Can I Use Multiple Lines Of Credit To Do The Velocity Banking Strategy? | Velocity Banking Explained

In this video, I will be covering if you can use multiple lines of credit to do the velocity banking strategy.

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▶️▶️ DISCLAIMER ◀️◀️

Mike Adams is not a licensed mortgage broker, not a real estate agent, not a Certified Financial Planner, not a licensed attorney, and not a Certified Public Accountant. Viewers will consult with their professionals prior to engaging in any financial strategies. Also, this video and description may contain affiliate links, which means that if you click on one of the product links, I’ll receive a small commission at no cost to you. This helps support the channel and allows us to continue to make videos like this.

Thank you for your support!

#velocitybanking
#canyouusemultiplelinesofcredit
#velocitybankingstrategyexplained


Translated titles:
¿Puedo usar varias líneas de crédito para hacer la estrategia de Velocity Banking? El | Banca de

Kann ich für die Velocity Banking-Strategie mehrere Kreditlinien verwenden? | Velocity Banking erkl

Puis-je utiliser plusieurs lignes de crédit pour réaliser la stratégie bancaire Velocity? | Expli

Posso usar várias linhas de crédito para executar a estratégia bancária de velocidade? | Explana

क्या मैं वेग बैंकिंग रणनीति के लिए क्र

[djcritelli]

Im on my 3rd year of a 30 year loan. I'm using 2 cards. Card 1 is a 0% for 9 months and card 2 is 0% for 18 months. I'm paying the 9 month off first, and the 18 month off after that. Each card shaved 10 grand off of the mortgage. I also had 25 grand in savings and dropped it on the principal. I should be done paying my house off in approximately 2 years after my final round of this. Thank you for the videos Mike.

[t.d.edwards]

Correct me if I’m wrong, but it seems like the strategy could also work investing in stocks. Put a big chunk in stock market, pay it down, chunk again and repeat vs. slowing adding each time you get paid. Seems you would build wealth faster.

[alexmendoza]

Hi Mike, thanks for making this clear.
I’m currently using 2 Helocs both for 150k line with 2 diff banks. 1st n 2nd line position.
Used one to payoff my house and the 2nd to use the equity and bought another house.
1st one has a prime -0.75 int rate and 2nd line w 1.99% promo intro rate for 12mo.

[laurienorthland]

As I'm trying to get started with my first LOC, I figured out that the credit card companies won't give convenience checks to new accounts and they are "cash advances" which are not 0% and have hefty fees even if payed back immediately. Also, I can't just pay bills with my credit card like a checking account because they are also loan payments. The next best thing, with the lowest fee, is to get the PIN enabled gift cards, convert them to money orders, and send that to the loan debt I'm working on. What is the difference if I keep my paycheck in the bank for the amount of the bills and put the cash flow on the CC? It gets paid in the same amount of time and I won't have ANY fees at all!

[josevelez]

Great topic! Thanks for addressing the question. I have several 18 month zero percent CC and was wondering how to use them!

[albertl]

Hello Mike
Thanks for all the knowledge that you're showing us.
Mortgage 169000
I just withdraw 100k from my 401k
And will use 2 lines of credit and 1 heloc
To cover the other 69k.
And pay off my mortgage.
And keep doing velocity bank to pay the 69k.
But I won't have the mortgage payment anymore (1, 313 bucks)
By watching your videos.
I'm so excited about this, I hope everything goes well.
And I'll deal with the irs when I do the taxes,
Probably pay irs with my heloc when that happens.
Thanks again.
How can I get 1 and 1 with you?

[alexerhardt]

Thanks so much mike for using my question much appreciated!!!!

[JimmyHFinancial]

This is exactly what I m doing..I have a Heloc and a 0% credit card for 21 months...I only pay minimum since the CC is 0%..and at month 20..I will pay off the balance so I will not pay any interest...my heloc is my main driver of velocity banking..

[yippyskip]

Just recently found your channel. Really enjoy the videos. Wife and I are planning on starting with Velocity Banking, but paying mortgage with a credit card seems almost impossible without a third party with their fees(like Plastique), and then paying off other loans like car or school seems just as difficult, plus it would incur another fee for each transaction. They really build up. My question is how are people paying these things off without incurring fee after fee? Thank you.

[MrLOUIELOUIEG]

Mike, I just opened up a $50k HELOC. Should I wait to buy an investment property ? Or should I try to use the velocity system to pay down some of my mortgage? Is it even possible with this amount? Mortgage balance is $310k. 2.5 % 15 yr fixed pleas advise. Louie

[georgetorres]

As long as you're able to pay off the chunk amount each debt tool/line before the expiration of the 0% promos.

[bspivey]

Great content as always Mike! So I should be wrapping up on paying off my LOC by the end of month (knocked off a 40k car loan in 7 months thanks to your method). My question to you is what's next? Outside of my mortgage, I have no other debt to speak of. My intentions are to move in a few years, so I dont want to apply this to my mortgage, butstill want to utilize my LOC (30k) in some type of way.

[richardflosi]

Cool. This is the conclusion I came to as well, but it does complicate things.

[lilylopez]

Hi Mike! Thanks for sharing such valuable info . I follow your chanel and I remember you sharing a velocity banking calculator. Is something you still able to share.? Thank you very much .

[edwiget]

Hey Mike. Great explanation. So I just applied for a second lien heloc and is awaiting response from the bank. Didn’t qualify for the 1st lien heloc for lack of enough equity. If approved, I will have access to $25, 000. I’m planning to pay of my 17, 000 left on my car to add $357 a month to my cash flow. I also have a $48, 000 student loan, my mortgage is 172, 000( 15 years at 3% interest). Which do you suggest I should tackle first after the car is paid off?. Which ever you suggest I start with should I make a $20, 000 principal payment ? Right now I only pay $190 a month on my student loan. Thanks for your response in advance

[Mrsnatyg]

This would be great if you had it illustrated... just talking it's hard to picture. This is more complicated but more realistic for those that don't own a house/have no equity or have current 0% in CC's which is a better strategy than the Interest of an LOC.

[kaysmovingwithpurpose]

I have business debt and personal debt. Can I use velocity banking separately for personal vs business?? Essentially using 2 debt weapons, 1 for personal and 1 for business . Thank you for the information!!

[wastedlifeP]

Mike, how do you use credit card to pay another credit card? I thought that was not allow or fee involved?

[frankrodriguez]

Hi mike!! when you said line of credit, are you talking about credit cards??

[jb]

Mike
I am purchasing an income property using my HELOC...I have 10G in a money market account and have 9g on a zero % card for 4yrs which is a payment of $176. Should I put the 10g into the HELOC or payoff the 9g line which will increase my CF $176mo