In this video, we are going to review a scenario of paying of 293k of debt in total, which includes 93k of Credit Card Debt.
If you haven’t checked out Velocity Banking 101, check it out by clicking this video – https://youtu.be/cO9qVcwGZ-Y
Learn Velocity Banking 102 – and learn how to pay off your mortgage – https://youtu.be/GU1KtlyDhV4
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Mortgage is paid off quicker. Don’t forget your math only assumes principal payments. However, you will still need to make the regular mortgage payments as well which will also bring the principal down.
In your experience will this 93k in debt person get approved for a heloc with his high DTI?
I know you might not be an underwriter
There is a huge win consolidating 25-30% debt into 10% debt IF you're not stupid and charge the cards back up. The VB part makes a trivial difference. Any 10% loan will do essentially the same thing. If you're stupid and charge the cards back up, you'll likely lose your house.
DO NOT try to pay off a 6% mortgage with 10% debt. That's mathematically dumb and will cost you money compared to just throwing your cash directly on the mortgage.