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I learned that you are very knowledgeable and worth following😂 Seriously though, I wasn’t aware of most of what you shared especially not about elocs. Thanks for the info!
Great job in making sure that people understand the risks! I was amazed at how you kept saying” make sure you know you can do this, we dnt want you to get hurt!” Great video !
One of the cons is that you can lose your home... Doesn't this also apply to not paying your regular mortgage? Like isn't this always a risk if you don't pay?
Yes and you are creating another point of failure for yourself. So, you have your regular mortgage payment and you have your Equity loan payment. The Equity loan is like credit, but instead of just paying a late fee similar to a credit card, you could lose your home.
I think the cons here is that now you have two loans. If you don’t pay the Equity’s loan, it doesn’t matter if you pay the first loan, you will loose your home to pay the second
If you’ve already paid off your mortgage, and say you need home improvement of some sort, or you want to get solar, etc. a home equity loan is a really good idea
Thank you for all your videos!!!!! I started watching them when I started my first home buying process and it has help me tremendously! Please keep up the good work and thank you for your service! 👍🏼👍🏼👍🏼
Awesome explanation. Most videos just shame people looking into a home equity loan. You explained the pros and cons in a way where it didn’t feel like you were talking down to people. Appreciate all the info!
Thank you for your kind words! It means a lot to know that my video helped you make a more informed decision. Sending you positive vibes everything goes your way!
Thank you Mario! That really means a lot to me. When I create videos, I do my best to present in a way that it's a conversation just between the me and the viewer. My approach is to share information as thought I was talking openly with my best friend. To me, anyone that watches my videos are my friends and I do care about you and I honestly want to see everything work out for you. Thank you for watching my friend! I'm sending you positive vibes everything goes your way.
What happens when you want to borrow on the equity and use the funds to pay my actual mortgage payment. Then the smaller equity loan is what I pay for several years? I paid my actual mortgage and I paid off the equity loan over 3 yrs? Am I able to do that v
So all I have left you on my mortgage is 100,000. If my home needs lots of work and it worth about $325,000, should I refinance to get the money to use on the house? Home equity loan, HELOC???
So I was looking into US bank for a home equity loan for 50,000$ at a 4.5% rate and a 398$ monthly on a 15yr term payment. So im wondering how much am I paying in interest from the monthly payment. I'm trying to beat the interest by paying 10k a year cash so is it possible to beat the interest or is it locked in.
My thought is to try and do things by sections. So I have the cabinets reno'd. Removal cost on a loan or credit which could be 3 or 4k. But then the installation has its own payment plan that isn't based on any loan or credit. Seems safe to me...
From my risk tolerance, I would not want to get a home equity loan on my primary residence. If I had a rental property I could risk it. With a looming recession, this seems to be a great risk on unforeseeable future.
Can someone tell me this please, if I did decide to take out a home equity loan just for a small portion of my equity...say $20,000....I understand that the closing costs will be deducted from the cash requested and that I would receive the rest, and I know that you don't have to pay income taxes on this loan...but with this being a 2nd mortgage, would you be expected to pay additional property taxes and home insurance on that loan in addition to the principal and interest? I would hope not considering the fact that I am already paying my property tax and homeowners insurance in full for that same exact property to begin with. I can't find an answer to this question anywhere for some reason
Hi Ledell, thank you for watching. The best way to know for sure is by reaching out to a loan officer to review your options and also the costs associated with the options you have available. I hope this helps? Sending you positive vibes everything is going your way!
We bought a house this year. $270k and put $30k down. Was appraised for $306k. I need to build a 40x65 shop roughly 30k finished with all electric, concrete and plumbing. I’m doing the construction myself. I’ve been quoted 10-12% interest for a personal loan. Should I take out an equity loan?
Hey Pale Horse Forge, Thank you for watching. Congrats on your MASSIVE equity gain! I'm super excited for you. To be honest, in your case, a Home Equity Line of Credit (HELOC) might make sense considering the absorbent personal loan interest rates you were quoted. You might want to consider reaching out to your mortgage service provider to review your HELOC options with them. To better assist you for that potential conversation, here's a video about HELOC's ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-G0rFjumfmGY.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
what are included in a home equity loan payment? other than the closing costs, does it also include a 2nd escrow payment when you already have an existing escrow on the 1st mortgage?
