How To Pay Off Your Mortgage In 5-7 Years - 2023

In this engaging and insightful video, Sam presents an enhanced iteration of the HELOC method for Accelerated Banking. With clarity and precision, he demystifies the mechanics of amortization, exposes the cunning ploys employed by banks to perpetuate interest payments, and introduces a unique and rewarding approach to both mortgage repayment and financial gain through this strategic method.

#acceleratedbanking #heloc #financialfreedom

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**DISCLAIMER** The suggestions, advice, and/or opinions that are given by Sam Kwak and Daniel 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 The Kwak Brothers and its 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 on experience.

[TheKwakBrothers]

⭐⭐⭐COMMONLY ASKED QUESTIONS / ARGUMENTS ANSWERED HERE⭐⭐⭐

👉 1. Why is this Better than Paying Extra into the Mortgage?
We call these people, "Extra Payment Pagans"... We have a special video that explains why our strategy is BETTER than extra payments:

👉 2. Where Can I get More information On This?
We'll answer more questions such as "I don't have enough equity", "I have inconsistent income", etc.

👉 3. Where Can I Get the Calculator?

👉 4. How is it possible to Pay Off the entire Mortgage with a HELOC?
With a 2nd lien HELOC, it's hard to pay off the existing mortgage balance in full unless you have more than 50% equity. However, with a 1st lien HELOC.. you can completely replace the mortgage in full. It's technically a refinance to do so but you're going from a 30-year mortgage to a 1st lien HELOC instead of refinancing into another 30-year mortgage which resets your amortization clock.

👉 5. I still Don't Get This... How do I learn more?

👉 6. Doesn't this require a TON OF DISCIPLINE?
Actually, no! My team has created a complete system to either automate the entire process OR minimize the effort down to 30 minutes a month at most. There is an initial set up process but after that, there is little to no on-going maintenance. We do have software programs that can track results and progress for you.

👉7. What if the Bank SHUTS DOWN MY HELOC or FREEZE it?
So this happened quite a bit back in 2008-2012 market crash. It's first important to understand WHY banks close/freeze them. Back in 2008-2012, banks closed them on homeowners who were either underwater OR had TOO much debt with no asset. The other common reason why is that the homeowner either abandons the home, does something illegal with the property, or defrauds the bank with false information. Ever since 2012 Dodd-Frank Act, there are MORE protections for the consumers/borrowers of HELOCs. Plus, out of the 1000s of clients we have for the past 5 years, we had yet to have a client lose their HELOC due to shut downs or freezing. So it's VERY rare!

👉8. Why SHOULD You pay off your mortgage in the first place with really low rates?
Please watch 2:05 to 9:05 again because you definitely missed it...

👉9. Can I see an actual calculation and math behind this strategy? Like an Excel sheet and exactly how the money is being saved?

👉10. Where can I see some results and testimonials?


SO EVEN AFTER ALL THIS, IF YOU STILL DON'T BELIEVE... WE TRIED OUR BEST TO REPRESENT THIS AMAZING CONCEPT AND A HOPE FOR A FUTURE WITHOUT A MORTGAGE. WE APOLOGIZE THAT OUR LACK OF ARTICULATION HAS STOPPED YOU FROM BEING ABLE TO UNDERSTAND.

[gingerkilkus]

Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.

[winniethepoohandeeyore]

I overpay my principal every month since the first payment was due. Already knocked almost 7 years off the life of the mortgage in 3 years.

[juneduncan]

Much needed info. We have owned 6 homes and the 4th new home we put on 10 year note and paid biweekly. In doing this our last 2 homes we paid in cash. I think of scripture do not be a slave to the lender.

[cxpcbsc]

I paid my mortgage 13 years early. This is not rocket science. Any extra cash you have you go to the bank and pay it to the principal. Thats it! You don't need a YouTube video to tell you how.

