I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income-generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45

@PennyBergeron-os4ch

Ай бұрын

Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving

@JosephineKenney

Ай бұрын

Spot on advice. Great job! And yeah, I think we investors overestimate how hard it is to stay in the market when things aren't looking too good. Whenever I'm tempted to either cut losses or capture profits, I remind myself of Fidelity's study of their best performing portfolios; the best performers were either dead or forgot they had an account. So now with directives from my asset manager, I pick assets that can perform similarly in both short and long term. My portfolio has been foolproof so far.

@HildaBennet

Ай бұрын

Who’s the person guiding you?

@JosephineKenney

Ай бұрын

Her name is “Sonya lee Mitchell” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

@HildaBennet

Ай бұрын

I just checked her out and I have sent her an email. I hope she gets back to me soon.

I didn’t achieve financial freedom until I turned 40. As a US citizen, I raised capital by taking out a home equity loan. The interest rate was much lower than other loans, which made it a smart choice. With patience and discipline, I reinvested my earnings and avoided impulsive decisions. This strategy helped me grow my wealth, eventually allowing me to buy a new home and a car. If you’re looking to raise capital and achieve financial freedom, consider this approach..😊

@AaliyahRash89

18 күн бұрын

How did you qualify for a home equity loan,what types of investments did you make with the loan ?

@skoopqueen

15 күн бұрын

I’m glad you found my story interesting.. I couldn’t have achieved this without the help of Regina Louise Collaro,

@skoopqueen

15 күн бұрын

an amazing financial advisor. Regina's expertise and guidance were crucial in helping me understand the best strategies for leveraging my home equity and making smart investments.

@skoopqueen

15 күн бұрын

She not only helped me secure a favorable home equity loan but also provided invaluable advice on where to invest and how to stay disciplined. Her personalized approach and deep knowledge of financial markets made a huge difference in my journey to financial freedom.

@ugojazzy7812

15 күн бұрын

It's challenging to find a reliable advisor, and I appreciate your input. Seeing the successes you've achieved through Regina, I would love to have access to her if you wouldn't mind sharing how.

Chandler, you forgot to mention that after taking a HELOC and borrowing some money out of it, you can lock in a low rate for just $100 to $150. That way, you rate doesn't go up. Also, you can write off the HELOC interest rate in your taxes. HELOC is awesome and it has done big things for me.

@MichaelMerritt

Жыл бұрын

Be aware, you can no longer write off heloc interest payments for things like a down payment on a house from my readings. But speak to a tax advisor. I also concur that you can find fixed apr’s for an additional fee. I know Banner bank on the west coast offers them.

@TheSquiggleySpooch

Жыл бұрын

dude you can write off the interest? Woohoo! i didn’t know that and just got one for some refurbishment 🎉🎉🎉

@derekwilliams3093

Жыл бұрын

Do you have any type of resources such as book titles or anything to further my knowledge? I have ordered a couple books but, it's always great to get other perspectives. Thank you in advance! Merry Christmas

@noy6184

Жыл бұрын

Can you still lock interest nowadays?

@fabiannino4106

Жыл бұрын

Is it possible to get a fixed rate on a heloc if your credit score is over 800?

Facing a financial crunch, especially as seniors, we're pondering the idea of cashing in on our home equity. The question is, should we invest the money, rent, or relocate?

@MimaLopez-jt4vq

7 ай бұрын

Homeowners seem to be increasingly exploring home equity, especially when faced with critical needs. It's a better option than borrowing from credit cards.

@MimaLopez-jt4vq

7 ай бұрын

Any suggestions on how to spot a reputable broker with adequate knowledge of both markets?

@cashrules520

6 ай бұрын

I seen this post on at least 6 different videos my goodness. I hope you got your answers. You can just pick up a phone call multiple banks

@davidhughes6048

3 ай бұрын

SCAM

@ChrisLane4life2013

3 ай бұрын

Invest

Good points - I'd use a HELOC for emergencies and renovations to increase the property value of your current home. I recommend using a fixed loan for a rental properties for budgeting purposes but hey, at the end of the day everything is a gamble and it's whatever you're comfortable with.

