-
HELOC Explained (and when NOT to use it!)
In this video, Chandler David Smith breaks down everything that you need to know about a HELOC (home equity line of credit), and shares how you can use one to fund a real estate investment.
He shares what they are, how you can use them, and when you may want to consider other options. There are several big benefits to HELOCs, as it allows you to take out money with close to no fees, and the interest rates are much more affordable than a traditional loan. If your house has gone up in value (like everyone’s in 2021) then you can take out up to your entire value of the home, minus the amount left on your loan. As a simplified example you can take out $300,000, when you bought the home for $400,000, but have paid off $200,000, and if the home is currently worth $500,000.
The chance you have...
published: 09 Feb 2022
-
HELOC Vs Home Equity Loan: Which is Better?
What is the difference between a HELOC (Home Equity Line of Credit) VS a Home Equity Loan? Are they the same thing? Which is Better? We'll address those questions in this video! Enjoy!
Recommended Video - How To Pay Off Your Mortgage in 5 To 7 Years: https://www.youtube.com/watch?v=eGVn9iq1e6c
Let's first talk about the Home Equity Loan. A Hom Equity Loan is very similar to your traditional mortgage in ways that:
A.) You get all the money upfront at the loan closing.
B.) It is amortized anywhere between 5 to 30 years,
C.) It is closed-ended loan meaning that you can only pay back the loan and you typically have a fixed monthly payment and
D.) Home Equity Loans are typically borrowed as a 2nd position lien/loan.
I'm personally not a big fan of the Home Equity Loan as it restricts you ...
published: 29 Aug 2019
-
HELOC Explained: What is a HELOC?
HELOC Explained: What is a Home Equity Line of Credit? (Abbreviated to HELOC or H.E.L.O.C.) "pronounced Hee-lock" If you're wondering what is a HELOC? Well - In this video, let's break down exactly what is a HELOC and how it's different from your traditional mortgage! Here it is, HELOC Explained Enjoy!
VIDEO RECOMMENDATION - How to Pay Off Your Mortgage within 5 to 7 years: https://www.youtube.com/watch?v=eGVn9iq1e6c
HELOC is an abbreviated term for Home Equity Line of Credit. A HELOC collateralize your home equity to a line of credit for you to be able to draw the money out and repay over and over again. Very similar to a credit card, your HELOC is a revolving line of credit. Imagine a tank full of water stored inside but you can't get into it. It's completed. What a HELOC is to that wa...
published: 27 Aug 2019
-
Home Equity Lines of Credit Explained | How a HELOC Works, Pros and Cons
Have any questions or want to talk about your situation? Let's chat!
Schedule a call: https://calendly.com/juleef/heloc-and-other-lending-advice
📞Text or call 📞: 503-799-3711
To apply: https://rate.com/juleef
Lending wherever you want to call “home” 🏠❤️ -- in all 50 states.
In this video:
00:00 - Introduction: what’s in this video?
00:27 - What is a HELOC?
01:09 - How is it different from a cash out refinance?
01:22 - Why a HELOC can be better
01:57 - What’s a blended interest rate?
02:29 - Why a blended rate is important
02:53 - A blended rate example
03:32 - Blended rate - not a one-time thing!
04:22 - How would I use a HELOC?
04:53 - HELOC as an emergency reserve
05:36 - Words of caution
06:52 - HELOC programs vary - why?
08:17 - How much can you borrow?
09:07 - Setting up a HELOC
...
published: 31 Mar 2023
-
HELOC to Pay Off Mortgage
HELOC to Pay Off Your Mortgage... You may have heard this elsewhere or you heard it from us... You can pay off your mortgage FASTER using a HELOC. Well, it's true! I'm going to breakdown exactly how you can use a HELOC (or just about any line of credit) to pay off your mortgage faster... On average 5-7 years.
Download our FREE HELOC Calculator & Explainer eBook: http://chopmymortgage.com
HELOC During The Recession VIDEO: https://www.youtube.com/watch?v=XxlVwLmzr2E
HELOC To Buy Investment Property VIDEO: https://www.youtube.com/watch?v=bjLbDQsSZAw
We call this strategy & method: Accelerated Banking.
It has many names from different organizations such as Sweep Strategy, Velocity Banking, Mortgage Acceleration, Pill Method, HELOC Strategy, etc.... It has SOOOO many names. But... the REAL...
published: 12 Nov 2019
-
Clayton Morris Shares: Best Tips for Using a HELOC in 2024 | Morris Invest
📞 Ready to buy your first fully done for you rental property? Book a free call with us: https://morrisinvest.com
The HELOC is a great financial tool you can use to reach a variety of financial goals, whether you want to pay off high interest debt, invest in real estate, or pay down the principal balance of your primary residence. In this video, I'm sharing my best tips for using a HELOC in 2024!
❓Ask me a 30-second question at https://morrisinvest.com/clayton
📺 Watch Next: How to Create Your Personalized Path to Financial Freedom: https://bit.ly/392kAsB
🏠 What's Your Freedom Number? Download our free PDF to help you determine how many rental properties you would need to achieve financial freedom: https://morrisinvest.com/freedom
💵 Ready to get your finances in order? Download the F...
published: 03 Jan 2024
-
Everyone Needs A HELOC?
💵 Create Your Free Budget! Sign up for EveryDollar ⮕ https://ter.li/6h2c45
📱Download the Ramsey Network App ⮕ https://ter.li/ajeshj
🛒 Visit The Ramsey Store ⮕ https://ter.li/7vyom2
📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message https://ter.li/n88ly5
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ https://ter.li/ng9950
🍸 Smart Money Happy Hour ⮕ https://ter.li/9gcp3d
🧠 The Dr. John Delony Show ⮕ https://ter.li/2u3mc0
💰 George Kamel ⮕ https://ter.li/1elws8
💡 The Rachel Cruze Show ⮕ https://ter.li/n2u6jc
💼 The Ken Coleman Show - Highlights ⮕ https://ter.li/1rbjr2
📈 EntreLeadership ⮕ https://ter.li/ktxv2k
Ramsey Solutions Privacy Policy
https://www.ramseysolutions.com/company/policies/privacy-policy
published: 07 Feb 2023
-
Is It Alright To Use A HELOC For This?
💵 Create Your Free Budget! Sign up for EveryDollar ⮕ https://ter.li/6h2c45
📱Download the Ramsey Network App ⮕ https://ter.li/ajeshj
🛒 Visit The Ramsey Store ⮕ https://ter.li/7vyom2
📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message https://ter.li/n88ly5
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ https://ter.li/ng9950
🍸 Smart Money Happy Hour ⮕ https://ter.li/9gcp3d
🧠 The Dr. John Delony Show ⮕ https://ter.li/2u3mc0
💰 George Kamel ⮕ https://ter.li/1elws8
💡 The Rachel Cruze Show ⮕ https://ter.li/n2u6jc
💼 The Ken Coleman Show - Highlights ⮕ https://ter.li/1rbjr2
📈 EntreLeadership ⮕ https://ter.li/ktxv2k
Ramsey Solutions Privacy Policy
https://www.ramseysolutions.com/company/policies/privacy-policy
published: 18 Dec 2022
-
The Pros & Cons of Using a HELOC in 2024 | HELOC EXPLAINED
Are you looking to get a Home Equity Line Of Credit? If so, it is so important to understand the Pros & Cons of Using a HELOC in 2024! Now a HELOC can be an amazing tool to build wealth, if used correctly. If you don't use a HELOC properly, you are setting yourself up for financial stress! With Interest only Heloc's the interest rate varies. That's why in this video we will be going over the Pro's and Con's of using a HELOC and everything you should know.
