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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.
I just got pre-approved for a HELOC for home renovations and seeing how much we were approved for scared me. 😂 Thank you for this educational video! Calmed my nerves a bit.
Congrats! I'm glad this video helped calm your nerves a bit. Have fun with your home renovations. Sending you positive vibes everything goes your way. Peace be with you.
Good info, but what I would like to see is an example with the numbers just like you did with the max amount available for the example on the 500k house. Example: If I borrow 100k using HELOC at a 9% interest rate, how I need to pay that back? Do I have a mandatory minimum payment month by month? Do I have a mandatory period I need to pay that back? How the payback looks like? I can not fund a clear example in youtube.
Get equity loan and invest it into rentals and use that money to pay off your mortgages. Over the next years you may now own a rental complex that was paid completely by the equity loan that was paid off by the renters. Let your money work for you ladies and gentz. :)
Thank you so much for the advise, forever grateful to malian debt that helped use a few year back with ours, probably would have been swimming in debt by now
I thought it was to good to be true. It was a bit of a lengthy process. Had to have credit checks done, house appraisal, flood zone check, etc. This was my first time applying for a HELOC, but I didn't expect it to go on for roughly a month to get approved, but well worth the wait. I still have to wait 3 days to actually have access to the money. According to the Loan Officer/ Branch Manager by law they have to give me 3 business days to change my mind. Like im going to do that lol.
Me and my wife got a heloc for 40000. We never used any of it..what happens if you don't use it?..sounds dumb but I was raised no question is a dumb question..im just saying
Would a Heloc make sense if doing some home repairs and freshening up my home KNOWING I’m selling it? My home has appreciated as well so it looks like I will actually come ahead. This will SOLELY be done for the purpose of selling my home, not for anything else. I have equity and have had my home for almost 13 years. Fantastic video! Very informative! 😄
Glad it was helpful! That's awesome! Just out of curiosity, what questions did you have that weren't mentioned in this video? Perhaps I could use that information to create a new video that provides further details. =) Sending you positive vibes everything goes your way! Have fun with the renos!
Awesome! Thank you Real Estate Glizzy! You're awesome! Please let us know how everything works out for you! What would you like to watch next? 3 Easy Ways to Help Our Tribe Grow - This is what the RU-vid Algorithm likes and WE CAN DO IT TOGETHER! #StrongerAndBetterTogether 1. Subscribe and tap the bell icon for all notifications 2. Watch, Like, and comment on all videos 3. Share the videos on your social media
I love the HELOC, it is the best thing ever if used correctly. Just like a plane or a car is. They are scary and terrible if you drive or fly irresponsibly. If you use a HELOC irresponsible--BAD idea. Use it correctly, it is a massive benefit. The key is responsibility--be responsible.
@@Thekimfowler That's what I am doing. But, instead of using the entire amount of my heloc, I am only using 20% of the property that I am purchasing and I am taking out the down payment out of my heloc and apply for a new investment loan. It works better on interest and not risking your house for the total amount. you can refer to maliandebt for more info
Bro I was watching your vid like "man he's doing that DI thing where they bounce when they make juicy points" then you rolled the credits lol semper fi
Great video. I wanted to take out a heloc for a down payment for an investment property.... maybe I should just save my money for a down payment.... idk
Andrew, I own a home with va financing. There is land that connects to mine that I would like to purchase. I have good create just not cash for the 20% down if required. What would be another way I could look into purchasing this land?
What about to finish renovations on a newly purchased house. If I put in over x amount worth of renovation already, doubling the size of house but new a little bit more to complete the house
Hey wutdafeezi! Thank you for watching! Great points and now I didn't dive into too much detail about draw periods. This videos is more of an overview of how it works and I didn't dive too deep in the various aspects of a HELOC to keep it as simple and easy to understand as possible. =) What would you like to watch next?
No mortgage, debt, monthly payments HOA, Taxes, Insurance, no one to leave property to, want to use money for travel, want to stay in home forever. Is HELOC a good idea for me?
Hello Everyone, To anyone who has used the HELOC Strategy/Velocity Banking. I have a MAJOR question: Once you paid down any given the debt, such as a Credit Card, do you allow that money to continue to attack the HELOC meaning: just let it do it’s thing while recycling through the HELOC in turn paying down the HELOC faster, allowing you to perform another pull of whatever amount you usually pull for the big chunk payment. OR do you take that extra amount that you have and use it in a Snowball effect? Thanks All.
when dealing with a HELOC, say I use 20k out of the 125k, do I have to pay the 20k in one month or can i make the minimum payments (like a credit card) and not get charged interest on it??