@lilCaribbean77

Жыл бұрын

I believe he's saying heloc usually used for the downpayment of investment properties 😉

@cathyspiegel6765

Жыл бұрын

1. Avoid big banks for HELOCs (especially BOA) 2. Try smaller local banks & credit unions. (I use a credit union) 3. Filter your online searches to lenders offering HELOCs that accommodate your goals. 4. HELOCs should ONLY be used for short-term rental rehab capital. The intent is to force sufficient appreciation (ARV) to refinance the total debt with a new fixed, low interest, 30 year loan. The rental income should more than pay for the new mortgage with residual monthly cash flow and tax benefits. Repeat and scale to retirement net worth. Don’t give up! It works!

@cathyspiegel6765

Жыл бұрын

The only way I was able to scale through all of this without stress was by working with a financial adviser. My adviser *ROCH DUNGCA-SCHREIBER* has always had my back all through the process of property investment and investing in general. You can glance her name up on the internet and verify her yourself. she has years of financial market experience.

@albajessicalove

Жыл бұрын

Maria Brisbane helped me secure HELOC with 650 credit score

@albajessicalove

Жыл бұрын

​@@lilCaribbean77check her out on Google or check her website

I just opened a $135k heloc through my credit union. Closing costs were only $400. Going to use it as a down payment for a new home so I can keep my old home as rental property.

@5stars976

3 ай бұрын

Im thinking about it too , how is it working for you ?

@ChrisLane4life2013

3 ай бұрын

I’m sure if you invest on long term,would say it’s gonna turn out a great year for you

@SVTJayJay

Ай бұрын

Hi which credit union do you have ? My current credit union doesn’t offer Heloc

Man, I've been looking for a video like this months. Thank you!

Great video! Only feedback is that if you have a HELOC, you can still refinance. The new lender will have to subordinate the HELOC’s lien position, and you can choose to either keep or close the HELOC at that point. I’m a loan officer 😉

@ohudidntknow8835

2 жыл бұрын

So If I cash out refi, can I or should I refi for a lower rate if available

@alwaysTTG

2 жыл бұрын

@@ohudidntknow8835 by all means, if it’s available 100%. But rates right now are the highest they have been in over a decade. I am a loan officer myself and I can help you out with any questions you may have!

@theschmiller

2 жыл бұрын

Yep I did that !

@AloneNTheZone

2 жыл бұрын

Figure company is doing a fixed interest rate. Does that mean the interest doesn’t change?

@alwaysTTG

2 жыл бұрын

@@AloneNTheZone that’s correct. Fixed = locked in rate for x Terms. HELOCs are 99% of the time variable, meaning they fluctuate with the Fed funds rate

Equity in a house will likely be tapped into via a HELOC or straight sale. I believe if they sell, many will go back to renting. And housing supply will inevitably rise. So you can borrow against your home. What could be the best allocation for my $1m liquidity? Perhaps my stock portfolio

@colleen.odegaard

8 ай бұрын

Buyers are extra cautious right now. They want to make sure they’re getting a good deal given how much mortgage payments have gone up, and when they don’t feel like they’re getting a good deal, they’re backing out, so definitely looking elsewhere is a necessity

@TeresaBrickle

8 ай бұрын

I will be glad to enlist the services of a reputable one? How do I go about finding and vetting them. We know the value of a fiduciary as we have a family lawyer and he has hinted on it occasionally, so we began to consider the idea.

@TeresaBrickle

8 ай бұрын

excellent share, just inputted her full name on my computer and searched online, top-notch credentials. Ive seen commentaries about advisers, but not one looks this phenomenal

thanks for education for people who come from other countries and have no clue how to survive in this country..talking about myself..learn a good lesson today..thanks again and wish you a good luck in your business project.

Wow, this video couldn’t have come at a better time! I just closed on a $80k HELOC yesterday!

@bwingfield2

2 жыл бұрын

Yeah, the algos are real…

@dudewhat2585

3 ай бұрын

How is it going now?

Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.

@genavazquez2943

7 ай бұрын

I subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your adviser

@GeorgiaMoore.

7 ай бұрын

Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $485k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choices I have made recently.

