Velocity banking is a strategy where you use a line of credit as your primary account and use lump sums to pay off a loan, usually a mortgage. The idea behind this is that using a line of credit will help you use your cash flow and extra money to cover your expenses but also go toward paying off your mortgage. Most often the velocity banking strategy utilizes a Home Equity Line of Credit (HELOC)

We look at the numbers and the pros and cons of using this type of strategy to pay down your mortgage. The results are quite interesting. We discuss and compare results on this episode here. 

More on Velocity Banking here: https://mcfieinsurance.com/velocity-banking-comes-to-a-screeching-halt-for-many/

 

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