#heloc #realestate #homeequity
📺Watch Next:
MY FREE RESOURCES YOU MUST HAVE
🏡Grab my FREE House Hacking Calculator- https://bit.ly/41wPtPM
🏘️Download My FREE Detailed Rental Calculator - https://bit.ly/44W13GU
📱CONNECT WITH ME📱
Connect with me for more Real Estate Education and my Journey!
Subscribe to my YouTube Channel - https://bi...
published: 11 Feb 2024
-
HELOCs Vs Home Equity Loans Explained | The Pros and Cons
We discuss the differences between a HELOC (Home Equity Line of Credit) and a Home Equity Loan
//TO BUY HOUSE HACKONOMICS OR ANY OF MG THE MORTGAGE GUY BOOKS: https://mgbookstore.com/
//TO JOIN EYL UNIVERSITY : https://www.eyluniversity.com/squeeze-page1610214869715
//APPLY FOR A LOAN: https://www.applywithmg.com/optin1663174580377
// SECOND OPINION ON YOUR CURRENT LOAN: https://mgcalendar.as.me/schedule.php?calendarID=4050923
//Jordana Instagram: https://www.instagram.com/jordanahemingway/
//MG The Mortgage Guy Official Instagram: https://www.instagram.com/mgthemortgageguy/
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//MG The Mortgage Guy Official TikTok:
https://www.tiktok.com/@mgmortgageguy
SUBSCRIBE: https://www.youtube.com/c/MGTh...
published: 29 Nov 2022
14:10
HELOC Explained (and when NOT to use it!)
In this video, Chandler David Smith breaks down everything that you need to know about a HELOC (home equity line of credit), and shares how you can use one to f...
In this video, Chandler David Smith breaks down everything that you need to know about a HELOC (home equity line of credit), and shares how you can use one to fund a real estate investment.
He shares what they are, how you can use them, and when you may want to consider other options. There are several big benefits to HELOCs, as it allows you to take out money with close to no fees, and the interest rates are much more affordable than a traditional loan. If your house has gone up in value (like everyone’s in 2021) then you can take out up to your entire value of the home, minus the amount left on your loan. As a simplified example you can take out $300,000, when you bought the home for $400,000, but have paid off $200,000, and if the home is currently worth $500,000.
The chance you have to immediately access this money to buy more growing investment assets should definitely be considered. Many people feel like they need to sell their properties in order to keep growing, but with resources like this, you can grow your portfolio extremely quickly. The advantages to using a HELOC to buy real estate is the low cost, and flexible payback terms. The con’s are not nearly as strong as the pros in most situations, but HELOCs usually have flexible rates, and the rules are always changing, so it can be difficult to plan for financing costs. HELOCs are a great way to fund your initial approach into real estate investing, and is a fantastic option for those who have already built equity into their home. The money acquired can be used for anything, from remodels, renovations, downpayment, and more.
Get $50 off my new Real Estate Investing Course! Use coupon ( 50OFF ) Go to:
https://www.chandlerdavidsmith.com/course
To join my Facebook group, go to:
https://www.facebook.com/groups/chandlersmithmastermind/
To learn more about a job opportunity doing door to door sales with Chandler, go to:
https://www.elitesummersales.com/
If you're interested in learning more about real estate investing, and you'd like to have one-on-one mentorship go to:
https://www.chandlerdavidsmith.com/
Check out some other videos if you want to learn more about investing in real estate, building a huge passive income, or preparing for your own future home.
Want to see all of Chandler's real estate deals?
Real Estate Portfolio
https://www.youtube.com/playlist?list=PLgBdAuQ6z2LUkikeMlF-WbFlWk63f9tA0
What is a Good Deal?
https://youtu.be/socXihCNHkU
Follow Chandler
INSTAGRAM
https://www.instagram.com/chandlerdavidsmith/
Facebook
https://www.facebook.com/chandler.smith.73
Many people ask questions such as:
Are Heloc Rates Fixed?
Are Heloc Loans Tax Deductible?
Are Heloc Rates Variable?
Are Heloc Loans Good?
Are Heloc Rates Variable Or Fixed?
Are Heloc Rates Going Up?
Are Heloc Payments Interest Only?
Are Heloc Loans Easy To Get?
Can Heloc Be Increased?
Can Heloc Be Called?
How Heloc Works?
How Heloc Interest Works?
How Heloc Works Canada?
How Heloc Is Calculated?
How Heloc Rates Work?
Heloc How Do They Work?
What'S Heloc Loan?
What Heloc Interest Is Deductible?
Heloc What You Need To Know?
What Is Heloc Mortgage?
What Are Heloc Rates?
What Is Heloc In Real Estate?
When Is Heloc Interest Deductible?
When Do Heloc Payments Start?
Heloc Where To Apply?
When To Use Heloc?
Who Is Accepting Heloc Applications?
Is Now A Good Time To Apply For A Heloc?
Which Is Better Heloc Or Home Equity Loan?
Which Is Better Heloc Or Cash Out Refinance?
Which Banks Offer Heloc?
Which Is Better Heloc Or Second Mortgage?
Which Banks Do Heloc On Investment Property?
Which Is Better Heloc Or Reverse Mortgage?
Which Is Better Heloc Or Personal Loan?
Heloc Who Is Offering?
Who Offers Heloc On Investment Property?
Who Does Heloc On Investment Properties?
Who Does Heloc?
Who Gives Heloc Loans?
Who Offers Heloc On Rental Property?
Who Does Heloc On Manufactured Homes?
Who Offers Heloc Mortgage?
Why Heloc Is Bad?
Why Heloc Is Better Than Mortgage?
Why Are Heloc Rates So High?
Why Use Heloc?
Why Get Heloc?
Why Choose Heloc?
Why Do Heloc?
Why Do A Heloc Loan?
Will Heloc Rates Go Up?
Will Heloc Rates Go Down?
When Will Heloc Be Available Again?
When Will Heloc Rates Rise?
Heloc Can Be Used For?
Can Heloc Be Used For Down Payment?
Can Heloc Be Fixed Rate?
Can Heloc Be Used For Investment?
Can Heloc Be Used To Pay Off Mortgage?
Can Heloc Interest Be Tax Deductible?
Heloc For Dummies?
Heloc For Down Payment On Second Home?
Heloc To Pay Off Debt?
Heloc To Invest?
Heloc Without Refinancing?
Heloc And Capital Gains?
Heloc And Then Refinance?
Heloc Like A Credit Card?
Use Heloc Like Checking Account?
Heloc Or Second Mortgage?
Heloc No Income Verification?
Heloc On Investment Property?
Heloc On Rental Property?
Heloc Or Cash Out Refinance?
Heloc Or Home Equity Loan?
Heloc Or Refinance?
Heloc Pros And Cons?
Heloc Qualification Guidelines?
Heloc Rates?
Heloc To Pay Off Mortgage?
Heloc Tax Deduction?
Heloc To Buy Investment Property?
https://wn.com/Heloc_Explained_(And_When_Not_To_Use_It_)
In this video, Chandler David Smith breaks down everything that you need to know about a HELOC (home equity line of credit), and shares how you can use one to fund a real estate investment.
He shares what they are, how you can use them, and when you may want to consider other options. There are several big benefits to HELOCs, as it allows you to take out money with close to no fees, and the interest rates are much more affordable than a traditional loan. If your house has gone up in value (like everyone’s in 2021) then you can take out up to your entire value of the home, minus the amount left on your loan. As a simplified example you can take out $300,000, when you bought the home for $400,000, but have paid off $200,000, and if the home is currently worth $500,000.