@Hermanjackson89

7 ай бұрын

Wow, that's stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.

@GeorgiaMoore.

7 ай бұрын

Cioffibrown Alison’ is the licensed fiduciary I use. he works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else. for me he strategy works hence my result. He provides entry and exit point for the securities I focus on.

@luciller.benton4624

7 ай бұрын

This is not the first time i am hearing of this man and his exploit trading world but i have no idea on how to reach him?

This was the best explanation of a HELOC.

Got a new subscriber here. Appreciate you thinking ahead of the types of questions we are thinking about. 👏🏽

Good morning and Happy Friday! This content is right on time for me, I’m in the process of getting a HELOC or a Home Equity Loan and I’m trying to see which one would work best for me. I’m paying a few bills off, minor home remodeling and getting my car fixed.

I’m glad I found this video. It broadened my knowledge about refinancing and HELOC.

I’ve been straddling the fence for 3 weeks on rather to get this HeLOC to upgrade my home. Thank you so much

Yo, nice content. I got a line of credit on my home which I used to purchase 3 more rentals. At time of withdrawal of my line, the bank actually offered me a fixed rate of 3.15 for 25 year pay off period. Awesome, no adjustable rate for me

@zkeztv4287

2 жыл бұрын

Hi, what bank you are dealing with?

@amadorguzman4404

2 жыл бұрын

How you get fixed. Did you get a promotion or ask for one?

@FlyingT1DMami

2 жыл бұрын

Can you say what lender or bank did you use?

@romoismael49

2 жыл бұрын

?

@crysty43

2 жыл бұрын

Nice you’re bank listened to your needs. You first got a heloc because you probably didn’t know how much you needed or when you will need it and then once you figured out how much you’re rentals costed and how long it will take to pay back (mostly likely more than a year) your bank converted the heloc to a heil (home equity installment loan)

Great video, thank you for your educational video, I’m about to use HELOC and I’ve been very anxious, this video helps a lot

Great synopsis, wish I watched this video before watching all the others. Definitely going to subscribe now.

been looking for this video, great explanation and examples. Thanks breh

This is video is perfectly timed for me ! And as always you did fantastic job in explaining it in simplest way

@albajessicalove

Жыл бұрын

Maria Brisbane helped me secure HELOC with 650 credit score

@albajessicalove

Жыл бұрын

check her out on Google or check her website

This was such a great video. Thanks for sharing your knowledge

Gonna be using my heloc for my first FLIP . This helped out a lot!

Hey Chandler! Love your content...so helpful!

Thanks a lot for explaining the pros and cons!!! Excellent job!

Thanks so much for the very clear and thorough explanation!!

This is the video I’ve been needing!

Awesome video!! Lots of good info. I'm about to try and get a HELOC in the property I live in I bought Subject to. I was debating refinancing but this video helped me understand the pros and cons better.

One thing to remember on a HELOC is that if property values fall, the bank can cut you off from using it. Had that happen to me once.

@SLCKaled

2 жыл бұрын

Thank you. This super important

@phillipmardis9267

2 жыл бұрын

This is what I’ve been curious about.

@anthonygallegos4708

2 жыл бұрын

That’s why you should withdraw it all and put it to good use. Otherwise, the risk is there the bank will cut you off if the market value waivers.

@sammittal39

2 жыл бұрын

Need to have a bank that manages risk appropriately. Some bank allow you to leverage a lot but you wanna stay on 70-75% of the appraised value which can protect you from the downside risk.

@oshitomaha

2 жыл бұрын

You seem to have experience. I have an approved HELOC of 100k. I’m using 40k (25% down) for this duplex where I’ll be cash positive $800 monthly. How do you go about paying the HELOC itself after already paying mortgage on the investment property? Should I combine them? Or refinance? What do you think?

Great video, Chandler!! One option I’ve offered as a loan officer to my clients purchasing investment property is the no-income DSCR option. Pretty straight forward option for investors.

@dalawman4977

Жыл бұрын

May I ask what it is? I'm new to all of it...

@mctxm9645

Жыл бұрын

What is that?

