First Lien HELOC - eliminate your mortgage and other debt

#VelocityBanking #FirstLienHELOC #hazeltinellc

Here we go through the velocity banking strategy utilizing a first lien HELOC, a great way to optimize home paydown and increase cashflow efficiency.

Here's how it works:

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Pay off your house in 5-7 years by switching from a conventional mortgage to a first lien HELOC:

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Timestamps:
0:00 Not your standard HELOC
2:20 How it works
5:05 Example with numbers
8:40 Automating velocity banking
10:10 Answering objections
11:35 Velocity banking requires financial discipline

#hazeltinellc #infinitebankingconcept #infinitebanking

[HazeltineLLC]

If you'd like to learn more, schedule time with us here: www.calendly.com/tradfinance

[mikejones-]

Thank you! You broke this down better than anybody I've seen on YouTube!

[ivyfigueroa]

The best velocity banking explanation. It was very helpful to see the HELOC vs regular mortgage payments.

[police]

Love the presentation. Better than any other one out there!! ❤🎉

[markwegner]

I didn't have a heloc mortgage. Just a regular heloc that I used to pay off my house, & a duplex.

[TheTomSylvester]

At 7:33, arent you missing the interest payments for th first lien HELOC?

It will take the avg daily balance of the account, and there will be an interest payment, so the entire balanced isnt reduced $3k. Its reduced $3k-interest. Still better an a traditional mortgage, but an important detail.

[kissingerrai]

Great stuff. Look forward to speaking with you in the future. Love what you're doing with the interviews. I'm one of Chris Kirkpatrick's agents with Life180. Great job!

[pyjtqzu]

So what you are saying is that you put all of your income in your bank account, pay all of your bills from same bank account and the balance goes to pay off the loan leaving nothing in your account. What happens if the month you pay taxes or insurance you use all the money put in that month with nothing left for the loan payment because each month you are left with no money in the account

[DrFinancialLiteracy]

Yes. The rates were similar. Maybe because I was getting the HELOC on an investor property

[zree]

Another critical point would be the taxes and insurance are no longer in escrow so 11 months out of the year they are working to drive down the principle balance as well. Also there is no PMI

[travissmith]

I like this concept but you might update numbers with a more realistic current HELOC rate. Most HELOCs I'd say 9% would be minimum but more likely 10-11%.

[You-Tubing]

Great video. How many people do you know that have successfully done this? Also, what if you figure paying that same extra $3k on the amortized model?

[a.r.bigdog]

Great breakdown!! New Subscriber....thanks😎

[danielnolte]

Do you have a copy to share with us of that calculator on the last slide?

[okieslabseekers]

So is the cash flow used what someone would be putting in savings normally? What if the person doesn’t have very much cashflow to use after expenses?

[jhill]

Why would these lenders allow us to do velocity banking? Whats in it for them? Are they doing well enough in loan origination fees plus the interest over time?

[greeneggslamb]

Hello, is this available in Texas? And do I use my mortgage pymt when calculating my debt to income ratio? Thank you.

[la_canefan]

So how do you make chunk payments with 1st lien

[pkp]

if remaining balance is x and at 2.345 % 15 year mortgage, then in this case and with todays helong rates of 8% is it applicable? please let me know.

[TheMarineNTheMrs]

Do y'all offer this in Texas? I'm calling around to my local credit unions and they don't seem to be well versed on what a 1st Lien HELOC is. They keep thinking I'm asking questions about a HELOC (in the 2nd position) and it's getting annoying trying to explain to them what I want. When I told the last bank I called that I wanted to get more info on the 1st Lien HELOC they offer (it was mentioned on their website) she told me most people don't use a 1st Lien HELOC to pay off their mortgage....uhm 🤦🏼‍♀️and these are people in the mortgage dept