The chance you have to immediately access this money to buy more growing investment assets should definitely be considered. Many people feel like they need to sell their properties in order to keep growing, but with resources like this, you can grow your portfolio extremely quickly. The advantages to using a HELOC to buy real estate is the low cost, and flexible payback terms. The con’s are not nearly as strong as the pros in most situations, but HELOCs usually have flexible rates, and the rules are always changing, so it can be difficult to plan for financing costs. HELOCs are a great way to fund your initial approach into real estate investing, and is a fantastic option for those who have already built equity into their home. The money acquired can be used for anything, from remodels, renovations, downpayment, and more.
Get $50 off my new Real Estate Investing Course! Use coupon ( 50OFF ) Go to:
https://www.chandlerdavidsmith.com/course
To join my Facebook group, go to:
https://www.facebook.com/groups/chandlersmithmastermind/
To learn more about a job opportunity doing door to door sales with Chandler, go to:
https://www.elitesummersales.com/
If you're interested in learning more about real estate investing, and you'd like to have one-on-one mentorship go to:
https://www.chandlerdavidsmith.com/
Check out some other videos if you want to learn more about investing in real estate, building a huge passive income, or preparing for your own future home.
Want to see all of Chandler's real estate deals?
Real Estate Portfolio
https://www.youtube.com/playlist?list=PLgBdAuQ6z2LUkikeMlF-WbFlWk63f9tA0
What is a Good Deal?
https://youtu.be/socXihCNHkU
Follow Chandler
INSTAGRAM
https://www.instagram.com/chandlerdavidsmith/
Facebook
https://www.facebook.com/chandler.smith.73
Many people ask questions such as:
Are Heloc Rates Fixed?
Are Heloc Loans Tax Deductible?
Are Heloc Rates Variable?
Are Heloc Loans Good?
Are Heloc Rates Variable Or Fixed?
Are Heloc Rates Going Up?
Are Heloc Payments Interest Only?
Are Heloc Loans Easy To Get?
Can Heloc Be Increased?
Can Heloc Be Called?
How Heloc Works?
How Heloc Interest Works?
How Heloc Works Canada?
How Heloc Is Calculated?
How Heloc Rates Work?
Heloc How Do They Work?
What'S Heloc Loan?
What Heloc Interest Is Deductible?
Heloc What You Need To Know?
What Is Heloc Mortgage?
What Are Heloc Rates?
What Is Heloc In Real Estate?
When Is Heloc Interest Deductible?
When Do Heloc Payments Start?
Heloc Where To Apply?
When To Use Heloc?
Who Is Accepting Heloc Applications?
Is Now A Good Time To Apply For A Heloc?
Which Is Better Heloc Or Home Equity Loan?
Which Is Better Heloc Or Cash Out Refinance?
Which Banks Offer Heloc?
Which Is Better Heloc Or Second Mortgage?
Which Banks Do Heloc On Investment Property?
Which Is Better Heloc Or Reverse Mortgage?
Which Is Better Heloc Or Personal Loan?
Heloc Who Is Offering?
Who Offers Heloc On Investment Property?
Who Does Heloc On Investment Properties?
Who Does Heloc?
Who Gives Heloc Loans?
Who Offers Heloc On Rental Property?
Who Does Heloc On Manufactured Homes?
Who Offers Heloc Mortgage?
Why Heloc Is Bad?
Why Heloc Is Better Than Mortgage?
Why Are Heloc Rates So High?
Why Use Heloc?
Why Get Heloc?
Why Choose Heloc?
Why Do Heloc?
Why Do A Heloc Loan?
Will Heloc Rates Go Up?
Will Heloc Rates Go Down?
When Will Heloc Be Available Again?
When Will Heloc Rates Rise?
Heloc Can Be Used For?
Can Heloc Be Used For Down Payment?
Can Heloc Be Fixed Rate?
Can Heloc Be Used For Investment?
Can Heloc Be Used To Pay Off Mortgage?
Can Heloc Interest Be Tax Deductible?
Heloc For Dummies?
Heloc For Down Payment On Second Home?
Heloc To Pay Off Debt?
Heloc To Invest?
Heloc Without Refinancing?
Heloc And Capital Gains?
Heloc And Then Refinance?
Heloc Like A Credit Card?
Use Heloc Like Checking Account?
Heloc Or Second Mortgage?
Heloc No Income Verification?
Heloc On Investment Property?
Heloc On Rental Property?
Heloc Or Cash Out Refinance?
Heloc Or Home Equity Loan?
Heloc Or Refinance?
Heloc Pros And Cons?
Heloc Qualification Guidelines?
Heloc Rates?
Heloc To Pay Off Mortgage?
Heloc Tax Deduction?
Heloc To Buy Investment Property?
- published: 09 Feb 2022
- views: 801755
5:31
HELOC Vs Home Equity Loan: Which is Better?
What is the difference between a HELOC (Home Equity Line of Credit) VS a Home Equity Loan? Are they the same thing? Which is Better? We'll address those questio...
What is the difference between a HELOC (Home Equity Line of Credit) VS a Home Equity Loan? Are they the same thing? Which is Better? We'll address those questions in this video! Enjoy!
Recommended Video - How To Pay Off Your Mortgage in 5 To 7 Years: https://www.youtube.com/watch?v=eGVn9iq1e6c
Let's first talk about the Home Equity Loan. A Hom Equity Loan is very similar to your traditional mortgage in ways that:
A.) You get all the money upfront at the loan closing.
B.) It is amortized anywhere between 5 to 30 years,
C.) It is closed-ended loan meaning that you can only pay back the loan and you typically have a fixed monthly payment and
D.) Home Equity Loans are typically borrowed as a 2nd position lien/loan.
I'm personally not a big fan of the Home Equity Loan as it restricts you from being able to access the equity all over again much like the HELOC and unlike the HELOC products, Home Equity Loans are usually a "one-off" loan product that's often used to spend money on education, home improvement, and personal spendings which can or can't be good.
In comparison, a HELOC (Home Equity Line of Credit) is a revolving line of credit. You can:
A.) Access the funds, pay it back, and re-use the principal portion of the HELOC. This is called being open-ended.
B.) The Draw period of the HELOC is NOT amortized which is useful when using our Debt Free Acceleration strategy to pay off your amortized loans.
C.) HELOCs use a different interest calculation versus the amortized interest calculation which can be used as an advantage when using our Debt Free Acceleration Strategy.
D.) HELOCs CAN be 1st or 2nd position lien on your property which offers some flexibility with the amount of equity you build for later investment purposes.
As you can see, I'm a bigger fan of the HELOC when USED PROPERLY and WISELY... A HELOC can be dangerous and destructive to your financial well-being WITHOUT the proper education on how to use such tool. Remember, no loan product is ever "bad". The user of the loan product makes it bad through their lack of financial literacy, awareness, and education.
To learn more about our Debt Free Acceleration strategy to eliminate your debt completely, watch our 28-minute explainer video right here: https://www.youtube.com/watch?v=eGVn9iq1e6c
😃 Thanks for Subscribing & Liking our Video!