@albajessicalove

Жыл бұрын

​@@dalawman4977Maria Brisbane helped me secure HELOC with 650 credit score

@albajessicalove

Жыл бұрын

check her out on Google or check her website

I’m looking into a HELOC right now for some renovations. We’re already locked into a low rate with our mortgage…the current rates are higher than what we already have, so a cash out refinance seems out of the question. I like the idea of a HELOC, but there’s the variable interest rates AND it’s using our home as collateral.

BEST EXPLANATION VIDEO iv found after watching 9 other videos!!!!!thankyousir!!!bought new5/3 home 3% interest locked & past yr i hv 80k in equity already,,,, wish i knew this before getting 20k persanol loan my bank at 15%

Right now, pretty much all banks have suspended HELOCs. I just got one through Bank of America. It's the prime rate (currently 8% plus 1.37%). However, I did get a 6 mo intriductory rate of 6.74%. Not too bad.

Thanks Chandler! Helpful info.

Well done Chandler! Very helpful. Thank you!

Excellent explanation about heloc. Gracias 🙏

Great video. You have earned my subscription. Thank u

Thank you for explaining this!

Great video! Would like an update where you talk about the current rate status with the Feds likely raising rates again 0.5-0.75 in July. But I like that your bottom line was to have an exit strategy, which is an important real estate rule as well....

@albajessicalove

Жыл бұрын

Maria Brisbane helped me secure HELOC with 650 credit score

@albajessicalove

Жыл бұрын

check her out on Google or check her website

I used mine to buy commercial properties that I rented out, and I was not concerned since first of all I had a proven model with the first one that I bought for cash, and also I had the income from the first one to help pay off the borrowed money on the second one, then I did the same for the third and fourth properties.

Even if you open a home equity line of credit and never use it, you won't have to pay anything back. Keep in mind that whether you use your line of credit or not, you may be charged an annual fee, which is the cost you pay for having the line of credit available for when you need it.

Video starts at 8:10. Good info!

Great video! Thanks! Just recently learned of HELOCs and this was helpful.

Exactly what I was looking for

Great info packed in here

Hey @Chandler the HELOC as a downpayment is something I am actually doing this right now. There are FIXED rate HELOCs too. So it works if you're not doing a variable rate which is always risky.

dude thank you so much. i was having a hard time understanding what is and isnt a good time to use a heloc

I think part of the appeal of dividends is simply that it looks a lot like income and if you have enough then you never need to sell the assets. most people don't accumulate that much, but it still sounds good on paper. index investing, of course, has the idea of the perpetual withdrawal rate which accomplishes the same thing but it's much less intuitive.

@albajessicalove

Жыл бұрын

Maria Brisbane helped me secure HELOC with 720 credit score

@albajessicalove

Жыл бұрын

check her out on Google or check her website

There are both variable rate and fixed rate HELOCS. Fixed rate HELOCs won't change even if the market does, locked in for whatever time span you choose when applying. Just got a HELOC at 6% for 10 years to consolidate a lot of high rate debt like credit cards.

@jermainewilliams4765

Жыл бұрын

Those a Heloc based on credit score?

@tycassimire8316

Жыл бұрын

With whom did you get the Heloc at 6%

@adamjursell

Жыл бұрын

@@tycassimire8316 My local credit union, had to keep it under a certain percentage of the value of the home vs the loan amount, but yeah 6%.

@albajessicalove

Жыл бұрын

Maria Brisbane helped me secure HELOC with 650 credit score

@albajessicalove

Жыл бұрын

​@@adamjursellMaria Brisbane helped me secure HELOC with 650 credit score

Hey Chandler great video. I just recently got a HELOC on my house. I plan on using it for rental investment properties. Not for a down payment, I agree that could get a bit sketchy if you have no way to repay it. But more for short term bills like renovations, etc. I think it will work out great. I posted a video on how I got approved a month or 2 ago. I also posted a video on HELOC vs cash out refi. Keep the great content coming.

@Kronic1Chillz

2 жыл бұрын

Where you investing bro?

@JayCosta

2 жыл бұрын

@@Kronic1Chillz real estate here in NJ.

