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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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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.
Necessarily you would not be needed to trip a visit to your nearest branch for reaching out your banker or some lenders of mortgage loan so as to only obtain a good home mortgage loan quote. That comes one of the most traditional means. Henceforth the smartest way is availing such through online, which will be making receive some good mortgage quotes with some of the more easier as well as quicker ways. The entire procedure can be achieved at just about 5 minutes and that too at the comfortability of sitting at your couch from your drawing room.
Receiving a quote on mortgage loan from some specialists availed online will be proved advantageous because of the reasons discussed below:
1) You would be receiving a quick response from them in comparison to reaching your banker for the same home mortgage loan quote and everything will get accomplished at the minimum time of only 48 hours.
2) You will be receiving a phone call so that you can complete the entire procedure at the leisure of sitting at your home.
3) Being the online customer, you would be enabled to obtain too many quotes of the home loan even you would be deciding about the type of home which you want to choose. This comes as one of the most useful means which will be telling you about the mortgage amount which you are qualified of for depending on the earning with financial as well as credit standings.
4) Conveniently, you would be receiving a quote, although pre-approved from your online provider.
Usually mortgage stands as one of the broadest terms which generally covers several things that includes mortgage for buying your house, mortgage for refinance, equity loan for home. In these mentioned loan types your home will literally be acting as a mean of collateral for the amount or stuff which you will be keeping as mortgage.
It remains as one of the significant things to understand and lean as well to the topic mortgage loan much finer way so that one will be able to make a negotiation about the home loan lender on much a better way that what got contracted. The very initial step of mortgage is receiving the home mortgage loan quote. Below are mentioned some quick definitions which will be helping you in understanding the terms better:
Interest rates: The rate of interest gets calculated with a type of calculator that has been specially designed for this only and the lender decides accordingly. But what is more interesting is that the decision may at times be influenced with several things that includes worthiness of the credit of the borrowers, amount of home mortgage loans, the down payment amount and collateral payment as well.
Essentially there are two interest rates types:
1. Fixed Interest Rates: For the whole life the interest will be fixed. The monthly payment will also become fixed.
2. Variable Interest Rates: On a monthly basis the interest rate can be varied as per the fluctuation of the market.
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.
Image from page 449 of “The digressions of V. : written for his own fun and that of his friends / by Elihu Vedder ; containing the quaint legends of his infancy, an account of his stay in Florence, the garden of lost opportunities, return home on the trac
Click here to view book online to see this illustration in context in a browseable online version of this book.
Text Appearing Before Image: s the eye. This tendency, which unduly cultivatedmight lead me into the extravagant, is held in check by my senseof humour, and has enabled me at times to tread with safety thatnarrow path lying between the Sublime and the Ridiculous, —the path of common sense, which in its turn is dangerously nearto the broad highway of the Commonplace. There is anotherthing — the ease with which I can conjure up visions. This fac-ulty if cultivated would soon enable me to see as realities mostdelightful things, but the reaction would be beyond my controland would inevitably follow and be sure to create images of hor-ror indescribable. A few experiences have shown me that thatway madness lies; and so, while I have rendered my Heaven WILLIAM BLAKE 409 somewhat tame, at least my Hell remains quite endurable. Thusit comes that Blake can wander with delight and retain his men-tal health in an atmosphere which would prove fatal to me; andthus I am not fitted to pass a judgement on him — but I can at
Text Appearing After Image: THE HARDON-GIVING AND IMPLORING HANDS least give a little account which may help do away with that ideathat he was insane. My friend Ellis was a man saturated with Blake. The twolarge volumes, William Blake, by Ellis and Yates, testifyto this. He told me long ago in Perugia that he then thought hehad found the key to Blakes wonderful and interminable mysticpoems. I confess, with the greatest love and veneration for theman and artist, these long poems are to me a veritable Slough of 4io THE DIGRESSIONS OF V. Despond; that in wading through them, when I think I havegained a firm foothold, it sinks from under me, while Ellis goesskipping from hummock to hummock and seems to come out dry-shod at the farther side. And yet, if Blake is ever to be inter-preted, these two men are the only ones who give a promise ofsuccess. It would take a lifetime to really understand Blake; andwhat if after all it should turn out to be — not so. Since I havemade a book that sells, I have frequently been as
Note About Images Please note that these images are extracted from scanned page images that may have been digitally enhanced for readability – coloration and appearance of these illustrations may not perfectly resemble the original work.