The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)
📊 GET OUR FREE HELOC STRATEGY CALCULATOR & EBOOK:
https://bit.ly/2WZUPpm
📋 SIGN UP FOR OUR FREE OWNER FINANCING COURSE:
https://freeownerfinancingcourse.com
💻 JOIN OUR FREE FACEBOOK MASTERMIND GROUP:
https://www.facebook.com/groups/bestreigroup
GET SOCIAL WITH US:
📣Facebook: https://www.facebook.com/thekwakbrothers/
📣Instagram: https://www.instagram.com/thekwakbrothers/
🔊 📧 Hire the Kwak Brothers to Speak:
[email protected]
#realestateinvesting #thekwakbrothers #realestate
========================
Video Created by:
Christopher Dorsano - Creative Director
https://trufocusproductions.com/
---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
https://wn.com/Heloc_Vs_Home_Equity_Loan_Which_Is_Better
What is the difference between a HELOC (Home Equity Line of Credit) VS a Home Equity Loan? Are they the same thing? Which is Better? We'll address those questions in this video! Enjoy!
Recommended Video - How To Pay Off Your Mortgage in 5 To 7 Years: https://www.youtube.com/watch?v=eGVn9iq1e6c
Let's first talk about the Home Equity Loan. A Hom Equity Loan is very similar to your traditional mortgage in ways that:
A.) You get all the money upfront at the loan closing.
B.) It is amortized anywhere between 5 to 30 years,
C.) It is closed-ended loan meaning that you can only pay back the loan and you typically have a fixed monthly payment and
D.) Home Equity Loans are typically borrowed as a 2nd position lien/loan.
I'm personally not a big fan of the Home Equity Loan as it restricts you from being able to access the equity all over again much like the HELOC and unlike the HELOC products, Home Equity Loans are usually a "one-off" loan product that's often used to spend money on education, home improvement, and personal spendings which can or can't be good.
In comparison, a HELOC (Home Equity Line of Credit) is a revolving line of credit. You can:
A.) Access the funds, pay it back, and re-use the principal portion of the HELOC. This is called being open-ended.
B.) The Draw period of the HELOC is NOT amortized which is useful when using our Debt Free Acceleration strategy to pay off your amortized loans.
C.) HELOCs use a different interest calculation versus the amortized interest calculation which can be used as an advantage when using our Debt Free Acceleration Strategy.
D.) HELOCs CAN be 1st or 2nd position lien on your property which offers some flexibility with the amount of equity you build for later investment purposes.
As you can see, I'm a bigger fan of the HELOC when USED PROPERLY and WISELY... A HELOC can be dangerous and destructive to your financial well-being WITHOUT the proper education on how to use such tool. Remember, no loan product is ever "bad". The user of the loan product makes it bad through their lack of financial literacy, awareness, and education.
To learn more about our Debt Free Acceleration strategy to eliminate your debt completely, watch our 28-minute explainer video right here: https://www.youtube.com/watch?v=eGVn9iq1e6c
😃 Thanks for Subscribing & Liking our Video!
The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)
📊 GET OUR FREE HELOC STRATEGY CALCULATOR & EBOOK:
https://bit.ly/2WZUPpm
📋 SIGN UP FOR OUR FREE OWNER FINANCING COURSE:
https://freeownerfinancingcourse.com
💻 JOIN OUR FREE FACEBOOK MASTERMIND GROUP:
https://www.facebook.com/groups/bestreigroup
GET SOCIAL WITH US:
📣Facebook: https://www.facebook.com/thekwakbrothers/
📣Instagram: https://www.instagram.com/thekwakbrothers/
🔊 📧 Hire the Kwak Brothers to Speak:
[email protected]
#realestateinvesting #thekwakbrothers #realestate
========================
Video Created by:
Christopher Dorsano - Creative Director
https://trufocusproductions.com/
---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
- published: 29 Aug 2019
- views: 250522
10:58
HELOC Explained: What is a HELOC?
HELOC Explained: What is a Home Equity Line of Credit? (Abbreviated to HELOC or H.E.L.O.C.) "pronounced Hee-lock" If you're wondering what is a HELOC? Well - In...
HELOC Explained: What is a Home Equity Line of Credit? (Abbreviated to HELOC or H.E.L.O.C.) "pronounced Hee-lock" If you're wondering what is a HELOC? Well - In this video, let's break down exactly what is a HELOC and how it's different from your traditional mortgage! Here it is, HELOC Explained Enjoy!
VIDEO RECOMMENDATION - How to Pay Off Your Mortgage within 5 to 7 years: https://www.youtube.com/watch?v=eGVn9iq1e6c
HELOC is an abbreviated term for Home Equity Line of Credit. A HELOC collateralize your home equity to a line of credit for you to be able to draw the money out and repay over and over again. Very similar to a credit card, your HELOC is a revolving line of credit. Imagine a tank full of water stored inside but you can't get into it. It's completed. What a HELOC is to that water tank is kind alike installing a faucet so you can get access to the water. But unlike this water tank-faucet example, you can actually put the "water" back into the water tank in a HELOC. Meaning, you can pay back what you've drawn and re-use any principal portion of your payment.
Home Equity (in laymen's explanation) is the fair market value (FMV) of your home minus any loans or liens you owe on your property such as a mortgage. So for example, if your home is worth $200,000 and you owe $100,000 on a mortgage, you have $100,000 in equity that you can get access through different means such as selling your home, getting a Home Equity Loan, or a HELOC.
Line of Credit is a credit instrument to which you can borrow the money, payback, and re-use it again as long as the line of credit stays open and active. In most cases, Lines of Credit have credit limits and you're limited to a specific amount that you can draw. In the case of a HELOC, your credit limit is often determined by your Home Equity and the Loan-To-Value that a bank establishes. Loan-To-Value (LTV) is a percentage of how much debt you have against an asset. Going back to the example of $200,000 home value. A 90% LTV loan means that you can borrow up to 90% of the $200,000 home value. So if you already have a $100,000 mortgage and you're looking to get a 90% LTV HELOC, you can only access an additional credit limit of $80,000. ($100,000 mortgage + $80,000 HELOC = $180,000) The LTV percentage may be set by the banks and different banks may offer varying percentage for the LTV required.
Though interest rates are often higher on a HELOC than a traditional mortgage, there ARE ways to save money on interest and time by using a HELOC to pay off your mortgage with an unique strategy called the Debt Free Acceleration Strategy. You can watch the FULL explanation video of that strategy here: https://www.youtube.com/watch?v=eGVn9iq1e6c
If you're shopping for HELOC Interest Rates or HELOC Rates, get at least 3 bank offers before moving forward (Esecpially if you're looking to Replace Your Mortgage or implementing the Velocity Bank Strategy/Debt Free Accelerator Strategy) Hope this video gave you a good enough content to have the HELOC Explained and answered your question 'What is a HELOC'.
😃 Thanks for Subscribing & Liking our Video!
The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)
📊 GET OUR FREE HELOC STRATEGY CALCULATOR & EBOOK:
https://bit.ly/2WZUPpm
📋 SIGN UP FOR OUR FREE OWNER FINANCING COURSE:
https://freeownerfinancingcourse.com
💻 JOIN OUR FREE FACEBOOK MASTERMIND GROUP:
https://www.facebook.com/groups/bestreigroup
GET SOCIAL WITH US:
📣Facebook: https://www.facebook.com/thekwakbrothers/
📣Instagram: https://www.instagram.com/thekwakbrothers/
🔊 📧 Hire the Kwak Brothers to Speak:
[email protected]
#heloc #helocexplained #thekwakbrothers
========================
Video Created by:
Christopher Dorsano - Creative Director
https://trufocusproductions.com/
---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
https://wn.com/Heloc_Explained_What_Is_A_Heloc
HELOC Explained: What is a Home Equity Line of Credit? (Abbreviated to HELOC or H.E.L.O.C.) "pronounced Hee-lock" If you're wondering what is a HELOC? Well - In this video, let's break down exactly what is a HELOC and how it's different from your traditional mortgage! Here it is, HELOC Explained Enjoy!
