Top videos about can’t Get Credit, How To Get Out Of Debt Fast, Debt Relief Alternatives, and Are You Debt Free With a Mortgage, How to pay off a 30 year home mortgage in 5-7 years.
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 to learn and implement this method of eliminating debt, one may find themselves pleasantly surprised of how quickly their home mortgage, auto loans, student loans or business loans can be completely paid off.
In the video I will demonstrate how a banking strategy can be used to pay off a 30 year home mortgage in just 5-7 years without sending double payments to the bank or changing one’s current level of income.
RECAP OF THE VIDEO:
I start off by creating a scenario of a financial situation by taking an average household net income in the United States combined with some of the basic monthly expenses: home mortgage, minimum payment on a credit card, car payment and living expenses which include groceries, utilities, gym membership…
Once all expenses are identified and subtracted from the net monthly income it is important to understand the impact of cash flow, the difference between a loan and a line of credit, how the interest of a loan and a line of credit is calculated, and how monthly payments on a mortgage are dispersed between interest and principal paydown. To help demonstrate these differences I create tables and an amortization graph. As I go on to unveil the main differences I also identify the biggest reason why nowadays most homeowners are unable to payoff their home mortgages due to the unstrategic use of home refinancing.
By this point having had identified the difference between a loan and a line of credit I can reveal the benefits of utilizing a line of credit to pay off a home mortgage in 5-7 years. This is where I get into the banking strategy which incorporates an unaccustomed method of moving one’s entire monthly paycheck into a line of credit instead of the accustomed checkings and savings accounts. By adopting this method one can leverage a line of credit to free up cash flow, gain cash back rewards, build credit history and improve credit score, but the greatest leverage created is the thousands if not hundreds of thousands of dollars in interest savings.
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DISCLAIMER: I (Laura Pitkute) am not a financial advisor, real estate broker, a licensed mortgage broker, not a certified financial planner, not a licensed attorney, and not a certified public accountant, therefore please consult with a competent professional prior to engaging in any financial strategies. Not everyone will experience 100% success rate by using this strategy as it requires a commitment to keep applying this strategy over time until the desired result is achieved. I (Laura Pitkute) do not promise or guarantee any specific outcomes and/or results from the use of this strategy.
Are You Debt Free With a Mortgage, How to pay off a 30 year home mortgage in 5-7 years.
Is Debt Holding You Back?
These are attempted and true ways I graduated college with zero dollars of debt. They can be repossessed and place on foreclosure by the banks. Making minimum month-to-month payments will not get you anywhere.
How to pay off a 30 year home mortgage in 5-7 years, Search most searched videos about Are You Debt Free With a Mortgage.
Want To Live Debt Complimentary? These Ideas Will Help
You currently know that people use a car or their home to take these loans. Individuals are over spending and living beyond their means. The first thing you require to do is take a look at your debt.
Utilized cars can be a part of a penny-wise way of life. In fact, some economists who focus on helping their followers end up being financial obligation complimentary advocates only buy pre-owned automobiles for cash. Being in debt is like having an anchor connected to your ankle and dragging it around. One incorrect move, and you could fall under the ocean of expenses and sink.
This is why many people see debt settlement as being limited to just unSecured Debt. Regrettably, those who see financial obligation settlement in a limited way consists of the consultants in the Secured Debt settlement industry. Their training has actually been limited to focusing on just unsecured debt, as opposed to a more holistic technique.
These kinds of loans are secured in nature simply like other protected loans. A protected loan suggests that a person has to offer security while taking the loan. The person who needs to take the loan needs to promise collateral; the collateral can be his private property etc.
The method this mode of bankruptcy works is reasonably easy in style and principle. It can be considered a type of liquidation personal bankruptcy. That implies that all assets that are not exempt will be sold (liquidated) and all monies generated from the sale will then go to those debtors that are owed cash. Certainly, there is more to the process than this but that is the most streamlined description of how it works. Then the individual that has filed for bankruptcy security will be Debt Free, if the liquidation leads to a total benefit of all financial obligations owed.
The next action in the financial obligation snowball technique requires you to know your income and other costs. You need to understand how much additional income you can pay towards the smallest debt. For instance if you earn 2000 dollars a month, and without including your Revolving Debt you understand you owe 1200 dollars to other set month-to-month expenses, gas, and groceries, then you have 600 dollars left over for the credit cards. If you have revolving credit financial obligations and the month-to-month minimum includes up to 400 dollars you have 200 dollars left over. The two hundred dollars need to be applied to the most affordable debt.
Some may think about a “quick-fix” in the form of debt consolidation. This requires taking a number of financial obligations and integrating them into one big financial obligation, often collateralized with a mortgage to enable a lower rates of interest.
Step 5: Balance your budget plan. Once you’ve completed the job of noting all your debits, credits, and expenses, you’ll require to stabilize your budget plan. One a sheet of paper, you need to note your credits on one side and include them all at the bottom. On the other side you’ll need to list all your debits which must include your revolving financial obligation and expenses. You’ll notice where your spending plan is balanced or not.
Being mainly debt-free does have some drawbacks. Becoming Debt Free needs making choices in your lifestyle. That’s the secret to becoming financial obligation complimentary.
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