If it's helpful to you, I have an affiliate partnership with Scoremaster. I personally use them too. It's way better than credit karma and sites like those, in my humble opinion. If you'd like to check it out, here's the link: www.scoremaster.com/andrewfinney
Thank you Andrew for sharing your knowledge! I have around $68k left on my mortgage and I need to remodel my one bathroom, ,which one would be better for me,home equity or HELOC? Thank you!
Your welcome, thank you for watching. Depends on your comfort level and the availability of options for you. If it were me, I'd go with a HELOC with the goal of paying it off as soon as possible.
Great question Art! One could use a HELOC for that purpose if desired. Just be ensure you gain clarity on the repayment terms and interest rate moving forward. Hope this helps you make a well-informed decision that's right for you. What would you like to watch next?
Andrew, thanks for your wealth of information. When applying for a first time mortgage, is it ideal for applying for loans that offer HELOCs, and can a HELOC be obtained by a different lender other than your current mortgage lender? And do all lenders offer Home Equity loans?
I heard that you can pay your 30 year mortgage in about 4 to six years by using your HELOC YOUR CREDIT CARD, AND PAYING IT OUT EVERY MONTH LIKE YOU DO WITH ANY OTHER CREDIT CARD. Your W-2 should be a direct deposit to your mortgage. Probably I am missing some information but it’s something like that. Will you please explain more?
Hi Aaron! Thank you for checking out this vid! 😀 I'm super excited you joined our community! Welcome my friend! 🤩 What would you like to see next? 🤔 Wishing you a terrific day! 🤗
Great question Mario! A HELOC Is not part of your primary mortgage. It essentially behaves like a 2nd with the ease of access almost like a credit card. In short, your monthly mortgage payment won't go up as a result of having a HELOC. If you use it, your monthly payments will increase per the schedule the loan officer whom grants your HELOC shares with you. Please always take care to review all financial disclosures, considerations, and questions with the loan officer with whom you choose to work. I'm sending you positive vibes everything goes your way.
Thank you for explaining Andrew! My question is: I owe my home with no mortgage as it has been paid off in cash , now i'm in debt with my credit cards with high APR, is it a good idea to get a HELOC to pay off the credit cards and don't use the credit cards and only pay back the HELOC?
I don’t see why I bank wouldn’t. He stated you can borrow up to 85%, which means you DON’T have to acquire all 85% unless it’s necessary. Borrow what would make you comfortable, and alleviate your debt. Also, credit card companies always have promotions of credit transfers at 0% for a certain time. You can pay off your higher balanced credit cards, and then just transfer the lances from your smaller cards, and pay 0%.
I have 600k of equity and I owe 220k. Would a heloc be the best option for paying off my house quickly? My plan was to use the heloc for my every day expenses and deposit my entire paychecks to the balance of my mortgage. Hopefully I explained that clearly.
Marshane Jackson definitely. Your idea is already good . But have you thought about how you’re going to repay it after the usage period ? Text me or email and let’s talk . I have some offers . +15129753502 Braydona248@gmail.com
I am disabled navy veteran and I really need help understanding this process because I really have a hard time understanding due to my tbi and I got some people trying to push me into this and I really need help thx u
Thank you for watching and thank you for your service. Think through it my friend. NO ONE can force you to do anything you don't want to do. You know what's right for you and what's not. Stay true to yourself and what's important to you. I'm sending you positive vibes everything goes your way.
Understand that this video is old but is there such thing as a veterans HELOC? And if so, do they do like home loan refinancing where you can pull the full 100% out instead of 85%?
I own a home it’s been paid off since 2017 of November and my home is worth $179,000. So I would like to use my home equity so it took the M&T BANK close for three months . All of a sudden I emailed the lady and she says oh it just was approved today which it was last Friday and then she say well you need to call your insurance and tell them that I’m M&T BANK needs to be the first lienholder. I emailed her today and told her to explain to me why taking this route is not like if I’m getting in car loan. 🤷🏻♀️I was approved for $50.000 my credit score is close to 700. And it’s to put new cabinets and flooring
Hi Iris, thank you for watching and for sharing with us. Yes a HELOC has some hurdles to jump through. It's essentially like borrowing from future equity of your home if you were to sell. So the lender wants to ensure that you are able to repay the loan on time and will validate the process kind of like getting a mortgage even though this is a line of credit on your home. Did you go through with the HELOC to renovate your home? New cabinets and floors sound amazing! Sending you positive vibes everything is going your way.