VIDEO RECOMMENDATION - How to Pay Off Your Mortgage within 5 to 7 years: https://www.youtube.com/watch?v=eGVn9iq1e6c
HELOC is an abbreviated term for Home Equity Line of Credit. A HELOC collateralize your home equity to a line of credit for you to be able to draw the money out and repay over and over again. Very similar to a credit card, your HELOC is a revolving line of credit. Imagine a tank full of water stored inside but you can't get into it. It's completed. What a HELOC is to that water tank is kind alike installing a faucet so you can get access to the water. But unlike this water tank-faucet example, you can actually put the "water" back into the water tank in a HELOC. Meaning, you can pay back what you've drawn and re-use any principal portion of your payment.
Home Equity (in laymen's explanation) is the fair market value (FMV) of your home minus any loans or liens you owe on your property such as a mortgage. So for example, if your home is worth $200,000 and you owe $100,000 on a mortgage, you have $100,000 in equity that you can get access through different means such as selling your home, getting a Home Equity Loan, or a HELOC.
Line of Credit is a credit instrument to which you can borrow the money, payback, and re-use it again as long as the line of credit stays open and active. In most cases, Lines of Credit have credit limits and you're limited to a specific amount that you can draw. In the case of a HELOC, your credit limit is often determined by your Home Equity and the Loan-To-Value that a bank establishes. Loan-To-Value (LTV) is a percentage of how much debt you have against an asset. Going back to the example of $200,000 home value. A 90% LTV loan means that you can borrow up to 90% of the $200,000 home value. So if you already have a $100,000 mortgage and you're looking to get a 90% LTV HELOC, you can only access an additional credit limit of $80,000. ($100,000 mortgage + $80,000 HELOC = $180,000) The LTV percentage may be set by the banks and different banks may offer varying percentage for the LTV required.
Though interest rates are often higher on a HELOC than a traditional mortgage, there ARE ways to save money on interest and time by using a HELOC to pay off your mortgage with an unique strategy called the Debt Free Acceleration Strategy. You can watch the FULL explanation video of that strategy here: https://www.youtube.com/watch?v=eGVn9iq1e6c
If you're shopping for HELOC Interest Rates or HELOC Rates, get at least 3 bank offers before moving forward (Esecpially if you're looking to Replace Your Mortgage or implementing the Velocity Bank Strategy/Debt Free Accelerator Strategy) Hope this video gave you a good enough content to have the HELOC Explained and answered your question 'What is a HELOC'.
😃 Thanks for Subscribing & Liking our Video!
The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)
📊 GET OUR FREE HELOC STRATEGY CALCULATOR & EBOOK:
https://bit.ly/2WZUPpm
📋 SIGN UP FOR OUR FREE OWNER FINANCING COURSE:
https://freeownerfinancingcourse.com
💻 JOIN OUR FREE FACEBOOK MASTERMIND GROUP:
https://www.facebook.com/groups/bestreigroup
GET SOCIAL WITH US:
📣Facebook: https://www.facebook.com/thekwakbrothers/
📣Instagram: https://www.instagram.com/thekwakbrothers/
🔊 📧 Hire the Kwak Brothers to Speak:
[email protected]
#heloc #helocexplained #thekwakbrothers
========================
Video Created by:
Christopher Dorsano - Creative Director
https://trufocusproductions.com/
---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
- published: 27 Aug 2019
- views: 127798
19:16
Home Equity Lines of Credit Explained | How a HELOC Works, Pros and Cons
Have any questions or want to talk about your situation? Let's chat!
Schedule a call: https://calendly.com/juleef/heloc-and-other-lending-advice
📞Text or call ...
Have any questions or want to talk about your situation? Let's chat!
Schedule a call: https://calendly.com/juleef/heloc-and-other-lending-advice
📞Text or call 📞: 503-799-3711
To apply: https://rate.com/juleef
Lending wherever you want to call “home” 🏠❤️ -- in all 50 states.
In this video:
00:00 - Introduction: what’s in this video?
00:27 - What is a HELOC?
01:09 - How is it different from a cash out refinance?
01:22 - Why a HELOC can be better
01:57 - What’s a blended interest rate?
02:29 - Why a blended rate is important
02:53 - A blended rate example
03:32 - Blended rate - not a one-time thing!
04:22 - How would I use a HELOC?
04:53 - HELOC as an emergency reserve
05:36 - Words of caution
06:52 - HELOC programs vary - why?
08:17 - How much can you borrow?
09:07 - Setting up a HELOC
09:49 - How does a line of credit work?
10:26 - Draw period
10:52 - Minimum monthly payment
12:06 - What happens when the draw period ends?
12:55 - Drawbacks to a HELOC
13:26 - What is the Prime Rate?
15:07 - Fixed rate Home Equity Loan vs HELOC
16:07 - How to shop for a HELOC
16:41 - 7 question HELOC shopping list
#HELOC #HELOCexplained #homeequitylineofcredit #helocvsrefinance
Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate, Inc.; NMLS #2611. Equal Housing Lender.
www.nmlsconsumeraccess.org
www.rate.com/licensing
www.rate.com/privacy
Branch address: 1300 SE Stark St Ste 111, Portland, OR 97214
State Licenses:
AK - AK120831, AL - 73482, AR - 117882, AZ - 1002329, CA - CA-DBO120831, CO - 100514850, CT - LO-120831, DC - MLO120831, DE - MLO - 120831, FL - LO66603, GA - 67474, HI - HI-120831, IA - 34589, ID - MLO-2080120831, IL - 031.0056868, IN - 42483, KS - LO.0039957, KY - MC713848, LA - Licensed, MA - MLO120831, MD - 120831, ME - Licensed, MI - 120831, MN - MN-MLO-120831, MO - MO-120831, MS - 120831, MT - 120831, NC - I-187748, ND - NDMLO120831, NE - Licensed, NH - Licensed, NJ - Licensed, NM - Licensed, NV - 65660, NY - Licensed, OH - MLO-OH.120831, OK - MLO21956, OR - Licensed, PA - 74700, RI - Licensed, SC - MLO - 120831, SD - MLO.09183, TN - 203658, TX - Licensed, UT - 12003187, VA - MLO-41738VA, VT - VT120831, WA - MLO-120831, WI - 120831, WV - LO-120831, WY - 8673
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. By refinancing, you may pay more in costs and interest over the extended term. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Guaranteed Rate, Inc. cannot predict where rates will be in the future.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
Content found in these videos is public information. However, all information including text, photographs, etc. is copyrighted and is protected by United States and international copyright laws. These videos may not be used, reproduced, or distributed for commercial purposes without prior written consent from Julee Felsman and Guaranteed Rate.
https://wn.com/Home_Equity_Lines_Of_Credit_Explained_|_How_A_Heloc_Works,_Pros_And_Cons
Have any questions or want to talk about your situation? Let's chat!
Schedule a call: https://calendly.com/juleef/heloc-and-other-lending-advice
📞Text or call 📞: 503-799-3711
To apply: https://rate.com/juleef
Lending wherever you want to call “home” 🏠❤️ -- in all 50 states.
In this video:
00:00 - Introduction: what’s in this video?
00:27 - What is a HELOC?
01:09 - How is it different from a cash out refinance?
01:22 - Why a HELOC can be better
01:57 - What’s a blended interest rate?
02:29 - Why a blended rate is important
02:53 - A blended rate example
03:32 - Blended rate - not a one-time thing!
04:22 - How would I use a HELOC?
04:53 - HELOC as an emergency reserve
05:36 - Words of caution
06:52 - HELOC programs vary - why?
08:17 - How much can you borrow?