I have a question hopefully you might help me with. I owe 9000 on my house and I'm considering a home equity loan. My property is valued at 250k and I just want enough money to pay it off and fix it up. Is this a possibility? Is it worth it? I have a great credit score but I don't know anything about this stuff.
Thank you for the info. I'm thinking about doing an equity loan. My house needs a roof and airconditioner. Plus I wanna consolidate some high Interest CC debt.
Thank you for sharing with us Troy! That makes a lot of sense and could be a good idea in your situation. Please weigh the pros and cons and ask your loan officer any questions on your mind, especially how much your new mortgage will be so you can make a well-informed decision that's right for you. Let us know how it goes. Sending you positive mojo that everything works out to plan for you! What would you like to watch next?
@@AndrewFinney Thank you for taking the time to reply. I really don't wanna to get a 2nd mortgage. Unfortunately for me I lack the funds to get all this necessary work done. Summers coming with 90 degree heat and leaving my roof in its current condition will cause further damage to my roofs structure.
This is what I've been trying to find out. Surely there's an option with the same interest rates as a primary mortgage since it would be rhe 1st lien, but no one address this.
Thank you for watching. One of the nuances with a home equity loan or a HELOC is that one still must demonstrate the ability to repay the loan (qualify). If you have anyone the might be able to help bridge the current dry season financially, that would likely be a bit easier. At the same time, I realize many of us don’t have that option. So, it makes sense to review all of your options including a Home Equity Loan or HELOC. Ask questions and ensure you’re comfortable with and fully understand the terms. Worst case situation is you don’t qualify and you have to sell your house to boost your cash and start over. I feel for you my friend. In any case, I’m sending you positive vibes that everything goes your way and works out for your highest and best good. 🙏
@@preshay981 excellent question. Explore your options with a loan officer. Then do what you believe is best for you for the reasons important to you. 😇
Thank you Ana! I'm glad this video helped you. May God bless you and your loved ones as well. Wishing you an incredibly prosperous 2024! Peace be with you. 🙏
People cry about a home equity loan and fears of losing there home but you’ll purchase a 50k car loan paying 800 a month. I’d rather invest and pay that type of money into a dwelling. Keep the car you get once it’s paid off. They depreciate more than a home. They only go up in value.
Thank you for sharing your insights! It's always great to hear different perspectives on financial decisions. Your input adds a lot to the conversation! Sending you positive vibes everything goes your way!
Great video!! New subscriber! ❤ Have a question for someone experienced as yourself. My husband & I want to buy a modular home & put it on the back acre of my Dad's property. To do this, my parents want to transfer or "gift" their home & property into my name so I can use their property as equity to buy our home. Their home & property is paid off, they own it out right. Is this possible, if so, how would you go about it? Their property is worth more than the home we are looking at to place on the back of the property, we already have the septic & well installed. We are also from Montana, not sure if that makes a difference. Any help or advice is greatly appreciated! 👍
Hello my friend I hope things are well with you and your family wonderful video as always just curious your opinion on taking out a equity line of credit on your home to purchase rental property if that is a good idea or a dangerous one greatly appreciate any input or advice thank you again for everything I hope you have a wonderful day thanks so of your wonderful information and assistance and advice I have been in my first home for one year now and everything has been going great
Hey Latiqua! Great question. Reach out to your loan officer to review your options. Quite possibly so if you have equity in your residence. Ahhh... Yes, that's misconception... Your pre-approval is "up to" a certain amount. IF the amount of your pre-approval IS NOT used, it does not go to you as a buyer. EVEN IF the house appraises for more than your offer and is less than your pre-approved amount. I hope that helps? Sending you positive vibes everything goes your way!
