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Updated about 4 years ago on . Most recent reply

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35
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10
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Blake Harris
  • Kansas City, MO
10
Votes |
35
Posts

Velocity banking strategy to pay off a mortgage in 5 years?...

Blake Harris
  • Kansas City, MO
Posted

Can someone explain the velocity banking strategy? I have seen the concept explained as a way to use a HELOC to pay principle only checks to your mortgage as a way to pay off a loan in an extremely short amount of time. Also, could you add the pros and cons of using a strategy like this?

Most Popular Reply

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1,409
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776
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Ellis San Jose
  • Rental Property Investor
  • Westlake Village, CA
776
Votes |
1,409
Posts
Ellis San Jose
  • Rental Property Investor
  • Westlake Village, CA
Replied

IMO, it's a gimmick. Paying off a low interest loan faster just shows that you have no idea how to find a higher yielding investment. Spend your energy on finding & creating opportunities to create wealth ,not playing games with HELOC's and mortgages.

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