC Calculator & Explainer eBook: http://chopmymortgage.com

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The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)

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#heloc #mortgage #helocstrategy

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—DISCLAIMER— The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and The Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.

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p style=”text-align: left;”>Are You Debt Free if You Have a Mortgage, HELOC to Pay Off Mortgage.

The Ultimate Goal Of Living Debt Free

Not all financial obligations can receive Debt Elimination. Clearing all debts relieves tension from one’s mind. Then your resources can enter into tackling the higher balances.

HELOC to Pay Off Mortgage, Find latest full length videos relevant with Are You Debt Free if You Have a Mortgage.

Take Care Or Credit Card Financial Obligation Will Manage You

Beginning this lifestyle will force you to save for the products that you want. Pawning is a simple definition of a Secured Debt. Then paying off the smaller sized ones can be a breeze.

It’s a truth – great individuals have bad financial obligation. And lots of it – the typical American family carries about $8,000 in credit card debt alone. We hold an overall of $1.9773 trillion (yes, that’s a trillion, a thousand billion!) of customer debt – $18,654 per home. And, 44% people invest more than we make. Huge screen TVs, the most recent in clothing and suppers out – 4.2 meals weekly – aid add to this debt. You may currently be wondering how to treat your financial obligation problem if you are part of the debt crowd. What can you do to decrease debt? I’ll show you 3 simple, yet reliable, ways to begin trying those high balances – today.

“Qualified” UnSecured Debt – This includes all unsecured financial obligation (financial obligation NOT Secured Debt by a title or possession) that might get approved for debt management programs such as credit therapy, debt negotiation/settlement or other debt management programs.

Debtors with bad credit can likewise get these loans since there is a possession connected to the loan. By getting rid of all the financial obligations with the assistance of the loans, borrower can improve the credit rating.

So how do you as a specific live your live Debt Free? The basic option would be earning more. But that isn’t as easy as it sounds. In fact if making more would be so simple then the entire world wouldn’t be dealing with financial obligation. But you score if you are smart. Beginning a side service or something that will serve to be a source of extra earnings is really a great concept. This will guarantee extra income which will definitely assist in paying of your financial obligations.

Second of all, this type of debt most affects your credit report adversely. Due to the fact that this type of debt is most unforeseeable and dangerous – it’s called Revolving Debt since it can alter from month to month – it can truly sink your credit report. This can be a big issue for your credit rating if you have a high balance on your credit card.

Anytime one does a “no PMI” loan the debt ratio is a substantial issue as second lien business are often more stringent than the first lien home loan company. Second lien business typically prefer DTIs in the 40-45% variety. Of course, if one’s debt ratio is greater than 45% they’ll most likely simply have to get a single, first lien which will include PMI.

Obviously, the one thing you should do is stop excess costs, and start living within your methods. You need to learn to live on what income you make – and alter your spending habits to keep you out of debt.You can do this. It will take effort to lower debt (and finally get rid of debt), and may be trying at times, however completion result is a debt-free life. And a debt-free life is well worth any small sacrifice you might have to withstand. Start today!

Be sincere, be responsive and be ready to work with the lending institution’s alternatives. So, how does the charge card business extend the loan to you with no assurance of repay? State you got a VISA card with a $7500 credit line.

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