velocity banking vs sending in extra payment | The Kwak Brothers

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September 1, 2020

Velocity Banking vs Sending In Extra Payment | Which Is Better?

Velocity Banking vs Sending in Extra Payment… Which is Better? What does the math say? and How? In this video, we’re going to break down the difference between Velocity Banking Vs Sending In Extra Payment. We’ll talk about how both can save money but we’ll see which one comes out on the top in terms of saving MORE money and time in terms of interest. So let’s do the comparison, Velocity Banking vs. Sending in Extra Payment… Which is Better? Enjoy! FREE Velocity Banking Calculator: https://acceleratedbanking.com Okay, so let’s get to the bottom of Velocity Banking vs Sending In Extra Payment comparison. Which is better… The Velocity Banking Strategy? or simply doing extra payments into the mortgage principal. Well, we can tell you that both can possibly save you some money and time. The velocity banking strategy has many names. We call it “Accelerated Banking” but some people call it the heloc method, heloc strategy, heloc to pay off your mortgage, debt acceleration, mortgage acceleration, or pill method. Let’s dive into how the strategy works… velocity banking strategy explained. The way that the Velocity Banking Strategy works is that we’re changing how our interest is first being calculated. The first main difference between a traditional mortgage and a HELOC is that a HELOC uses simple interest (average daily interest) and a mortgage uses amortized interest (interest accrued based on monthly balance). That’s the first difference when we’re looking at velocity banking vs sending in extra payment. The next big difference is that we’re sending in ALL of our income and savings into the HELOC to lower the average daily balance. Which ultimately means that we’re paying less of interest since the principal balance is lowered. On the flipside, sending in extra payment only causes us to save money by what we actually send in… not by the full income amount. That’s the next big difference when it comes to comparing velocity banking vs. sending in extra payment. A HELOC also allows us to draw the money whenever we want in a matter of seconds. Whereas with a traditional mortgage, we’re unable to do so. This is why we can send in all of our income into the HELOC and still be able to use the HELOC to pay for our expenses and accidentals. That’s HUGE when it comes to the difference between sending in extra payment vs velocity banking. Also with a HELOC, you can almost treat it like a savings account where by parking your excess cash can save you 3-6% interest on the HELOC vs. trying to earn money on a savings account that may pay out 0.5 ~ 1.5% APY. (this is really low). So those are some of the comparisons when it comes to velocity banking vs sending in extra payment. When done right, velocity banking can help you save more money and time when paying off your mortgage faster.
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