Velocity Banking: Truth or Scam | Pay Off Your Mortgage in 5 Years??

Velocity Banking: Truth or Scam | Pay Off Your Mortgage in 5 Years??
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Velocity Banking has been popping up in real estate investing circles for a few years now. And I’m making this video so that you can be aware when you get confronted with someone who implements this magical strategy, I want you to feel at ease and not be swept off your feet.

Velocity banking can be complicated so make sure to watch the entire video as I provide a list of assumptions that need to be made before implementing this strategy, I break down exactly what velocity banking is, and why I don't believe anyone should implement this strategy.

The central theme of this concept is that you are trading long term debt for short term debt. The short term debt is in the form of credit cards and a HELOC, or access to any lines of credit. What the user essentially does is pay off the mortgage in large chunks once or twice a year using a HELOC, then pays down the HELOC with net income from main source of income. When the HELOC reaches full availability, the user sends the entire HELOC availability to the mortgage, deducting the principal by the HELOC amount.

This process is known as chunking and serves as the elixir of this debt pay down potion.

This velocity banking strategy relies on the user to be fully comfortable with the amount of risk taken.
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