[TBDAGOAT]

Just hit the principle, budget your $ really good, stop buying things you don't need, and you can pay off your home easily between 7-10 years

[KenyBrown-kuxj]

👏👏👏🙏😌 Thank u, I love when people with sense make it, make sense this is extremely helpful

[hfqifvq]

Thank u brother in Christ for the inform. hoping I can implemented these tools and apply them for myself seem like great ideals and savings are always a great thing

[Hamromerochannel]

All one has to understand is you are paying interest on your principle every year/month. Every payment will reduce the principal from left over after interest is paid. So your interest will reduce by how much you reduce the principal and how fast as well.

Have not thought through, and done the full mathematics how it works for later years when interest rates will become smaller and smaller.

[aegrimm]

it took me watching this a couple times to catch the mistake! yes, your DAILY interest is $16.43 but if you are not going to be making a $5, 000 payment daily so that interest will multiply by the number of day there are no payments - most of us will be paying that loan monthly not daily - 30 or 31 days at $16.43 adds up quickly - that is a minimum of $492.90 interest per month!

[GodofWarChuka]

Nice video. I’m applying for a home equity loan now at my credit union. I just have 2 questions. Is a home equity loan the same thing as a Heloc? And can you pay on your Home Equity loan as often as you want? Like weekly? Or Biweekly? Thanks

[sirtreebeard]

I was really hoping I could go down this route but then I found out even with $83k in equity it still wasnt enough to take out a HELOC. So just a good thing for people who were like me and didnt understand HELOC have a minimum before you can ever take it out. Also the state you live affects whether you can take a HELOC out. Maybe this is common knowledge but it wasnt for me.

[AndorVisontay]

The first thing I ttought of is that this is simliar to manulife one account where the more mortage you pay off, the more access you would have to your equity and all your pay cheques go to this account and you would purchase groceries from there. The money that you dont spend stays in there and goes against your principal you owe and pay less interest for it. While all this sound good, its a higher interest rate to get this manulife account than a traditional mortgage. On second note, wouldnt it just simply make more sense to just pay for your groceries and gas from your cash than a heloc that you pay interest on?? I would say scrap the heloc idea and the manulife idea and dont pay extra payments on your mortgage. That $200 or $2000 you would have paid extra to your pricipal per month, give it to yourself instead to a tax free account (TFSA) in Canada, and earn a dividend on it that makes 8- 9%/yr as opposed to saving you on your mortgage rate 3 or 5%...Im sure there are other ways to get ahead aswell. Heloc is good for emergencies and better than a line of credit, but heloc should not be used for groceries or paying off your principal, lol. Thats like me paying of my VISA with my mastercard, but at a higher rate. While he did pay off his mortgage in 5-7 years, he now has a heloc to pay for for another 25 years. Only the feds can create money out of thin air, not you and me

[maritzacespedes]

Good video. Thanks for the info. Question how long i need to have the house for ask de heloc.

[ChefBobsLobstahTrap-jejt]

Is a HELOC 's interest deductible like it is with a standard mortgage interest?

[macrossii]

Paying off debt with higher interest debt makes no sense. You’re better off applying that $5000 on day 2 to your principal then charging everything to your credit card and paying it off on the payment deadline. Of course that takes discipline which many people don’t have.

[hinamirza]

Question! Arent HELOCs more interest than the actual mortgage interests? For example, I got my mortgage 10 yrs ago and I am at 4%, HELOC interest rate is more like 9%. So how is this beneficial? Thanks!

[pbdmd]

Is 1st lien HELOC available and allowed in Texas? I have 2 primary and 3 investment properties in Dallas TX. I would like to explore it for sure.

[mwtchng]

you made it sound like people have to pay the loan for the life of the loan. Most people would sell their house once the house is too big for them due to kids are grown and have moved out. Since most home values increase and loan amounts decrease the person selling the house would have positive equity during the sale and the leftover loan amount would be paid by the proceeds of the sale. As you deposit the full amount of your paycheck (bi-weekly) to pay the heloc where is the money coming from to pay the 1st mortgage on a monthly basis if you're depositing all the paycheck into the heloc? Does this mean you're using the heloc to pay your 1st and the heloc amount would increased again.

[willmallory]

6:27 Not if you add the equity from your previous home. That reduces the principal balance, reducing the interest payments