30 Year Mortgage could turn into 3.2 Years (Saving $125k!)

Curious about how to drastically reduce your mortgage term and save a significant amount of money? Our latest video demystifies the process and provides a clear, step-by-step guide to turning a 30-year mortgage into just 3.2 years, resulting in savings of $125,000. Join us as we explore various strategies for accelerating your mortgage payoff, whether you're looking to make extra payments or manage your finances more effectively.

In this discussion, we delve into key considerations such as budgeting techniques, refinancing options, and leveraging additional income sources that can help you stay on top of your mortgage payments. We'll also share practical tips on managing your financial journey to ensure a smoother and more efficient debt repayment process. Whether you're new to mortgage management or looking to optimize your repayment plan, this video offers valuable insights to help you achieve financial freedom and peace of mind. Don't miss out on this essential guide to mastering your mortgage payoff strategy and securing your financial future! #MortgagePayoff #FinancialFreedom #DebtReduction #HomeOwnership #SmartFinances #WealthBuilding #FinancialPlanning
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🏠How to Pay Off Your Mortgage in as Early as 5-7 Years
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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.

[JLJ]

Should you only get a HELOC for your amount of you monthly income?

[stephenking]

Hey I have a question. So I just bought a home for $521k and I am putting down a 15% down payment.

So my loan amount is $443k at 5.99 percent interest rate. My monthly mortgage and interest comes to $2, 654 and my total monthly payment including property tax, PMI, HOA etc comes to $3, 840. So my question is can I qualify for a HELOC that would allow me to pay off my mortgage faster? Since I don't have much equity in my house, should I wait for a few years before applying for a HELOC? Please advise.

[daniels]

If i own a Llc, then purchase a house - can I still get a HELOC for the house?

[danzlla]

I have a couple questions if you are taking a 20k heloc from the equity of your home and putting it straight back into the mortgage, wouldn't that defeat the purpose of paying the principal down? Also, if you are paying down your heloc there would be a constant interest. What are the typical fees associated with creating a heloc?

[arron]

After you were to pay the 20k in principle from the HELOC, you would continuously put money back into the HELOC until it has a zero balance and then repeat the process? Also, for the next upcoming mortgage payment after the first 20k principle payment, you would pay that from the HELOC too (assuming there is enough credit in the HELOC available)? I love this strategy if I am understanding everything correctly.

[melodyn]

I can't get approved for a HELOC because of my low income

[jbhouston]

Can this with a credit card instead of a heloc?

[HiepNguyen-lnvr]

You take out HELOC to pay down the mortgage to reduce the principal then the income will pay the HELOC. The question is what about the mortgage payment where is it coming from. Thanks

[alandicho]

The problem is that HELOCs come with HIGHER interest rates than the first mortgage.

[jimdrumslife]

Dont you have to pay down the principle, to attain Equity in your house, before you can attain a HELOC?

[nataliamartigon]

Thanks for the information, will the HELOC method will be is worthy if my mortgage interest is 2.6%?

[casseophealejarde-khaizen]

Can one get a first lien heloc even if the house is not paid off yet?

[Andre-zgwm]

I don’t understand if you have $5000 of free cash flow every month. Why don’t you just apply it to the principal? Every calculator I ran the payoff is still the same..

[kasmonstersemenya]

Will this still work with the current interest rates if I have 27 years left at 2.75% on my mortgage?

[IanRichardArko]

Yeahhh… that math doesn’t work unless you have a way to pay off the heloc at the end of the month … which you didn’t show.

You’d just end up shifting money OUT of your mortgage to a heloc which will be at a higher interest rate than the mortgage would have been 🙃

[kei]

Watched several of your videos and they are almost identical. You have wasted my time without solid breakdowns.

[nataliamartigon]

Thanks for the information, will the HELOC method will be is worthy if my mortgage interest is 2.6%?