@Kronic1Chillz

2 жыл бұрын

@@JayCosta Nice man, do you help Canadian Investors, I am looking to invest in the United States market, much cheaper than where I am.

@mclilzenthepoet2331

2 жыл бұрын

would be bad if interest rates rose because of inflation this shit is a house of cards your gonna get f'ed bro

@luisdejesus3425

2 жыл бұрын

Would I be able use mine on down payment on an investment property

THANKS. Just what I needed to watch. My wife and I got a 400k HELOC from our 780k primary home which we are still paying a mortgage for. I want to only use 200k for this new duplex down payment. I realized that the secret to making millions is making better investments and staying out of debt. I'm grateful to GOD for the internet space, we were able to join the credit repair program, we payed up our debt and now we are back to being the administrators of our farming business and our own properties, as well as small pensions. I am almost 56, my wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn using Airbnb and retire comfortably.

@jeffclifford5731

5 ай бұрын

This is exactly how I wish to get my finances coordinated ahead of retirement.

@jeffclifford5731

5 ай бұрын

You talked about a "credit repair program" how do I join? I took out a 200k heloc from my primary home 2 years ago which I'm still paying.....I find it challenging to invest elsewhere because I'm still paying the mortgage and I got bills. to pay.

@jeroldstokes6065

5 ай бұрын

"Laura Gilbert CFA " is the licensed fiduciary I use. She lead me to join the program, Just research the name you'd find necessary details to work with a correspondence to set up an appointment.

@jeffclifford5731

5 ай бұрын

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.

@floralambert4507

5 ай бұрын

Why no one talked about this program when I was in debt 😢

Thank you very simple to understand 😊

A HELOC is definitely better than refinancing IMO. No need to pay interest on money your not using. I like that it's revolving credit.

@bebejesisoto

2 жыл бұрын

I agree I want to do a heloc and being I bought last year with 30 year 3% fixed I dont see myself refinancing anytime soon with current rates.

@n0rbakn0rbak38

2 жыл бұрын

HELOC is variable. Heloans is fixed. HELOC is about 5.99% includes discounts of 0.250% for automatic payment and 0.600% for a $60,000 initial withdrawal. A Heloans or HELOC are not meant to refi property.

@janedoe6071

Жыл бұрын

So it’s like a credit card basically ???? That sounds bad for financially irresponsible people is it??

@GTJC

Жыл бұрын

@@n0rbakn0rbak38 all HELOC rates are not variable

@albajessicalove

Жыл бұрын

​@@GTJCMaria Brisbane helped me secure HELOC with 720 credit score

Good break down the only thing I would note is you can leave a helock open and refi. It would just have to be subordinated which is a pain in the neck and depending on the rules of the lenders.

When you refinance. your heloc is rolled into your refinance. Because it's part of the house. It doesn't hinder your refinance. That would be your debt to ratio,credit score and the amount of money you earn.

New subscriber here… this video came at the right time for me🎉

We used our HELOC to purchase land for a future home. Made sense to us on taking this route.

@inclantayakajackie284

2 жыл бұрын

This is what we want to do but I’m still confused. Did you purchase the land outright with the HELOC? and then pay it back into the heloc immediately? I’m confused! And it’s always interest only?

@missdeeva2266

2 жыл бұрын

@@inclantayakajackie284 yes outright with our HELOC. We will be using it as part if our equity for the construction loan down the road. We are making payments on our HELOC monthly and doing one as interest only then another applied to just the principal

@vitosmith8195

Жыл бұрын

Question ...I was thinking about doing the same thing...what would be the game plan to put that money back ?

@Cuppycakes3

Жыл бұрын

@@inclantayakajackie284 this is what we are thinking of doing- right now we have a ton of equity and are thinking of buying land to build on. But, how do you pay it off, if you're using it as a down payment for the construction to permanent mortgage? Are you selling your current home to pay off the HELOC?

@Cuppycakes3

Жыл бұрын

@missdeeva2266 This is what we are thinking of doing- right now we have a ton of equity and are thinking of buying land to build on. But, how do you pay it off, if you're using it as a down payment for the construction to permanent mortgage? Are you selling your current home to pay off the HELOC? Because I only want one payment. Or are you renting out and paying the HELOC off with the profits from rent?

