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