Love the video - quick easy and informative. Question…will the HEL affect my current Mortgage interest rate or is it separate?? Assuming the HELOC is separate but not sure on the HEL. Thanks
I'm studying for my license right now and have watched so many different channels to try to get clarification on topics but the way you explain things really just clicks for me, thank you for making these videos!
Take my MLO test next week out here in CT. I've watched quite a few of ya clips champ, grateful for sure. The edits, as a film guy, official tissue. The info, as a soon to be MLO, beyond informative. And entertaining. Peace to u fam!!!
Glad you liked the video, Patricia! You can go either way. If you want 50k as a property improvement budget, you can take out a home equity loan for 50k. But, if you want to spend only the amount that the improvements cost (let's say they end up costing 45k), you can take out a home equity line of credit (HELOC). All of this can be done by speaking with your bank. Hope this helps.
@@USRealtyTraining Hi quick question. Can a licensed real estate agent in California pay an unlicensed assistant for cold calls/prospecting/marketing? And allowed to pay them bonuses for sales and referrals made?
HELOC is interest only for the first 10 years! HELOAN you pay off principal and interest just like a second mortgage. HELOC is a good option only if you know you have cashing coming up so you can pay it off right away otherwise its a waste of money bcuz nothing goes towards principle.
Hm... that's an interesting one. We don't have one dedicated to time-based questions, but that's not to say we won't make one. What kind of questions specifically are giving you trouble?
@@USRealtyTraining just had my RE exam , one of the questions was how many years of experience does a salesperson need to have to become a branch manager?
Glad you liked the video! They do charge interest on both loans, which is why HELOC is a little better in the sense that you may end up borrowing less money.
Awesome information. Very informative video. I just got my ca real estate license last month in April and I'm ready to go.. I watched some of your videos and I am learning from you.. Thank you for sharing your knowledge I really appreciate you🏆
Edwin, congrats on getting your license! It's great that you're rearing to go in this career because it's a great one. Glad these videos help you out! If there's anything that comes up in your career that you have a question about, let me know. Happy to discuss it in the videos!
At that point you're borrowing money from the bank to pay back the money you just borrowed, if I understand your question correctly. At that point, the loan functions like a HELOC with extra steps.
But also your monthly payment would still be a the amount of a 50k loan. With the heloc youll only be paying monthly for what you used (25k) during the draw period
HELOC to me doesn't make sense. Current HEL rate is 5.4%. HELOC is 9.1%. I'd rather take the HEL pay back the extra 25k on the principal and make my monthly payments on the remaining 25k at the lower rate. HELOC would be better to have for unexpected emergencies over using a cc.
Yes but this applies only to California. You will need a social security number or an individual tax identification number in order to get your license in California.
HELOC's typically start with a lower interest rate than a HEL and you will only pay interest on what is borrowed. So, you could pay more in interest if you take out a HEL.
It sounds pretty much the same.. If you get the home equity even though you took out the 50,000 and you only use $25,000 then you can take the $25,000 and pay them back so you only owe $25,000 just like the home equity line of credit if you took $50,000 and you only use $25,000 the only responsible for 25,000 I'm so confused it sounds like the same thing
You pay interest on what you use with a HELOC and pay interest on the full amount on a Home equity loan. Example bank gives a heloc “a line of credit” of 50k but I only use 25k I pay interest on the 25k however with a Home equity loan bank gives you 50k you pay interest on the full amount whether you spend 1$ or all of it. Seems the worst of the 2 options if you ask me 🤷🏾♂️. Hope this helps