1st time home owner here. The video was very helpful in explaining the differences. I also appreciated some of the feedback below. Is there a waiting period after purchasing a home that you can take out a HELOC or Refinance? I would like to pay off some things and get a seond bathroom in my home.

Super helpful video… thanks.

Great advice. Thank you

That hard money lending sounds like a cool idea as long as you can cover the payments should they default or something.

Great video Chandler! Alot of great points here! Just a note here You may have missed.I just closed on a heloc and I'm going to use it to purchase a rental and it didn't cost me anything! The bank picked up the closing costs and I'm also able to lock the intrest rate 3 times during the life of the loan! Been watching your other videos to figure out how to get the best deal on this property I hope to acquire thanks for making this type of content! Like button smashed!

@SnLProperties

2 жыл бұрын

If you don’t mind me asking what bank did you use for this heloc? I’m currently in the process of doing a heloc that’s why I ask

@LoganKohn

2 жыл бұрын

@@SnLProperties Hi Scott, what bank are you using out of curiosity? Thank you!

@SnLProperties

2 жыл бұрын

@@LoganKohn Pen Fed

@pentleyholmes

2 жыл бұрын

Pen fed! 💯

@jorgesalazar818

2 жыл бұрын

@@SnLProperties i was just looking at a pended HELOC this morning. Very attractive conditions.

This is very educational thank you so much for explaining. And commenters with extra help too!

Great content! Keep it flowing.

Thanks for the detailed explanation. I think a line of credit is a better option for me.

@albajessicalove

Жыл бұрын

Maria Brisbane helped me secure HELOC with 650 credit score

@albajessicalove

Жыл бұрын

check her out on Google or check her website

Very informative video, nicely done

My heloc has gone up from 3.75 to 8% interest this year. So I have applied for credit cards with 18-24 months of 0% interest. I’m making purchases with the credit card to free up money to pay down the heloc. Same amount of debt but less interest.

@DSNCB919

9 ай бұрын

So either way ur fucked

Great video! I have a couple notes: - You can't technically draw from your HELOC "whenever" you want. There is typically a draw period; most common being 10 years (payments are typically 10 years interest only payments, 20 years principle + interest payments). - Also, make sure you shop around. It can be common to find a HELOC promotion for Prime minus a percentage (4.75 - 0.50 = 4.25). - You can refinance your property if you have a HELOC. A HELOC simply adds an additional (subordinate) lien to your property. - Sometimes you can lock in your rate on a HELOC. Look into this with your financial institution. FYI a locked (fixed) rate will typically be greater than the current variable rate. This can be used to hedge increasing rates.

@brahmmauer7927

2 жыл бұрын

Fixed rate home loans are not HELOC’s. They are home equity loans.

@JarredAlloway

2 жыл бұрын

@@brahmmauer7927 correct, however, the remaining available credit (if there’s credit remaining) can still be used as a traditional HELOC.

@EadsB7002

Жыл бұрын

Are you penalized for pulling out the entire amount right away? I was planning a few projects I would need funds for up front. But planned on beginning repayment immediately as well.

@albajessicalove

Жыл бұрын

Maria Brisbane helped me secure HELOC with 720 credit score

@albajessicalove

Жыл бұрын

check her out on Google or check her website

Thanks guys- great video

Awesome explanation!

you explained this very good thnk you

🙏🏡 Thanks for sharing this video!

Good explanation I like it.

I’m considering this for upgrades on my home.

Great information, well presented!

Fantastic explanation. Thanks for this!

@lukevaughan7415

2 жыл бұрын

The king

Awesome topic!!!

I recently did a heloc with a fixed rate with Figure they offer 5,10,15 and 30 years. They didn’t use an appraisal but they checked the county records vrs what I own on my mortgage

@cwr8618

2 жыл бұрын

don't you have to draw the entire amount on the first draw though? i was looking into figure but that's a huge problem if you want to meter your draws

@garay12341

2 жыл бұрын

@@cwr8618 yes I think there is no other option. But even if I didn’t need all that cash I worked around it with the payments.