Should I just take a mortgage out instead of a home equity loan then I inherited my grandma's house but it needs a lot of work and I don't really have a large amount of money to fix it
Would it be smart to take some money from your equity to make upgrades to your house, I am planning to sell it and want to get the most I can buy the upgrades are required
I have a question can somebody take out a home equity loan under my name because apparently I have one but I don’t even own a home so I don’t know if they got me confused with someone else or if somebody’s using my information
Hello, just starting to look into this as an option to pay off a couple small pieces of debt, I'm looking to borrow a small amount compared to what I have in my home, just ruffly 200 thousand in equity and all I need is 5 thousand. Do you think it's worth it to take money out of my home or should I just find a different loan?
Thank you very much for that information.Iwe have been in our home for 23yrs and our younger daughter is going off for college in May.She will use my va bill.Great info. RETIRED USCG TEXAS
Hey Noe, thank you for watching. Congrats on not owing a mortgage! That's amazing! You can still get a HELOC or possibly a Home Equity Loan without having a mortgage. Review your options with a mortgage loan officer to see which option is you're the most comfortable with moving forward. Sending you positive vibes everything is going your way!
I'm buying land only owner finance. I've had it for 6 years and owe 14 more years. I need to get water well, electric and septic. What type of loan can I get for that
Hey Chris, thank you for watching. Great question. Chat with a mortgage lender to see what options you might have. Land loans can be very tricky since most mortgage providers don't lend money for land. That said, if you intend to build your new home on the land you buy, perhaps a construction to perm loan might be an option for you? Or perhaps you can chat with your bank to see what options they might have available to help out. If you opt for hard money lenders or private money - please exercise robust due diligence in reading through the terms. Since the loan is a great risk, there are usually very high interest rates and steep penalties in case of default. When you get to the bottom of it, please let us know what you chose and how it worked out for you. Thank you. Sending you positive vibes everything goes your way.
@@AndrewFinney thank you. Well we decided not to include our land with the mortgage and we're going with a manufactured home only set back is that interest rates are higher now. They offering me 8 percent with 21 mortgage for 25 years
Great question! I'm not familiar with manufactured home rates. Only that they are different from real estate. It doesn't seen bad considering mortgage rates for homes currently. 🤔
Yes, it's a Thomas Kinkade painting. In my newer videos the backdrop is different. I hope you this video helped you find the answers you were seeking. Sending you positive vibes everything goes your way. Thanks again for watching. Peace be with you.
@@AndrewFinney thank you, the video was great! My parents were obsessed with Thomas' paintings when I was younger. When watching your video I recognized the style and it brought back memories of visiting his gallery at the mall.
Thank you for your video I'm currently under contract to buy my first home and by watching your video to make some home improvements I would rather come out of pocket to make the changes I want which are low costing 🤘👍🤙
No problem garymun420! I'm glad you enjoyed this video my brother! Thanks for watching! 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
You are doing a spread trade that works against you. Its basically YOLO till you sell (mostly for a loss) or tap out when you are old or divorced. You cant turn liability (your home) into an asset...but you can sweat it till it dies. Leverage is not genius its a substitute for.
Hey Dwayne! Thank you for watching. Excellent question. In short, as long as you have the equity in your home, it's highly likely you'll be able to use a HELOC. There's a link in the pinned comment and in the description you can use to explore your HELOC options. I'm sending you positive vibes everything is going your way. Peace be with you.
Can you buy a house on this loan. In ssi & i want to buy a home... Tired of giving my money to renters & having that risk. They raise The rent. At least if i buy. Then eventually I'll own the home & no rent .. What's best for US on disability to be home owners. I want people to stop telling us to get credit cards as well. If your on a fixed income you learn not to live above root means. Which means credit cards are a NO NO.
Anytime Marlon. Indeed, sometimes it does. Thank you for watching. Please let me know anytime you have idea for a new video. The whole reason I create videos is to add real value to folks. =) Until then, sending you positive vibes everything goes your way!
I have a paid off home in California. It’s on the market. But not selling fast enough! This place has turned into a shit hole! I gotta get out! Can I borrow against the home that’s for sale. To buy a new home in another state
