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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

Elementor #11260

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

2021 Housing Market: The 40 Year Mortgages are Coming…

FREE Book: “Break Free From Your Mortgage” – https://acceleratedbanking.com/book Housing Market | YES! The 40 Year Mortgage is HERE! With mortgage forbearance ending in September, many homeowners need to find an exit to the forbearance. One option that mortgage brokers and banks are looking at is the 40 year mortgage. On the surface, it sounds good, lower monthly payment, an extra 10 years to pay off the mortgage. Well let us tell you, with us being experts in the field of accelerated mortgage payoff, a 40 year mortgage is a TERRIBLE idea. In this video, we break down WHY it’s a TERRIBLE idea and stick around to the end of the video where we show you the first step into paying off your mortgage

January 4, 2021

Mortgage Forbearance – BIG News from FHA (FHA Borrowers)

Alright, FHA Borrowers, A BIG change on the Mortgage Forbearance Program. If you or someone you know has an FHA Loan and you’re struggling to make the payments, a new change has been on the mortgage forbearance program. So in this video, I’m going to explain what mortgage forbearance is, what the change is, and how to apply for mortgage forbearance. If you’re struggling to make your mortgage payments right now, you may qualify for mortgage forbearance. Now, what exactly is a mortgage forbearance? Mortgage forbearance is simply a break from making your mortgage payments for a set amount of time. It’s not the same thing as getting forgiveness on the loan – at the end of the day, you still have to make the payments. Now before the pandemic, getting a mortgage forbearance had devastating effects on your credit as well as your future ability to get financing. Typically, you’d have to make a whole entire year’s worth of payments to qualify for new financing. And worse, once you’re out of the forbearance plan, some lenders may demand a lumpsum payment to reinstate the loan back to the original payment schedule. So if you’re struggling right now to make your payments because of a loss of job or income, you have nothing to lose if you choose to take the mortgage forbearance option. And I want to remind you that this currently applies to FHA and other federally backed mortgage programs… If you request a mortgage forbearance, by default, you get up to 6 months of forbearance followed by another 6 months if you request it. That means you may be able to receive up to 12 months of mortgage forbearance if you apply. So here’s the BIG change that was JUST announced by the FHA. According to the original CARES act text, you had until December 31st, 2020 to apply for the mortgage forbearance – which is coming up VERY fast. But just yesterday, the FHA announced that they would be extending the mortgage forbearance application period till February 28th, 2021. So you get two additional months to consider whether you want to take it or not. So how do you apply, well contact your mortgage lender or the loan servicer and ask them you’d like a mortgage forbearance in accordance with the COVID-19 CARES act… From what I read in the CARES act, the lenders do NOT have to request proof or documentations. It’s a simple attestation that you’re struggling and you’re requesting mortgage forbearance! It’s a VERY simple process. Just contact your lenders if you’re struggling with your mortgage payments.

January 4, 2021

How to pay off a 30 year home mortgage in 5-7 years (2021)

How to pay off a 30 year home mortgage in 5 to 7 years. This is the most up to date version of our explanation on how you can pay off a 30-year mortgage in just 5 to 7 years on average. In the video, I will demonstrate how a banking strategy can be used to pay off a 30 year home mortgage in just 5-7 years without sending double payments, changing your current level of income, without refinancing, without loan modification, and without hurting your credit. Download Our FREE Strategy Calculator: https://chopmymortgage.com Key Parts: 0:00 Introduction 0:40 Disclaimer 0:54 Why is Your Mortgage Dangerous? 6:11 Why you should never Refinance!? 8:13 Intro to HELOC 8:32 HELOC vs Mortgage 11:19 Intro to Average Daily Interest 15:00 Intro to 1st Lien HELOC Strategy 22:52 Recession Impact on HELOC? 23:51 Free HELOC Calculator Download Disclaimer: I am not an attorney, accountant, or financial planner. This video is intended to be an educational video. This video should not be taken as financial, legal, and/or tax advice. Sam Kwak is a Certified Credit Counselor #11613. This is not a credit counseling session. I suggest that all viewers consult with professionals prior to implementing any or all parts of our strategy. RECAP OF THE VIDEO: I start this video with an explanation as to why a 30-year mortgage is like a trap for 21st-century homeowners. The reason being is that Americans (and Canadians) experience frequent life changes that cause them to move or they are eluded to refinancing because the refinance rates might be low. Unfortunately, such an event happens before 7-10 years into the mortgage. In the first 5-7 years, the vast majority of your mortgage payment goes straight to interest payment. A very small portion of your monthly payment actually goes to pay down the principal balance of the mortgage. Fortunately, there is a way to escape this. We’re going to introduce a new tool to help us with this called a Home Equity Line of Credit (HELOC) A HELOC is different than a traditional mortgage in several ways. The two main things to remember are (1) a HELOC is a revolving line of credit – which means you have the ability to pay back and re-use any available limit of the HELOC; and (2) a HELOC uses average daily interest calculation (simple interest) instead of an amortization interest calculation which is used by your 30-year mortgage. There’s a common myth out there saying that HELOC interest rates are always variable and higher. This isn’t true… There are HELOCs out there with fixed interests rate and some even have lower interest rates. Now, in 2021 – the best version of this strategy (in my opinion) is to use a 1st lien HELOC to completely replace your mortgage. By doing this, we now only have one debt against your home. No more 30 year amortized mortgage! Just a 1st lien HELOC. With the 1st lien HELOC, you’re now able to deposit all of your income (and event savings) into the HELOC balance to reduce the average daily balance – which ultimately means a lower interest amount you’ll pay on a daily basis. Doing this will keep the interest bill low while still being able to draw the funds out for expenses, emergencies, or even a rare investment opportunity. Now, you may have questions such as a.) couldn’t the banks freeze my HELOC? b.) are the banks still lending HELOCs? c.) how do you qualify for a HELOC? d.) What if I don’t have any equity? – I answer most of these questions on our […]