@cwr8618

2 жыл бұрын

@@garay12341 curious how you covered the payments so fast. we're trying to find a funding option to build a couple units. but with permitting and construction times, won't see revenue for at least a year

@garay12341

2 жыл бұрын

@@cwr8618 yea I’m building a house. I started by using lowes and 3 Home-depot credit cards. When I was paying minimum payments the really give me high credit limits. Also some chase credit cards for material I can’t find at those stores. I took the lowest payment at figure which is 30 years fixed. Like $500 for $90k still height but I paid some credit cards like chase $300 minimum payment for 6k and some of the Home Depot cards. My monthly payment didn’t go up and I still have about 80k to finish up the house. I’m on a final inspection though. Thinking on refinancing to pay everything off for lowest interest if I don’t sell.

Thanks for the info!

Wonderful wonderful informative video

HELOC's are a good construction loan alternative, you don't have to ask "mother may I?" At every turn and you can be your own GC.

@dominickcally2735

Жыл бұрын

Yup doing that now

Fifth third bank had a crazy promotion. 1.2% interest rate for the first year of the heloc. We missed it by a day. I believe you can lock your interest rate in. I could be wrong.

@albajessicalove

Жыл бұрын

Maria Brisbane helped me secure HELOC with 650 credit score

@albajessicalove

Жыл бұрын

check her out on Google or check her website

Awesome video, thanks!

Great info.

Thank you for the great info. Quick note. There are HELOCs out there that can completely lock your rate with just $100 and if rates get very low you can unlock it with $250. I do a few flips at a time and I'm using HELOC to boost my rate of flipping taking advantage of the current market.

@dianaslade9595

Жыл бұрын

Hi, do you mind sharing where you get these HELOCs? Like the ones you use.

@ednasalinas8280

Жыл бұрын

Do you mind to disclose what rate you get for your recent HELOC and which lender? Thanks much.

@Mrjvc163

Жыл бұрын

@@ednasalinas8280 I did but the content creator deleted it. It’s generally prime +1 on rates.

Depending on your credit u can ask Your bank for a credit card with a credit limit of 50,000 as long as u pay it off in FULL by the 14th of every month you wont pay interest on the charged amount ! It build your credit QUICK A HELOC even if you pay off the amount you took out they will still charge u with interest

@robertturley2974

2 жыл бұрын

But helocs are like cash, I've never seen a CC that can be used for more than regular purchases or bill payments. Take out a cash advance on that credit card and see if they don't charge you interest even if you pay it off by the 14th of the next month. Hint, CCs(at least everyone I've seen) charge full interest on cash advances from the day they are taken out. Different debt vehicles for different purposes

Nice thank you for this video! You mentioned it's usually a couple hundred to access the money, is that closing costs? I just spoke to a lender that mentioned HELOC closing costs are like 6k-7k on a $250k loan... maybe seems high?

