Knowledge is POWER!
The first thing is to learn the difference between a mortgage loan and a line of credit.
Most people bind themselves to a 30 year mortgage while carrying car payments including insurance and other expenses. The reason this is done is because we do not believe that their is any other way to obtain our dreams. Society teaches us to get a good paying job, buy a house, a car, get married have a bunch of kids and keep it moving. There is a better way. Learn how.
How to pay off a 30 year home mortgage in 5-7 years By Laura Pitkute
Steps shown in this video (reference the above video and attached info):
The secret to paying off a home mortgage in 5 years lies in utilizing line of credits. And the strategy of Velocity Banking really kicks into play at this stage because it requires you to bypass the accustomed system of depositing monthly income into a checking and a savings account and rather:
- Take the entire monthly income and putting it all towards the line of credit. What this does is it creates cash flow and allows to pay off any present balance on the credit card with speed.
- Then use the credit card to pay the remaining monthly expenses.
- Once the credit card balance has been paid off,
- that line of credit is applied towards principle paydown on the home mortgage,
- then the same technique is utilized to get that balance down to zero.
- This technique is repeated for 5 years until the principal of the home is paid off.
Taking the time to learn and understand this strategy will result in thousands of dollars in savings otherwise to be spent on interest.
Disclaimer: Please consult your financial adviser before putting any of these suggestions into practice. Strategies shown requires discipline and consistency and does not take into consideration your financial situation or emergencies that sometimes arise during the course of one’s life therefore you may achieve different results.