Mortgage Debt | The Kwak Brothers - Part 2

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Pay Off Your Loan Or Invest? Know What’s Better For You

Time and time again, I see people choosing to focus either a mortgage or an investment but not both at the same time. But which option is better to start with? In this article, I will show you how you can invest AND pay off your mortgage without the diminishing effects of either process. I want to show you that it’s possible to pay off your mortgage and invest simultaneously. More often than not, such a decision often depends on your financial situation. While many people believe that paying off money is best since it saves on your interest payments, others may want to invest their extra

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BREAKING! The Eviction Problem Just Got WORSE 😧

The eviction moratorium has completely expired and the US Supreme Court ruled against the CDC wanting to extend the moratorium. In addition to this, recently the Federal Unemployment Benefit also expired this week and the Biden Administration has no intention of bringing the unemployment benefit back as the economy is starting to open up.  https://www.youtube.com/watch?v=uaTUQruQjKQ In this video, I’m going to unpack what this all means and how real estate investors could potentially benefit from the eviction

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May 30, 2023

Paying Extra Into the Mortgage vs. Using a HELOC? Which is Better?

You may have recently been introduced to the idea of using a HELOC, a Home Equity Line of Credit, to pay off your mortgage faster. But you’re wondering ‘why is this better or any different than just sending in extra payments to your mortgage?’. But, is this the most optimal route to financial liberation? Let’s dive into the comparison of “Paying Extra versus HELOC,” specifically exploring the transformative power of the Home Equity Line of Credit (HELOC) strategy, also known as the Accelerated Banking method. The Traditional Approach: Paying Extra on the Principal The principle is straightforward – the more you pay, the faster you chip away at your mortgage. Additional payments go directly toward the principal, reducing the amount of interest accrued over time. On the surface, it seems like a sensible way to reach financial freedom sooner. However, it presents a few fundamental drawbacks. The main problem with this approach lies in the rigidity of the mortgage contract. Money paid into the mortgage cannot be easily accessed again, thus your capital is locked away until the home is sold or refinanced. During financial emergencies, liquidity is crucial, but with this method, your hard-earned money is inaccessible. The Accelerated Banking Method: Utilizing a HELOC In contrast, the Accelerated Banking strategy (also known as Velocity Banking) utilizes a Home Equity Line of Credit. A HELOC is a revolving credit line secured against the equity in your home. With a HELOC, you pay down the principal rapidly, thereby saving a substantial amount in interest payments. Unlike the “extra payments” approach, funds deposited into a HELOC remain accessible. This feature provides the flexibility to deal with emergencies or seize investment opportunities as they arise. Unlocking the Power of Reduced Average Daily Balance with Accelerated Banking Central to the Accelerated Banking strategy is a powerful, yet often overlooked concept: the reduction of the average daily balance. With a HELOC, interest is calculated based on this balance, rather than the principal. This unique feature can be maximized to great advantage through Accelerated Banking. By depositing your entire income or savings into the HELOC, you immediately reduce the average daily balance, thereby lowering the interest you owe. Think of it as a strategic game where your money is working for you round the clock. Since every dollar in your HELOC counts against your debt every day, your money is constantly chipping away at the balance, regardless of how long it stays there. Even if you have to withdraw money to pay for expenses, the time your income spent in the HELOC has already contributed to reducing the balance and, consequently, the interest. So, while the balance will fluctuate with deposits and withdrawals, the key is that it’s generally lower than it would be otherwise. This aspect of Accelerated Banking supercharges your ability to pay off your mortgage faster, while maintaining the flexibility and control that traditional methods lack. With this strategy, you effectively turn your mortgage into a tool that can expedite your journey towards financial freedom. The Accelerated Banking method, thus, is not just about making smart payments; it’s about creating an intelligent system where every dollar works towards your financial liberation. Remember, in the battle against your mortgage, it’s not just about how much you pay—it’s about how and where you keep your money before you pay it. The Power of Flexibility and Control By consolidating your income, expenses, and debt into one account, the Accelerated Banking strategy offers a holistic financial management system. The key advantage lies in its dynamic adaptability – the HELOC acts as a checking account where you deposit […]
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