Tag Archives: Equity

Why I Hate HELOCS (Home Equity Lines of Credit)

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Are you using a Home Equity Line of Credit (HELOC) as a current debt weapon? Are you looking to switch to a HELOC? Matthew Pillmore, President of VIP Education, exposes some reasons why HELOCs can be dangerous and risky. What has your experience with HELOCs been? Let us know in the comment section!

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How To Use A Home Equity Line Of Credit (HELOC) To Pay Off Your Mortgage In 5-7 Years

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If you are wanting to pay off your home faster on your current income, you should look at getting a home equity line of credit or a HELOC as they are called and you can pay off your home in 5-7 years. This video shows you how.


Hey gang, Michael Lush. I’m a fourteen recovering mortgage banker. What I want to talk to you about today is the basics of what we teach, using a home equity line of credit to pay off your mortgage in five to seven years literally without changing your budget. What I want to explain to you guys today is a little concept that I came across about four years ago. I had a mentor of mine, a very wealthy individual, explain this to me. One this that he explained to me is that a checking and savings account is actually a liability. I always thought of it as asset which really surprised me.
I thought if you had a bunch of money in your checking and savings account, that’s quite a bit of an asset. In fact I was completely wrong because today banks are giving you about a zero percent rate of return on your checking and savings account. However inflation is going up on average about one point six percent. Technically your money is moving backwards. What he explained to me is that money cannot remain stagnant, it’s either got to north or south.
You’re actually losing money every day by putting your money in a checking and savings account, thus your checking and savings becomes a liability. What we’re going to do is we want to show you how to bypass that systemic problem and actually use a home equity line of credit as your checking account, because what’s cool about a home equity line of credit is it’s open ended. Money can move in and out freely, twenty four seven, three hundred and sixty five days a year. Instead of using your checking account and allowing the bank to then turn around and give your own money back to you in the form of mortgages, credit card and car loans, we’re actually going to use a home equity line of credit. You’re going to deposit all of your money into a home equity line of credit just like it was your checking account and then you’re going to pay your bills out of it just like you would as a checking account.
By doing that you’re actually going to accelerate the payoff of your mortgage and cut your mortgage at least by one third. Hold up. I don’t think that’s right. You’re cutting by two thirds actually. You’re getting it paid off one third at a time. Instead of having thirty years to pay for a mortgage you’re actually going to get a home equity line of credit using your existing cash flow and nothing more, not paying more, not paying less, just changing where your cash goes and you’re going to get a home equity line of credit paid of in five to seven years.
Now this is the basic concept of what we teach. We actually go further in depth and we get in some extremely advanced strategies that can accelerate it even further. This is a great tool to build wealth and we get into those as well. Be sure to check out our other videos and subscribe to our channel here. Look forward to hearing from you. Take care gang, God bless. Thanks for watching the video, if you like that one I actually picked two more for you that you can watch right here. No.
Speaker 2: The other way, point the other way.
Michael: This way?
Speaker 2: Yeah.
Michael: Actually I picked out two more for you that I’d like for you to watch. When you get done I’d also like to you subscribe to our channel, take care.

A Primer on Home Equity Loans

When you open the real estate section of the newspaper, you see articles and ads about home equity loans. But what is that type of loan and when it is a good option? Simply stated, home equity loans are loans that are issued out to people in need of finance, against the security of their residential houses. In this kind of loans, the houses of the borrowers are kept as collateral against the sum borrowed by them by the bank or financial institution. Usually, equity home loans are borrowed by individuals who are in urgent need of money, but have no immediate means to repay them. Individuals in need of money have to keep their home as security against the sum that is lent by them.

Home equity loans, in recent times has emerged out as the main source of finance to people who are in urgent need of cash. More and more of individuals are increasingly resorting to this kind of loan for their financial needs, the main reason being the collateral and security factor. Usually, to take up a loan of such huge amount, people have to sell off their assets and dispose of their belongings to raise the finance, for their needs. But, the one standing character of home equity loan is the fact that, the borrower needs not to submit extra collateral except the house against which he is getting the loan, like he needs to do for getting any other loan credited in his account.

Equity home loans are really beneficial and affordable since the interest that accrues, actually accrues on the amount that the borrower has drawn till that time, or while repayment of it, the borrower needs to pay the interest only on the amount that is yet to be repaid. All these enticing factors are drawing more and more number of individuals, looking for a financing alternative that involves easy repayment terms.