Great question John! HELOC's were actually this past Monday's hot topic and viewer questions came in asking the same thing, here's the link to the livestream: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-wox6L2VVYt4.html Would it be helpful to you if I create a specific video around your question?
Great question! Review the situation with the loan officer. It's highly likely as long as your on title to the property and have the mortgage principal's written consent, it might be ok. Best to chat with a loan officer to verify. Here's a link - Yep, it's an affiliate link that goes to my affiliate partners that will help match you with the best loan officer to help you get the best terms. www.myfinance.com/reporting/32341917/?Andrew+Finney&sub_id=PLACESUBIDHERE
You have to be able to make money with debt. The only common sense reason to ever borrow the equity in your home is if it's an investment that pays a higher return then what it cost to borrow.
What about potentially refinancing at a lower rate (buying it down with cash/ Crazy Covid hot market interest rates)? Would you be refinancing the home and HELOC at the same time? Thinking about purchasing rental property in the Caribbean. Don’t know if I should use liquid, or HELOC… Would that be a smart way to go about it? With the way things are looking interest rates keep dropping, so just curious 🧐
Im confused. A home line of credit. Lets say you get 100,000$ are you immediately getting charged interest on that money? Or do you get charged on the interest on the money you spend? Lets say I used 50,000$ of the 100,000? am I getting charged interest on the 50,000$ or the 100,000$
Hi, thank you for watching. Great question! You still get a HELOC for a house that's paid off. Below is a link to Bankrate if you'd like to review your HELOC options. In any case, sending positive vibes everything goes your way. Peace be with you! www.myfinance.com/reporting/32341917/?Andrew+Finney&sub_id=PLACESUBIDHERE
What would you say for someone who is looking into a heloc to install solar panels? That way they can eliminate their electric bill and also from day one their panels add 2k-4K of positive equity.
Hey Tyanna! In last weeks live stream, I went through a few of the comments in the past week and your question was one of them. To hear my take on it, here's the link to that livestream: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-CDUloWiBcLs.html What would you like to watch next? Thank you for watching! 3 Easy Ways to Help Our Tribe Grow - Let's give the RU-vid Algorithm what it wants together. =) #StrongerAndBetterTogether 1. Subscribe and tap the bell icon for all notifications 2. Watch, Like, and comment on all videos 3. Share the videos on your social media
How much income I need to qualify for a 100k credit line, if I own $100 mortgage and house value is300k. Also, my credit is excellent and no deb radio - Thinking to get it to invest it va in an apartment
Great questions Claudia! The best way to know for sure is to contact a loan officer to review your options with them. Please keep us updated how everything plays out for you. Thank you. What would you like to watch next? Sending you positive mojo for an incredible day my friend!
My 9-5 job I make 55K a yr credit score of about 780 have a 2 bedroom condo rental that rents for $1,600 per month or $19,200 a yr. Just renewed my mortgages May 1 2021, primary residence value of 450K owe 80K my rental property $350K I owed $150K and with that the bank gave me a 105K HELOC @2.95 %. hopefully that gives you bit of a idea.
Hi I am moochewmoo! Thank you for watching! Great question btw! In short, no it won't hurt ya'll for have a HELOC you're not using. One thing to keep in mind with a HELOC is it behaves the same as other lines of credit (i.e. credit cards) in the sense that if a creditor decides (at their discretion) to reduce the amount of available credit or revoke the line of credit they can at their sole discretion. I'm not trying to scare you only to prepare you. Just like you, I tend to enjoy the notion of having a HELOC on tap for extreme emergencies if needed but otherwise, not using it. I hope this helps. What would you like to see next?
Suppose you paid off 100 percent of your mortgage (a house you plan on selling upon moving), and want to use the HELOC as the down payment on a new home. Is that a reasonable use case scenario if you dont happen to have liquid funds for a down payment?
Tons of the people in my investing group take out from their HELOC to invest in high yielding stable dividend stocks, that $125,000 into a 8% yield is $10,000 a year or $833.33 a month, which could either eliminate a bill completely or be re invested for bigger dividends the next month
I bought my home for $10k cash and now I have no mortgage or monthly payment and it needs a good amount of renovations. It’s worth about $90k. So could I in theory get a HELOC for up to $90k?
@@xaviernavy4267 I don’t live there anymore, it’s a tiny town and I was only able to get it because the owner passed away and his daughter wanted nothing to do with it so she sold it for 10k. It needed way too much work so I fixed it up good enough to sell and made a great profit off of it. Houses there se for $120k at most. It’s a very tiny tiny town. We tried it out for a year but it definitely wasn’t for us.