09:07 - Setting up a HELOC
09:49 - How does a line of credit work?
10:26 - Draw period
10:52 - Minimum monthly payment
12:06 - What happens when the draw period ends?
12:55 - Drawbacks to a HELOC
13:26 - What is the Prime Rate?
15:07 - Fixed rate Home Equity Loan vs HELOC
16:07 - How to shop for a HELOC
16:41 - 7 question HELOC shopping list
#HELOC #HELOCexplained #homeequitylineofcredit #helocvsrefinance
Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate, Inc.; NMLS #2611. Equal Housing Lender.
www.nmlsconsumeraccess.org
www.rate.com/licensing
www.rate.com/privacy
Branch address: 1300 SE Stark St Ste 111, Portland, OR 97214
State Licenses:
AK - AK120831, AL - 73482, AR - 117882, AZ - 1002329, CA - CA-DBO120831, CO - 100514850, CT - LO-120831, DC - MLO120831, DE - MLO - 120831, FL - LO66603, GA - 67474, HI - HI-120831, IA - 34589, ID - MLO-2080120831, IL - 031.0056868, IN - 42483, KS - LO.0039957, KY - MC713848, LA - Licensed, MA - MLO120831, MD - 120831, ME - Licensed, MI - 120831, MN - MN-MLO-120831, MO - MO-120831, MS - 120831, MT - 120831, NC - I-187748, ND - NDMLO120831, NE - Licensed, NH - Licensed, NJ - Licensed, NM - Licensed, NV - 65660, NY - Licensed, OH - MLO-OH.120831, OK - MLO21956, OR - Licensed, PA - 74700, RI - Licensed, SC - MLO - 120831, SD - MLO.09183, TN - 203658, TX - Licensed, UT - 12003187, VA - MLO-41738VA, VT - VT120831, WA - MLO-120831, WI - 120831, WV - LO-120831, WY - 8673
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. By refinancing, you may pay more in costs and interest over the extended term. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Guaranteed Rate, Inc. cannot predict where rates will be in the future.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
Content found in these videos is public information. However, all information including text, photographs, etc. is copyrighted and is protected by United States and international copyright laws. These videos may not be used, reproduced, or distributed for commercial purposes without prior written consent from Julee Felsman and Guaranteed Rate.
- published: 31 Mar 2023
- views: 140704
16:16
HELOC to Pay Off Mortgage
HELOC to Pay Off Your Mortgage... You may have heard this elsewhere or you heard it from us... You can pay off your mortgage FASTER using a HELOC. Well, it's tr...
HELOC to Pay Off Your Mortgage... You may have heard this elsewhere or you heard it from us... You can pay off your mortgage FASTER using a HELOC. Well, it's true! I'm going to breakdown exactly how you can use a HELOC (or just about any line of credit) to pay off your mortgage faster... On average 5-7 years.
Download our FREE HELOC Calculator & Explainer eBook: http://chopmymortgage.com
HELOC During The Recession VIDEO: https://www.youtube.com/watch?v=XxlVwLmzr2E
HELOC To Buy Investment Property VIDEO: https://www.youtube.com/watch?v=bjLbDQsSZAw
We call this strategy & method: Accelerated Banking.
It has many names from different organizations such as Sweep Strategy, Velocity Banking, Mortgage Acceleration, Pill Method, HELOC Strategy, etc.... It has SOOOO many names. But... the REAL name is Accelerated Banking
This strategy hails from Australia. And in Australia, it is reported that 1 out of 4 people use this strategy to pay off their mortgage.
The strategy involves using a Simple Interest HELOC (Home Equity Line of Credit) to pay off your mortgage. It's taking advantage of several things...
1. Lower Average Daily Balance = Less Interest You Gotta Pay.
Using the Open & Revolving nature of the HELOC, we're going to use the HELOC to make a principal payment against the mortgage which further reduces the interest owed as well as the time spent to pay off the mortgage. But now you have a balance on your HELOC. This is where you use your income and savings to knock down the principal balance on the HELOC which allows you to lower the average daily balance YET... Still use the income to cover your expenses out of the HELOC
2. Double Income Utilization
This is a concept where you use ALL of your income to reduce the balance of your HELOC but still being able to use the same income to cover your expenses. In one variation of the strategy, we introduce credit cards to hold all of our expenses while our HELOC is to use to wipe out the balance of the HELOC at the end of each credit card statement period.
3.HELOC is now your new "Savings Account"
By throwing all of our extra savings into the HELOC instead of your savings account, you can actually expect to save 4-7% interest (depending on the HELOC rate), instead of trying to earn 1-2% APY on a savings account. It's a matter of opportunity cost. By decreasing the balance of the HELOC with the savings, you're saving interest by whatever the amount you have "deposited" against the HELOC.
If you're skeptical about this strategy... You should download our FREE Excel Calculator and our FREE ebook that explains deeper as to how this strategy works!
Download our FREE HELOC Calculator & Explainer eBook: http://chopmymortgage.com
😃 Thanks for Subscribing & Liking our Video!
The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)
⌨️ FREE 7 Day Trial To PropStream Real Estate Investing Software:
http://reisoftware.thekwakbrothers.com
📊 GET OUR FREE HELOC STRATEGY CALCULATOR & EBOOK:
https://bit.ly/2WZUPpm
📋 SIGN UP FOR OUR FREE OWNER FINANCING COURSE:
https://freeownerfinancingcourse.com
💻 JOIN OUR FREE FACEBOOK MASTERMIND GROUP:
https://www.facebook.com/groups/bestreigroup
GET SOCIAL WITH US:
📣Facebook: https://www.facebook.com/thekwakbrothers/
📣Instagram: https://www.instagram.com/thekwakbrothers/
🔊 📧 Hire the Kwak Brothers to Speak:
[email protected]
#heloc #mortgage #helocstrategy
========================
Video Created by:
Christopher Dorsano - Creative Director
https://trufocusproductions.com/
---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and The Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
https://wn.com/Heloc_To_Pay_Off_Mortgage
HELOC to Pay Off Your Mortgage... You may have heard this elsewhere or you heard it from us... You can pay off your mortgage FASTER using a HELOC. Well, it's true! I'm going to breakdown exactly how you can use a HELOC (or just about any line of credit) to pay off your mortgage faster... On average 5-7 years.
Download our FREE HELOC Calculator & Explainer eBook: http://chopmymortgage.com
HELOC During The Recession VIDEO: https://www.youtube.com/watch?v=XxlVwLmzr2E
HELOC To Buy Investment Property VIDEO: https://www.youtube.com/watch?v=bjLbDQsSZAw
We call this strategy & method: Accelerated Banking.
It has many names from different organizations such as Sweep Strategy, Velocity Banking, Mortgage Acceleration, Pill Method, HELOC Strategy, etc.... It has SOOOO many names. But... the REAL name is Accelerated Banking
This strategy hails from Australia. And in Australia, it is reported that 1 out of 4 people use this strategy to pay off their mortgage.
The strategy involves using a Simple Interest HELOC (Home Equity Line of Credit) to pay off your mortgage. It's taking advantage of several things...
1. Lower Average Daily Balance = Less Interest You Gotta Pay.
Using the Open & Revolving nature of the HELOC, we're going to use the HELOC to make a principal payment against the mortgage which further reduces the interest owed as well as the time spent to pay off the mortgage. But now you have a balance on your HELOC. This is where you use your income and savings to knock down the principal balance on the HELOC which allows you to lower the average daily balance YET... Still use the income to cover your expenses out of the HELOC
2. Double Income Utilization
This is a concept where you use ALL of your income to reduce the balance of your HELOC but still being able to use the same income to cover your expenses. In one variation of the strategy, we introduce credit cards to hold all of our expenses while our HELOC is to use to wipe out the balance of the HELOC at the end of each credit card statement period.