The best part of home equity loans is that of revolving credit, once the amount of loan that the lender will lend to the borrower has been fixed by the lender, calculating on the value of the home against which loan is sanctioned, the borrower needs not to borrow the entire amount at the same time but can actually draw according to his needs, and pay the interest only on the amount that he has drawn till that time and not the entire amount of loan that has been sanctioned. The lenders to attract more and more borrowers also give the borrowers many financing alternatives, which make the repayment of the loan all the more easy. The fact that borrower needs not give any other collateral, or pay any extra interest makes the entire thing even more easy for the borrower.

As we can see this type of financing alternative is gaining more momentum as the economy in general is constantly changing. Although may seems as a suitable way of getting much needed cash, it is a step that should be carefully studied as we are talking about putting your home as collateral. Shop around for alternatives that best suit your financial situation and risk tolerance.

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What are the requirements to get a home equity line of credit? See this video for more information.


What are the requirements to get a home equity line of credit? It’s really not that different from getting a mortgage, but you do need to understand that a home equity line of credit is a bank product. It is a private product. The bank is going to keep that on their books. Where mortgages, 99.3% of all mortgages taken out in 2014 were government backed or insured. Anytime you get a mortgage, that lender or bank has to satisfy the guidelines that the Federal Government passes down. These would be through Fannie Mae, Freddie Mac, FHA, VA, or USDA. Our home equity line of credit is what’s called a Non-QM Loan. It is a Bank Loan. It is their product. They set their own guidelines and policies of what they require in order for you to qualify.

A good rule of thumb is if you qualify for a mortgage, you will qualify for a home equity line of credit. Some of these banks don’t even have a minimum credit score that they look at. They’re looking at the total health of the file. Some that do publish credit scores we’ve seen as low as 610. As high as 700. To be honest with you, it’s all over the board. It’s kind of a double-edged sword. It’s good because if you can’t get qualified for a mortgage, there might be an opportunity for you to get qualified for a home equity line of credit. It’s bad because there’s no uniformity. I can’t tell you across the board what it takes to qualify for a home equity line of credit, but you do need positive cash flow. You need decent credit.

Sometimes it would help to have some equity, about 10%. Although there’s quite a few banks out there that do 100% financing. We would recommend that you have at least 10% financing because most banks go up to 90% loan to value. If you liked that video, be sure to like it here, subscribe to our channel. Take care. God bless.

You guys are still here? Awesome. Click some where on this screen, I’m not really sure where, but I’ve picked out two more videos that I believe you’ll find a lot of value from. Take care. God bless.

Home Equity Line of Credit Trap – Your home is not an asset and lines of credit will bleed you dry

Home Equity Line of Credit Trap - Your home is not an asset and lines of credit will bleed you dry

Home Equity Line of Credit Trap – Your home is not an asset by my definition (7 of 18)

Do you remember my definition of an asset earlier in this course? If you use my definition you will soon realize that your home is not really an asset.

Actually, come to think of it, I consider it more of a money pit. In this lecture I throw convention to the wind and explain why I think this is the case. As I have taught in previous lectures in this online money course, building wealth is all about managing cash flow.

When you increase your line of credit you are not on the right track to building wealth. You are digging yourself a hole that will take ages to climb out of.

Many of you may not agree with me. Unfortunately, that is one of the problems that is holding you back from achieving financial independence.

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How To Get A Home Equity Line Of Credit

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A home equity line of credit is a great option when homeowners are looking for some extra cash to do some improvements or renovations, put kids through school, vacation, and much more. In order to qualify for a home equity line of credit, homeowners need to have some equity built up in their homes. The lines of credit are typical borrowed on the equity of your home so without it you will need to look at other options of securing borrowed funds.

Lines of credit are fantastic to have and often the interest rates can be much lower then borrowing or using money off your credit card. Credit cards typically have high interest rates therefor it may take you longer to repay the borrowed money. A home equity line of credit can typically be attached directly to your bank account so you can use it and have access to the funds whenever you want.

Watch this episode with real estate agent Joe Terceira, and mortgage broker Tracey Brock of Dominion Lending Centres where she will discuss some options for a home equity line of credit.

