Tag Archives: HELOC

How To Use A Home Equity Line Of Credit (HELOC) To Pay Off Your Mortgage In 5-7 Years

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If you are wanting to pay off your home faster on your current income, you should look at getting a home equity line of credit or a HELOC as they are called and you can pay off your home in 5-7 years. This video shows you how.


Hey gang, Michael Lush. I’m a fourteen recovering mortgage banker. What I want to talk to you about today is the basics of what we teach, using a home equity line of credit to pay off your mortgage in five to seven years literally without changing your budget. What I want to explain to you guys today is a little concept that I came across about four years ago. I had a mentor of mine, a very wealthy individual, explain this to me. One this that he explained to me is that a checking and savings account is actually a liability. I always thought of it as asset which really surprised me.
I thought if you had a bunch of money in your checking and savings account, that’s quite a bit of an asset. In fact I was completely wrong because today banks are giving you about a zero percent rate of return on your checking and savings account. However inflation is going up on average about one point six percent. Technically your money is moving backwards. What he explained to me is that money cannot remain stagnant, it’s either got to north or south.
You’re actually losing money every day by putting your money in a checking and savings account, thus your checking and savings becomes a liability. What we’re going to do is we want to show you how to bypass that systemic problem and actually use a home equity line of credit as your checking account, because what’s cool about a home equity line of credit is it’s open ended. Money can move in and out freely, twenty four seven, three hundred and sixty five days a year. Instead of using your checking account and allowing the bank to then turn around and give your own money back to you in the form of mortgages, credit card and car loans, we’re actually going to use a home equity line of credit. You’re going to deposit all of your money into a home equity line of credit just like it was your checking account and then you’re going to pay your bills out of it just like you would as a checking account.
By doing that you’re actually going to accelerate the payoff of your mortgage and cut your mortgage at least by one third. Hold up. I don’t think that’s right. You’re cutting by two thirds actually. You’re getting it paid off one third at a time. Instead of having thirty years to pay for a mortgage you’re actually going to get a home equity line of credit using your existing cash flow and nothing more, not paying more, not paying less, just changing where your cash goes and you’re going to get a home equity line of credit paid of in five to seven years.
Now this is the basic concept of what we teach. We actually go further in depth and we get in some extremely advanced strategies that can accelerate it even further. This is a great tool to build wealth and we get into those as well. Be sure to check out our other videos and subscribe to our channel here. Look forward to hearing from you. Take care gang, God bless. Thanks for watching the video, if you like that one I actually picked two more for you that you can watch right here. No.
Speaker 2: The other way, point the other way.
Michael: This way?
Speaker 2: Yeah.
Michael: Actually I picked out two more for you that I’d like for you to watch. When you get done I’d also like to you subscribe to our channel, take care.

Heloc vs Installment Loan for Debt Consolidation

When considering just how to combine or spend financial obligation off many people are confronted with 2 choices. Get an installment loan OR get a revolving line (oftentimes a property Equity Line of Credit). Within movie we explain just how each alternative will affect your fico scores.
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This video clip is presented by DebtReliefCenter.org with currently supported over 5.4 million visitors needing debt settlement information and assistance.

Debt consolidation is a credit card debt relief choice enabling people to combine or
“combine” multiple higher-interest bank card, or other unsecured outstanding debts (such
as medical bills, store or gas cards) into an individual, cheaper payment each month. Typically, debt consolidation programs are coordinated by financial obligation counselors whom customize a “debt administration plan” supplying consumers with a proven and
predictable path to escape financial obligation.


Provides proven, predictable program in order to become debt no-cost
Spares money, decreases interest, waives later fees/penalties
Allows you to repay debts at a pace that fits your allowance
Manages multiple debts via solitary less expensive payment
Leaves you back in control over funds in lowering anxiety


Needs discipline to make single payment per month
If you default, you revert to original creditor arrangement
Creditors not required to accept debt relief proposals
Usually takes 3-5 years, or even more, in order to become debt free
While not always damaging to your credit score,
will be “noted” on your report.

Overview: What To Anticipate

If you have multiple charge cards along with other unsecured outstanding debts like health expenses,
doctor bills, shop cards, unsecured unsecured loans, and much more — a debt consolidating program coordinated through a debt therapist will be the perfect credit card debt relief choice to allow you to stay within a set budget, reduce debts, to get on a path to become debt-free.

How can debt consolidation reduction programs, or debt management plans work?
Typically, debt consolidating programs are coordinated by debt relief experts, or financial obligation counselors, who conduct brief interviews with you to obtain details on your charge cards also debts, also simply how much you can easily realistically afford to pay each month to get out of debt.

Considering this information, your debt expert will then modify a “debt management program” for you personally. When you approve the program, letters will soon be sent on your behalf to every of the lenders asking for some great benefits of credit card debt relief — including lower interest rates, a waiving of late penalties and fees, and generally much more positive payment terms. Those creditors whom accept the proposals are then included with your debt combination or debt administration system. For people who do not accept credit card debt relief proposals, you may be nevertheless obligated to live as much as the original terms of your cardholder contract.

You need to realize that, in the same way no two debt situations tend to be precisely alike, not one debt solution is right for every person. Your financial troubles professional can provide more details with regards to debt consolidation reduction or debt administration as part of your free credit card debt relief evaluation and cost savings estimate.


Suzy Orman gives her take on how a Home Equity Line of Credit (HELOC) and a Home Equity Loans (HELOAN) basically work.

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What is a home equity loan?

A home equity loan allows you to borrow against your home’s equity and can help you achieve goals like remodeling your kitchen or consolidating your bills. To learn more, visit https://www.discover.com/home-equity-loans/.
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