3.HELOC is now your new "Savings Account"
By throwing all of our extra savings into the HELOC instead of your savings account, you can actually expect to save 4-7% interest (depending on the HELOC rate), instead of trying to earn 1-2% APY on a savings account. It's a matter of opportunity cost. By decreasing the balance of the HELOC with the savings, you're saving interest by whatever the amount you have "deposited" against the HELOC.
If you're skeptical about this strategy... You should download our FREE Excel Calculator and our FREE ebook that explains deeper as to how this strategy works!
Download our FREE HELOC Calculator & Explainer eBook: http://chopmymortgage.com
😃 Thanks for Subscribing & Liking our Video!
The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)
⌨️ FREE 7 Day Trial To PropStream Real Estate Investing Software:
http://reisoftware.thekwakbrothers.com
📊 GET OUR FREE HELOC STRATEGY CALCULATOR & EBOOK:
https://bit.ly/2WZUPpm
📋 SIGN UP FOR OUR FREE OWNER FINANCING COURSE:
https://freeownerfinancingcourse.com
💻 JOIN OUR FREE FACEBOOK MASTERMIND GROUP:
https://www.facebook.com/groups/bestreigroup
GET SOCIAL WITH US:
📣Facebook: https://www.facebook.com/thekwakbrothers/
📣Instagram: https://www.instagram.com/thekwakbrothers/
🔊 📧 Hire the Kwak Brothers to Speak:
[email protected]
#heloc #mortgage #helocstrategy
========================
Video Created by:
Christopher Dorsano - Creative Director
https://trufocusproductions.com/
---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and The Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
- published: 12 Nov 2019
- views: 314339
7:34
Clayton Morris Shares: Best Tips for Using a HELOC in 2024 | Morris Invest
📞 Ready to buy your first fully done for you rental property? Book a free call with us: https://morrisinvest.com
The HELOC is a great financial tool you can u...
📞 Ready to buy your first fully done for you rental property? Book a free call with us: https://morrisinvest.com
The HELOC is a great financial tool you can use to reach a variety of financial goals, whether you want to pay off high interest debt, invest in real estate, or pay down the principal balance of your primary residence. In this video, I'm sharing my best tips for using a HELOC in 2024!
❓Ask me a 30-second question at https://morrisinvest.com/clayton
📺 Watch Next: How to Create Your Personalized Path to Financial Freedom: https://bit.ly/392kAsB
🏠 What's Your Freedom Number? Download our free PDF to help you determine how many rental properties you would need to achieve financial freedom: https://morrisinvest.com/freedom
💵 Ready to get your finances in order? Download the FREE 90-Day Financial Empowerment Bootcamp: https://morrisinvest.com/bootcamp
🎓 Want to learn more about creating your individualized plan to wealth with a proven system? Join us in Financial Freedom Academy: https://financialfreedomacademy.com
👨🏻💻 Sign Up for My Webinar: https://morrisinvest.com/webinar
-----------------
The Ultimate Guide to Leveraging Your Home Equity to Invest: https://youtu.be/Jk9zdoKPjzg
How to Pay Off Your Mortgage in 5 Years: https://amzn.to/2OrjTSD
How much can I borrow with a HELOC?
Most banks will allow you to access up to 85% of your available equity, but this can vary based on your lender and your personal finances
How does the interest rate work on a HELOC?
The home equity line of credit works differently than most financial products because it has a draw period and a repayment period. Here’s how it works: the draw period is usually 5-10 years. During this time, you only have to make payments on the interest. Then when the repayment period kicks in, you’re required to pay both interest and principal payments. The repayment period typically lasts 20 years.
Another thing that is different about the HELOC is that it has a variable interest rate. So unlike your mortgage, you aren’t locked into a certain rate. As baseline rates adjust, just like we’ve seen over the past few years, the HELOC’s interest rate will go up or down.
Where can I find a HELOC?
The best place to start is at your local rates and credit unions. Let me tell you why: these smaller institutions can usually offer the most favorable rates and terms. The other thing to consider is that different states have different laws, so staying local is going to be your safest bet.
What can I use the funds for?
There are really no restrictions on what you can use a HELOC for. I wouldn’t advise using it to buy liabilities, but it may be financially intelligent to use the funds to buy performing assets, make improvements to your home, or pay down higher interest debt.
How does a HELOC differ from a cash-out refinance?
A HELOC is sometimes referred to as a second mortgage, meaning it’s an additional product. A cash-out refinance, however, replaces your existing mortgage. Although the HELOC and the cash-out refinance serve a similar purpose, they’re two totally different financial products with different rates and terms. The HELOC is usually the cheaper way to borrow against the equity in your home. Personally, I’ve always used the HELOC – but your mileage may vary.
Can I get a HELOC on my rental property?
Maybe. It can be much more difficult to obtain a HELOC on a rental property than your primary residence. That being said, it is possible. For whatever reason, the banks often consider investment properties to be riskier. There’s not a big market for HELOCs on rental properties, but they do exist. Be prepared to shop around.
-----------------
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
https://wn.com/Clayton_Morris_Shares_Best_Tips_For_Using_A_Heloc_In_2024_|_Morris_Invest
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The HELOC is a great financial tool you can use to reach a variety of financial goals, whether you want to pay off high interest debt, invest in real estate, or pay down the principal balance of your primary residence. In this video, I'm sharing my best tips for using a HELOC in 2024!
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👨🏻💻 Sign Up for My Webinar: https://morrisinvest.com/webinar
-----------------
The Ultimate Guide to Leveraging Your Home Equity to Invest: https://youtu.be/Jk9zdoKPjzg
How to Pay Off Your Mortgage in 5 Years: https://amzn.to/2OrjTSD
How much can I borrow with a HELOC?
Most banks will allow you to access up to 85% of your available equity, but this can vary based on your lender and your personal finances
How does the interest rate work on a HELOC?
The home equity line of credit works differently than most financial products because it has a draw period and a repayment period. Here’s how it works: the draw period is usually 5-10 years. During this time, you only have to make payments on the interest. Then when the repayment period kicks in, you’re required to pay both interest and principal payments. The repayment period typically lasts 20 years.
Another thing that is different about the HELOC is that it has a variable interest rate. So unlike your mortgage, you aren’t locked into a certain rate. As baseline rates adjust, just like we’ve seen over the past few years, the HELOC’s interest rate will go up or down.
Where can I find a HELOC?
The best place to start is at your local rates and credit unions. Let me tell you why: these smaller institutions can usually offer the most favorable rates and terms. The other thing to consider is that different states have different laws, so staying local is going to be your safest bet.
What can I use the funds for?
There are really no restrictions on what you can use a HELOC for. I wouldn’t advise using it to buy liabilities, but it may be financially intelligent to use the funds to buy performing assets, make improvements to your home, or pay down higher interest debt.
How does a HELOC differ from a cash-out refinance?
A HELOC is sometimes referred to as a second mortgage, meaning it’s an additional product. A cash-out refinance, however, replaces your existing mortgage. Although the HELOC and the cash-out refinance serve a similar purpose, they’re two totally different financial products with different rates and terms. The HELOC is usually the cheaper way to borrow against the equity in your home. Personally, I’ve always used the HELOC – but your mileage may vary.
Can I get a HELOC on my rental property?
Maybe. It can be much more difficult to obtain a HELOC on a rental property than your primary residence. That being said, it is possible. For whatever reason, the banks often consider investment properties to be riskier. There’s not a big market for HELOCs on rental properties, but they do exist. Be prepared to shop around.