For more information on mortgage financing or if you need a mortgage broker, contact Tracey Brock of Dominion Lending Centres.
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Home Equity Line Of Credit

Personal Loans and Home Equity Loans, Pros and Cons

Numerous property owners will think about home equity loans with intentions of renovating home, settling tuition, or purchasing a car. Other some ideas tend to be included when it comes to equity financial loans; but the only purpose is usually to find a resource to meet up a demand or need. If you should be deciding on equity financial loans for remodeling, vacationing, or consolidating your expenses, then you can want to reconsider, since signature loans is of even more benefit. Having said that, if you are looking for an answer to lessen your home loan repayments, then residence equity financial loans may be the best choice.

Some lenders online provide big loans to consumers searching for solutions to reduced mortgage payments. These loan providers can offer low interest rates and reduced monthly installments to consumers; thus assisting all of them get a hold of recourse for mortgaging. The thought of equity loans is always to assist consumers discover a way to combine their particular debts, purchase brand new automobiles, remodel domiciles, or payoff tuition. While they are all big costs, taking right out an individual loan might not be of advantageous, unless the debtor is remodeling the home to build equity. Thus, should this be the goal, you might want to read material to help you save your self cost in do it yourself, and remove an individual loan for a couple thousand to help you meet up with the prices of remodeling expenditures.

Once you’ve made the improvements consequently they are nonetheless deciding on residence equity loans, you may possibly get a significantly better provide, because the value of your home increases with every repair and structural update made regarding residence. Naturally, you should be aware that renovating requires charges for licenses and increased taxes etc.

Eventually, when searching for residence equity financial loans or even signature loans, going on the net is the best option for some borrowers, since calculators, estimates and reading product can be acquired to assist them to compare differences in financial loans.

Emanuele Allenti has residence equity loans and most useful house equity financial loans web sites.

Real-estate Expert Tony Joe and Mortgage Broker professional Sharon Mitchell show how you can simply take equity from your home to acquire investment residential property, using a real-life instance centered on a residential property Tony sold to a customer in 2003. www.tonyjoe.ca
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Home Equity Loans: How They are Beneficial and How to Improve Them

House equity financial loans would be the forms of financial loans that allow a person to obtain loan against a home’s stored value. In technical terms, this loan type is also called some sort of 2nd home loan. In this situation, one could borrow cash for anything whenever their house is much more than whatever they owe upon it. In this way getting loan is recognized as one of the more efficient, simple and protected method whilst includes a property as safety material. Right here, one can get huge amount of money as loan according to their home’s value.

The house equity loan is recognized as 2nd home loan since the first-mortgage is one which someone utilizes to get the household. With enough equity, a person becomes capable of getting a large amount of financial loans resistant to the residential property. There are many types of processes to enhance home equity financial loans Alberta along with other areas, most are like:

* Once the loan is guaranteed by a person’s residence, the mortgage’s improvement hinges on an individual’s home. Through considerable changes right here, you can improve residence equity financial loans. By increasing value of the house, maybe it’s done.

* By renovation the property, one can increase its worth which often gets better house equity financial loans.

* One can in addition increase the loans by paying the loan faster. By paying the mortgage timely or ahead of the due date will increase the scope of improvement as time goes by.

When a person improves the equity, a house equity loan can be obtained thinking about some tips. These financial loans are advantageous for assorted explanations, many for the benefits are:

* quickly approved: As your home is roofed inside loan, they’re quickly authorized. An individual may quickly quality for it.

* Budget friendly: These are generally typically with low interest than many other types of loans that are unsecured and just take quite a long time to process. So it’s possible to have home equity financial loans Alberta on a budget, and too without the hassle.

* huge amounts: one could borrow a large amount of loan utilizing this loan type. All of it depends of your respective residential property and household. Through significant improvements in a house, an individual can boost its worth and also gets better house equity financial loans. These financial loans are beneficial in using the loan asap.

In addition to the mentioned advantages, home equity financial loans may safe for lenders. By firmly taking some help from First & Second Mortgages in Alberta and Saskatchewan, it’s possible to have outstanding connection with house equity loans using the most readily useful options.

Initially & 2nd Mortgages has-been running as financial aid the help of final over 17 years in Alberta and Saskatchewan. As well as ways to improve house equity financial loans Alberta, the business helps in instance of bad credit or economic dilemmas. Interest men and women can seek advice from the organization for home equity financial loans Alberta on a budget.

House equity financial loans are becoming better to get, but that is not a good thing. Discover only one reason to have one, ever before.