September 1, 2020

How To Pay Off Your Mortgage FAST | SECRET Bank Loophole

How to pay off your mortgage fast without making an extra payment or cutting down your expenses! This is the LATEST version of how I show you, paying off your mortgage, we always are improving our method of paying off mortgages early and in today’s video, I will show you our most up-to-date strategy! Ever wonder how you may be able to pay off your mortgage less than the designated terms of the mortgage (typically 30 years)? Well, depending on your situation, you may be able to pay it off if your serious within 5-8 years without sending double payments to the bank, changing your current level of income, or refinancing? If you want to learn how to pay off your mortgage fast or earlier, I am 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 “Accelerated Banking” Strategy. This strategy has many other names such as “Velocity Banking”, “Mortgage Acceleration”, “Accelerated Debt Reduction”, “HELOC Strategy”, and more! Download Our FREE HELOC Calculator: Visit https://acceleratedbanking.com When it comes to paying off your mortgage faster, 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. So yes, you CAN use a HELOC to pay off your mortgage faster if you use it the smart way. The emphasis on this strategy is mainly on cash flow and principal balance reduction. The adage strategy of taking the hard-earned money you earn and paying extra toward the principle is an old school strategy. While it works, the Accelerated Banking Strategy is a much more efficient way of paying off an amortized debt because it takes advantage of the maximum income utilization. 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!!! Paying Off Your Mortgage Faster could mean that you can retire faster, invest more, or just create the time freedom to spend your precious time with your family. While there are arguments as to why you shouldn’t pay off your mortgage faster, I ultimately believe it’s up to the persons’ overall financial goals and what they want to achieve. I encourage all homeowners to use this strategy to pay off the mortgage faster so you can enjoy more freedom and build personal wealth.

July 14, 2020

Mortgage Forbearance: NEW Changes Explained (CARES Act)

Mortgage Forbearance! With the economy the way it has been and the COVID re-surging in certain states, we’re starting to see businesses close back up which means that we may see another round of furloughing which ultimately leads back to employees and business owners not getting paid to pay for their mortgages. As part of the CARES Act, homeowners with federally backed mortgages can now request up to 6 months of forbearance plus an additional 6 months if needed. Few months ago, I did make a video about the mortgage forbearance and its potential crisis. Well just recently, a new change has been made on July 1st that affects mortgage forbearance for homeowners with FHA, VA, Fannie Mae, Freddie Mac loans. So let’s go ahead and break down what the new changes are and how it can affect your credit, future financing, and what options you have available after the forbearance. So what exactly is a mortgage forbearance and how did the CARES Act tweak it. Mortgage forbearance is a temporary relief of having to make your mortgage payment due to financial hardship. Traditionally, banks could potentially charge you fees, interest, and other penalties for taking a mortgage forbearance. Additionally, it could definitely have a bad stain on your credit for some time. However, with the CARES Act that came into effect back in March, banks cannot charge any fees, additional interest, or penalties on the missed payments under the forbearance nor could the banks report any negative information on your credit report other than a remark that your mortgage is on a forbearance. And remember, a forbearance doesn’t mean that your missed payments disappear. They have to be repaid with some kind of a plan. If you were on a forbearance but now you are able to make the payments for 3 months, you can now get new financing as if the forbearance never happened. That’s really good news! This rule used to be 12 months where you had to make satisfactory consecutive payments. And when it comes to credit, your credit will not be affected by the forbearance other than a remark/note on your credit. Which is also good news. So with that being said, let’s discuss the July 1st changes to the mortgage forbearance where the FHA has announced clarifications as to how missed payments will be treated under the mortgage forbearance plan (CARES Act) The BIG change is that any missed payments don’t have to be paid back in a lump sum manner at the end of the forbearance. Instead, the missed payments are now added to the back-end of the mortgage where if the home is sold, refinanced, or is paid off – the missed payments are then paid off. So if you’re currently in the mortgage forbearance plan… like right now… your mortgage loan servicer will contact you within 30 days of the plan to discuss the repayment plan so definitely lookout for that. In fact, Fannie Mae created a webpage with a script / possible scenarios for the repayment plan: https://singlefamily.fanniemae.com/servicing/covid-19-forbearance-script-servicer-use-homeowners?_ga=2.90498650.1380039291.1594312872-1385117231.1594312872 So just to wrap things up… taking a mortgage forbearance and its consequences have become less harsh and it sounds like there’s little to no consequences… Anyways, if you’re a really tight spot right now and taking the mortgage forbearance is the ONLY option, you can do so and I hope this video gave you some insights as to what it means to take a mortgage forbearance. #mortgageforbearance #caresact #realestate

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