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Thank you so much! I’d be honored to help. Just pick a time that works best for you here: selfdirected.info/calendar I look forward to meeting with you

Really appreciate this feedback. Thank you for taking the time!

Appreciate this feedback!

@AngeliqueStidhum thanks I. New to the channel, so far my Heloc is doing fantastic

Might have just been a glitch. It doesn’t show that way for us.

@@AFame168 what do you have and who is it with?

@@selfdirectedDONNELL I have a CMG All in One Loan. It’s a 30 year 1st position heloc with a sweep account and a variable rate that adjust monthly (CMT index plus the 4% margin). This product is an open end mortgage that is commonly used in Europe and other countries. In the US amortization loans are common but your low interest is not really low interest if you read your mortgage amortization chart. You’re most likely paying double the amount of the original loan. If you want to payoff your home get a 1st lien open end mortgage with a sweep account. If you want to refinance your whole life and have a never ending mortgage get an amortization loan.

@@AFame168 I've listed to 1st Lien vs All i one.. sounds like All in one is very hard to get approved for and has more fees

I am reaching out to the creator, since it was specifically made for me so hopefully we will be able to offer soon.

@@selfdirectedDONNELL THANK YOU FOR YOUR REPLY. I appreciate you.

The easiest to do is a Google search in a radius around your zip and interview banks/credit unions. Most offer just don’t advertise and some don’t even realize it’s an option. Depending on your state there are some specific banks but really the search is best, walk in and have a convo.

It depends on your goals. Best thing to do is let’s get on a zoom and review options. selfdirected.info/calendar

@@devellwilson7099 what part stands out the most?

@@selfdirectedDONNELL When you talk about the many mistakes 1, can make with the HELOC, you have to change your mindset when using the HELOC, I'm in month # 10 and paid off about, $ 90k. All my cashflow goes into the HELOC. I have a separate acc# for my expensive. I only like to see my Heloc balance going down to a certain balance and then chunk again.

This was also asked during the Q&A at the end, but I get it, it’s a long video. There is no escrow acct w a heloc so it is our responsibility to pay the tax. This is a good thing because it allows the money to stay in our heloc which causes us to accrue less interest overall.

Tell me more, what part? Appreciate the feedback.

@@selfdirectedDONNELL all of it was very informative, I'm on month 10 with my HELOC, N.F. credit union

How is it working for you?

@@selfdirectedDONNELL no issues at all I have complete control over the Heloc with N.F.

@@selfdirectedDONNELL By far this has to be 1 of the best videos out there, you broke it down to the bare min. Im subscribing.

I was asked this question during the live on Sunday. While I can share instances where a Rev Mortgage makes sense, in truth it’s just a Super Expensive Heloc. So why not just get the Heloc. It’s much cheaper. Again tho there are times where it may make sense.

@@selfdirectedDONNELL Thank you very much for your genuine response to my inquiry.

@@ronaldcambridge3126 Anytime, we are glad the video provided value.

I too am a project baby. My goal is to share so no one has to experience what we have. Glad to have you a part of this growing family.

@@acampbell3720 this is a case where you could get a second position heloc and keep your 2% mortgage rate to accomplish the same goal of, what I assume is to pay off/down your mortgage. And you are correct you have already paid the front loaded interest. So based off your low balance not sure a 1st pos makes sense.

You can grab it here: selfdirected.info/velocity-banking-workbook Thanks for watching

That applies to a mortgage as well right. Just because the home lost value doesn’t mean my debt to the bank is any different. For products in first position I have not heard of banks calling them due.

Seems interesting

@@georgetaylor2819 I definitely regret not locking our rate, but it didn’t stop us from successfully leveraging it.

Based on my research I don’t see that any 1st position Heloc were called due during the crisis. My data shows only 2nd position. Where did you find this?

Very true!!

Do you mean to monitor usage within the “bank”?

@@selfdirectedDONNELL not to say it can happen but I'm curious to know if there is such a tool. My plan is to have the family contribute to the family bank and instead of putting the saving portion into a regular savings account I was hoping to put the funds in a tool that can compound the interest.

That would be a SCIA, structure matters but you would want a properly designed cash value life policy with leverage. The key to growth is the leverage using other people’s money to grow your own.

@@selfdirectedDONNELL who or how can I set this up through??

And what people don’t realize with a refi is that they are starting over again with the amortization schedule…. Back to paying mostly interest.

The most important part is that the cashflow lives on the debt tool. If you can only pay a bill by check, that’s ok. Use your checking acct for those. For everything else, use your debt tool and allow what’s left over (cashflow) to bring the balance down each month.

Good to know. Thank you. Would you agree it’s still less than closing costs on a refi?

appreciate you!!

The process of velocity banking can be done without having a mortgage and converting to a Heloc. You can use a CC, PLOC or BLOC, you have options. The key is how the LOC is structured, they aren’t all the same.

Tell me more, what parts?

Thank you for your feedback, we are always looking for ways to improve. This feedback is valued.

❤❤

@@selfdirectedDONNELL Thank you for seeing the big picture. I am your audience and I just watch like I said youtube all day work from home. Plus, I know the attention span that people have now days. I am looking at a 1st position line of credit in the future when I am ready.

How do you plan to use it?

@@coryda it’s a 10 year draw, once the 10 years are done it converts to a mortgage. But I’ll just get another heloc, so the draw period isn’t a concern.

Can you? Yes, should you? It really depends on your goal.

Congrats! That’s a great place to be!

How you use it, your liquidity, what you use it for, understanding the strategy, how you put your money to work… I could go on and on. This has afforded us the ability to have access to leverage and put that leverage to work. It’s not one size fits all. But the strategy is powerful.

@selfdirectedDONNELL me I'm backing into my cashflow needed. So in 3 years or at most 5 years what is my cashflow needed in order to do what I need to do with the money. So if I don't have enough positive cash flow. It's too risky cause the downside is a mofo.

Agreed. This doesn’t work if you don’t have consistent cashflow. The more the better. Debt snowball is a great strategy to increase cashflow with less risk.