Hi. I found your HELOC video informative, but I'm still not sure what direction to go... We live in Texas and I bought my house 12 years ago this December as a foreclosure. It's a 3 bedroom, 3 bath house on a 1-acre lot in the country. Back in 2015 I had a 1000 square foot detached metal garage/shop built that cost about $20,000 and was paid off in 2018. The house is valued on the tax roles $130,000, but with home prices the way they are and the amenities the property has to offer, I can imagine that it would sell quite quickly at $150,000 maybe even more. As a foreclosure, we got the house really cheap and we've made modest upgrades, especially the last 5 years: completely remodeled kitchen with granite counter tops and all new appliances. Two of the three bathrooms have been remodeled, new paint throughout, LED lighting, ceramic plank tile flooring through most of the house, new windows and doors, new roof (2012), you get the idea. This past June, the old HVAC unit finally quit and we had to replace the entire HVAC system, which came in at about $8000 out of pocket. My mortgage rate is a shade above 4% and I only owe right at $40,000. Over the years I've made additional payments to principle when I could, but have settled back into paying the regular payment, which is $320 a month. Some people can't believe how low that is, but you have to remember it was a foreclosure in addition to the fact that I put over $20,000 from the sale of my previous house towards the purchase, so I didn't really borrow that much. Seven years ago I got rid of the escrow account and since then pay property taxes and insurance separately from the mortgage. The idea of a HELOC was interesting, because I'd like to get the mortgage paid off within the next 4 years or less, which based on what I've learned about HELOCs is quite doable. In addition to getting out from under the mortgage, I'd also like to finish off the remaining upgrades to the house: new carpet in 3 rooms, rebuilding the back porch cover and replacing the back porch concrete, and just general landscaping and things outside. Financially, my credit score is very good, above 800, and we have zero credit card debit. We have two credit cards with a total of $30,000 of available credit, but again we don't carry debt on those. Typically our rule has been never to put any more on the card than we can pay off in one to two months max. Our monthly income is just a little above $4000. As of this month September 2023, we will make the last payment on my wife's car; mine has been paid off for years. So other than normal monthly bills and the mortgage, our expenses are only about half of our income. We have savings, but I didn't want to tap heavily into that to aggressively pay off the mortgage especially since we just had to foot the bill for the new HVAC which ran our savings down considerably. We try to follow the rule of keep the equivalent of 6-months of expenses in savings for emergencies and such. So after all that... if you're still with me, I think the HELOC would be a good way to pay off the mortgage super fast and give us the fluid capital to complete the upgrades to the house, while allowing us to maintain our savings cushion. That said, I discovered the bank we do business with does not offer HELOC. So the question is, is a HELOC the best way to handle our situation to pay off the mortgage and do the other things, and IF so, where are the best places to shop for a HELOC? Thanks for your time and attention.

Thanks for the info.

Very great advice

You can refinance with a heloc on the property. The payoff covers both loans.

Great video, learned a lot, very clear!

Not a bad video, one consideration I don’t think you took in was historically low interest rates on mortgages. I’ll probably never refinance lower than 3%

Question Chandler - What if you want to use equity for an investment property and you have a crazy low interest rate so refinancing would put you +3% ?

@albajessicalove

Жыл бұрын

Maria Brisbane helped me secure HELOC with 650 credit score

@albajessicalove

Жыл бұрын

check her out on Google or check her website

I almost used heloc for one of your no nos lol. Thank you!

Desperately need advice. I owe 162K on my house I bought in 2018. I'm doing cashout refi or intrest only 20/40 heloc through Navy Federal. My current interest is 4.5%. Im currently locked in at 4.875% on a cashout refi. As opposed to a fluctuating heloc starting at 6.75- 7ish. The refi will be VA which means no funding fee, no PMI, no property taxes in escrow (I'm tax exempt due to my VA rating) the catch is if I do the refi my house will apprais probably in the low to mid 2's, as I need a thorough VA inspection, my house is on the lower end of houses in my neighborhood. For the heloc the preliminary value for my property came in at $291197.00 and an exterior-only inspection of the property is required. I'm looking for 70-100K which may be achievable with the refi as I'm allowed 100% LTV through the VA. The heloc will only allow 90% LTV but with a higher valuation it should be easy to hit my mark. The equity will be for a short term investment 1-2 years. With only homeowners insurance ($1500) going into escrow, my monthly payments on a cashout refi will be considerably lower then the heloc, even with 10K closing cost rolled into the loan. But I don't know if it makes sense to tack on 10K in closing cost if I plan on paying the loan off so quickly. I'm also terrified of the fluctuating APR on a heloc if it takes me longer then a couple years to pay back. Any and all advice is much appreciated

Thank you very much for your great works here. How does helloc affect my mortgage renewal?

Use it for a good return on stock, you get dividends, appreciation over time and the interest on the period you’re paying is also tax deductible.

The investment. Has to have the POTENTIAL to create income. Example, interest bearing products, dividend payouts, or rental income. You can invest in the stock market directly. But the stock has to have the potential to payout a dividend. Capital gain investments only do not qualify. This is also a long term strategy. It's not for everyone. Because alot of people lack the discipline to follow threw with it over a long term horizon. Also with interest rates so low. The dividend income will offset any and all interest that would be a write off. With a few exceptions. You would have to put all the dividend income either into an rsp. Or use it to fund another investment property.