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Really the only legitimate use for a home equity loan | Clark Howard

The Second Mortgage Home Equity Loan

second mortgage
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A 2nd home loan can likewise be described as a house equity finance. It remains in essence a safeguarded car loan that is 2nd, or staff, to the initial home loan against the residential or commercial property. The vital problem for any individual obtaining this kind of loan is the quantity of equity they have in their residence. This will ultimately establish the amount of cash that can be safeguarded for the residence proprietors use.Equity is the quantity of money that is paid for on the home, or it can be the worth of the house minus any car loans owed on the house. The primary factor for obtaining a bank loan is to take equity from your home and transform it into money in pocket. Exactly what this indicates is that if you have enough equity in your home you could obtain loan using your house as collateral. There are 3 standard sorts of car loans to select from: the typical bank loan, a house equity car loan, or a house equity line of credit.A 2nd home loan should not be confused with a mortgage re-finance or re-mortgage. When you re-finance your first home mortgage you are changing your old loan with a brand-new finance, usually at a better rates of interest. A second home mortgage, or residence equity lending, is another finance along with the primary funding, which will cause two month-to-month settlements. It is essential to differentiate the two to make sure that 2 settlements will certainly not seriously influence your monthly budget.The rate of interest paid on a bank loan, approximately the first $100,000 obtained, is tax obligation deductible supplied that the lending is on your key house. It needs to be kept in mind that rate of interest on home equity financings are usually higher than a very first home mortgage, usually in the 2-4 %higher variety. But the passion rate on a this kind of protected funding will be reduced then on an unprotected lending, such as an auto lending, as well as much, a lot reduced then you will certainly locate on a credit score card.The common reasons to get a home equity lending are to repay high interest charge card or other greater rate of interest price financial obligations, reconditioning the house, urgent family matters such as education, medical, and so on. This is called financial obligation consolidation as well as refinancing and also is an excellent way to tap the asset worth of your the home of meet your investment and also budget demands, and helps you prevent incurring high interest unsafe financial debt like credit score cards. If you have extensive credit card debt, and also are not making progression in paying it off on a regular monthly schedule, a bank loan might be an excellent move.There are a few points that anybody obtaining a home equity bank loan ought to be aware of. A 2nd home loan places a second charge on your residence, meaning that the bank loan company could take a share of any proceeds if your home needs to be sold. Exactly what is even worse, if you pay the initial home mortgage but fall short to pay the second, that home loan company could confiscate your home, also if the sum entailed is relatively small.Getting a second home loan residence equity funding can be a great way to utilize the equity in your home to do any type of number of points. Like all financial decisions making use of a second home mortgage must be thoroughly considered in all elements. If it makes sense as well as fits within the monthly budget plan after that it is something to be highly taken into consideration. To find out more about a bank loan residence equity funding please visit the site< a rel=" nofollow"href ="http://home-equity-loan.home-choices-net.com"> House Equity Lending by clicking right here.

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Information On Home Equity Loans Bad Credit

What are the first things you think of when you hear the words, home equity loans bad credit? You may have a bad idea of what comes along with these words, but have you considered that this kind of loan can help restore your faulty credit? It can, read on to find out how.

Home equity loans for individuals who have lower credit scores can help restore credit ratings. This type of loan will help you use the equity you have built on your home for another purpose. This kind of loan is also commonly known as a second mortgage. When you are continuously making prompt and on-time payments, this will be reflected on your credit score.

Home equity loans bad credit are possibly the cheapest option for people with lower credit ratings. In addition to the lower rates for your credit rating, you may even be eligible for tax-deductions on your second mortgage. Find out more on your state’s laws to know whether or not this is applicable to your situation.

Home equity loans bad credit are like any other type of home equity loan. This means this you are putting up your home as collateral in case you default for a length of time on your loan payments. This means the lender has the right to repossess your home in case you continuously default on your payments.

Home equity loans for people with bad credit may be viable for you, but keep in mind that your lower credit score may mean higher-interest rates. If you are considering refinancing with your current lender, ask about what your interest rates will look like. Shop around other lenders to try and secure lower rates.

Revise your financial decisions when you are considering home equity loans bad credit. Make sure you budget accordingly so that you will be able to make your payments on time each month. These steps will help improve your credit score, as well as get you a loan that is suitable for your finances.

Looking to find the best deal on Home Equity Loans Bad Credit, then visit www.Consolidating-Loans.com to find the best advice on Bad Credit Home Equity Loans for you.