How to Pay Off your Mortgage in 5-7 Years
Video Channel: The Kwak Brothers
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Ever wonder how you may be able to pay off your #mortgage within 5-7 years (depending on your situation) without adding a single penny to your payment and not #refinancing? Sam Kwak is going to show you a strategy in how you can use a different method/instrument to pay off your mortgage quicker! This strategy is called the "Velocity Banking" Strategy.
We first need to understand how mortgages work. In this strategy, we are using a Home Equity Line of Credit (HELOC) as a leverage to pay off the mortgage quicker and still maintaining our income and expenses as how they are. You can also use other instruments such as Business Line of Credit, Personal Line of Credit, or Credit Cards for the purpose of this strategy. The beautiful thing about this strategy is that it allows us to take an inefficient debt and convert it over to a much efficient debt.
The emphasis on this strategy is mainly on cashflow and principle balance reduction. The adage strategy of taking your hard earned money you earn and paying extra toward the principle is an old school strategy. While it works, the Velocity Banking Strategy is a much more efficient way of paying off an amortized debt. This strategy will also work on Student loans, car loans, personal loans and so forth! Don't let the banks trick you with their amortized products!!!
Would you be interested in more information & details? Visit http://ChopMyMortgage.Com for a explanation longer video on how to apply this strategy to your situation AND a different approach to this strategy in using it to increase your monthly income!
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DISCLAIMER: Sam Kwak is not a licensed mortgage broker, not 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. Not everyone will experience 100% success rate with using this strategy. This strategy does require equity, a good standing with your current mortgage and the patience to use the strategy. The result of paying off your mortgage within 5-7 years is atypical but it represents a likely possible outcome for individuals who use this strategy. We (Novo Elite and DBA The Kwak Brothers) does not warrant a promise or a guarantee any specific outcomes and/or results from the use of this strategy.