-----------------
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
- published: 03 Jan 2024
- views: 22165
7:14
Everyone Needs A HELOC?
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- published: 07 Feb 2023
- views: 86759
7:41
Is It Alright To Use A HELOC For This?
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📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message https://ter.li/n88ly5
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ https://ter.li/ng9950
🍸 Smart Money Happy Hour ⮕ https://ter.li/9gcp3d
🧠 The Dr. John Delony Show ⮕ https://ter.li/2u3mc0
💰 George Kamel ⮕ https://ter.li/1elws8
💡 The Rachel Cruze Show ⮕ https://ter.li/n2u6jc
💼 The Ken Coleman Show - Highlights ⮕ https://ter.li/1rbjr2
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Ramsey Solutions Privacy Policy
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💵 Create Your Free Budget! Sign up for EveryDollar ⮕ https://ter.li/6h2c45
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🛒 Visit The Ramsey Store ⮕ https://ter.li/7vyom2
📞 Have a question for the show? Call 888-825-5225 weekdays from 2-5 pm ET or send us a message https://ter.li/n88ly5
Explore More Shows from Ramsey Network:
🎙️ The Ramsey Show ⮕ https://ter.li/ng9950
🍸 Smart Money Happy Hour ⮕ https://ter.li/9gcp3d
🧠 The Dr. John Delony Show ⮕ https://ter.li/2u3mc0
💰 George Kamel ⮕ https://ter.li/1elws8
💡 The Rachel Cruze Show ⮕ https://ter.li/n2u6jc
💼 The Ken Coleman Show - Highlights ⮕ https://ter.li/1rbjr2
📈 EntreLeadership ⮕ https://ter.li/ktxv2k
Ramsey Solutions Privacy Policy
https://www.ramseysolutions.com/company/policies/privacy-policy
- published: 18 Dec 2022
- views: 93510
9:19
The Pros & Cons of Using a HELOC in 2024 | HELOC EXPLAINED
Are you looking to get a Home Equity Line Of Credit? If so, it is so important to understand the Pros & Cons of Using a HELOC in 2024! Now a HELOC can be an ama...
Are you looking to get a Home Equity Line Of Credit? If so, it is so important to understand the Pros & Cons of Using a HELOC in 2024! Now a HELOC can be an amazing tool to build wealth, if used correctly. If you don't use a HELOC properly, you are setting yourself up for financial stress! With Interest only Heloc's the interest rate varies. That's why in this video we will be going over the Pro's and Con's of using a HELOC and everything you should know.
#heloc #realestate #homeequity
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The Multifamily Millionaire - https://amzn.to/41ltvAe
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WHO AM I?
My name is Evan Phoenix and I am a Real Estate fanatic trying to reach financial independence while educating as many people as I can along the way 🤙
Time Stamps//
0:00 A HELOC CAN BE AN AMAZING TOOL, IF USED CORRECTLY
0:51 WHAT IS A HELOC
1:55 PROS OF A HOME EQUITY LINE OF CREDIT
4:34 CONS OF A HOME EQUITY LINE OF CREDIT
6:34 MY 3 RULES WHEN USING A HELOC
***DISCLAIMER: First off, thank you for all the support. All content from the Evan Phoenix YouTube channel are my own thoughts and opinions. The information from this channel should not be taken as legal of financial advice. Some of the links in the description may be affiliate links where I will benefit from, if you were to click the link and purchase. The links do not include any additional costs to the purchaser.
https://wn.com/The_Pros_Cons_Of_Using_A_Heloc_In_2024_|_Heloc_Explained
Are you looking to get a Home Equity Line Of Credit? If so, it is so important to understand the Pros & Cons of Using a HELOC in 2024! Now a HELOC can be an amazing tool to build wealth, if used correctly. If you don't use a HELOC properly, you are setting yourself up for financial stress! With Interest only Heloc's the interest rate varies. That's why in this video we will be going over the Pro's and Con's of using a HELOC and everything you should know.
#heloc #realestate #homeequity
📺Watch Next:
MY FREE RESOURCES YOU MUST HAVE
🏡Grab my FREE House Hacking Calculator- https://bit.ly/41wPtPM
🏘️Download My FREE Detailed Rental Calculator - https://bit.ly/44W13GU
📱CONNECT WITH ME📱
Connect with me for more Real Estate Education and my Journey!
Subscribe to my YouTube Channel - https://bit.ly/41zJ1HN
Follow on Instagram - https://bit.ly/3I7lW8u
⏫A Great Resource I Use To Grow on YouTube - https://vidiq.com/evanphoenix
►Must Read Books📚
Rich Dad Poor Dad - https://amzn.to/41pltX1
The Power of One More - https://amzn.to/3XYrWFq
The One Thing - https://amzn.to/3xQKa16
Atomic Habits - https://amzn.to/3IvzzgL
The Multifamily Millionaire - https://amzn.to/41ltvAe
Real Estate by the Numbers - https://amzn.to/41j9I4B
The Book on Investing In Real Estate with No (and Low) Money Down - https://amzn.to/3Iv3HJc
►My YouTube Gear📸
Camera (M50)- https://amzn.to/3xPrK0B
Lens (Sigma 16mm)- https://amzn.to/3Y0B5gT
Mic - https://amzn.to/3KIH5Ym
SD Card- https://amzn.to/3ZhEybN
Tripod- https://amzn.to/3YX7ki1
Lighting- https://amzn.to/3ECoNEt
WHO AM I?
My name is Evan Phoenix and I am a Real Estate fanatic trying to reach financial independence while educating as many people as I can along the way 🤙
Time Stamps//
0:00 A HELOC CAN BE AN AMAZING TOOL, IF USED CORRECTLY
0:51 WHAT IS A HELOC
1:55 PROS OF A HOME EQUITY LINE OF CREDIT
4:34 CONS OF A HOME EQUITY LINE OF CREDIT
6:34 MY 3 RULES WHEN USING A HELOC
***DISCLAIMER: First off, thank you for all the support. All content from the Evan Phoenix YouTube channel are my own thoughts and opinions. The information from this channel should not be taken as legal of financial advice. Some of the links in the description may be affiliate links where I will benefit from, if you were to click the link and purchase. The links do not include any additional costs to the purchaser.
- published: 11 Feb 2024
- views: 19922
23:10
HELOCs Vs Home Equity Loans Explained | The Pros and Cons
We discuss the differences between a HELOC (Home Equity Line of Credit) and a Home Equity Loan
//TO BUY HOUSE HACKONOMICS OR ANY OF MG THE MORTGAGE GUY BOOKS: ...
We discuss the differences between a HELOC (Home Equity Line of Credit) and a Home Equity Loan
//TO BUY HOUSE HACKONOMICS OR ANY OF MG THE MORTGAGE GUY BOOKS: https://mgbookstore.com/
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//APPLY FOR A LOAN: https://www.applywithmg.com/optin1663174580377
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https://wn.com/Helocs_Vs_Home_Equity_Loans_Explained_|_The_Pros_And_Cons
We discuss the differences between a HELOC (Home Equity Line of Credit) and a Home Equity Loan
//TO BUY HOUSE HACKONOMICS OR ANY OF MG THE MORTGAGE GUY BOOKS: https://mgbookstore.com/
//TO JOIN EYL UNIVERSITY : https://www.eyluniversity.com/squeeze-page1610214869715
//APPLY FOR A LOAN: https://www.applywithmg.com/optin1663174580377
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Thanks for watching!!
- published: 29 Nov 2022
- views: 128843