There are three different types of home loan rates in India . They have a considerable impact on your total amount of interest, your monthly EMIs and EMI fluctuations. So, what are they?
* Floating * Fixed * Hybrid
Most borrowers, over a course of time, must become familiar with all three types of housing loan interest rates and their implications on your home loan and finances. This is one aspect of home loans that you cannot afford to remain ignorant about. So, let’s consider each type in thorough detail.
Floating home loan rates:
These are the lowest and the most affordable home loan interest rates;however, these are vulnerable to market fluctuations. If you choose this kind of interest rates, your EMIs might be the lowest. However, they can change any moment.
Fixed home loan rates:
Fixed home loan interest rates remain fixed for three to five years. But, they are set ona higher scale to accommodatethe potential market fluctuations. After three to five years, they will be reset based on the market conditions at that time. So, you will have to choose higher home loan rates in India if you want to pay consistent monthly EMIs.
Hybrid home loan rates:
These rates are supposed to combine the best of both worlds. You make two separate contracts for yourprincipal amount. So, you pay 50% of EMIs based on the predetermined fixed rate and 50% of EMIs as per the current floating rate of interest. This is the most balanced approach as you can take advantage of the floating rates when the market is low, but your fixed rate of interest won’t let it sink beyond a point either.
Most people want floating interest rates because they are the lowest housing loan interest rates among the three. However, there is more to these rates thanjust being a number. For example: In the current real estate market, there are no prepayment charges with floating home loan rates. Therefore, people, who have opted for them can prepay their home loan at much affordable rates. So, you will need to consider these rates with their whole specifications before you decide.
So, in conclusion, you cannot make your decision about the best housing loan interest rates in vacuum. You have to consider them along with their advantages and disadvantages. Current rules and regulations about how these rates influence other aspects of the home loan can be a very important criterion too.
So, think comprehensively and make your choice logically.
The author is a seasonal writer on topics of finance and the home loan sector. Through her writing, she articulates aspects that are important to people availing best housing loan interest rates facility such as Home loan rates in India, documents, eligibility criteria that help to make the best decision.
from the after-effects of the economic downturn, yet there are lots of other reasons for which a person aims to offer residence quick. According to the sector specialists, two significant reasons that trigger individuals to intend a home sale are divorce as well as loss of a task. The majority of people are dependent on any of these two aspects for a living. Therefore when one revenue is gone, they are forced to take the choice of selling their valued belongings. It comes to be quite tough for property owners to offer an old and also a harmed house -a residential or commercial property that has loose ceilings, dripping pipelines, wet floors, and split roofing will hardly obtain any type of purchasers eager to buy it as it is. Under such situations, the homeowner needed to spend some money for its improvement. Nonetheless, the tight financial condition could posture an obstacle here as well. A number of specialist companies have sprung up in different cities in order to help people offer house rapid As Is. You could come throughout advertisements such as” we buy homes As Is”, etc. while traveling in your city. These adverts are offered by firms dealing with retail residential or commercial properties. A building owner could at any moment connect with such an organization to sell his house in its present condition. These expert home purchasers promise to offer your house fast and without telling you to repair or painting the same. There is no need to believe these firms will not pay you well. On the contrary, most of the times it is discovered that these firms offer the appropriate rate for a building compared to what an individual buyer will certainly pay you. So, home owners anxious to sell their the home of relocate in other places or those in immediate need of money need to speak to a sell residence rapid company in his or her region. Individuals need to do a cautious research to discover a reputable, trustworthy firm in the region. For that the internet could be of wonderful assistance. You merely have to enter the
search phrases to obtain the leading websites to look at. You should experience the business information, its goal and vision, as well as read the client comments to get hopeful regarding the reputation of the concerned firm. You could also take reference from your good friends and also neighbors concerning a good firm to do service with. Vacant houses existing for years could additionally be sold to a house purchaser within hrs. Numerous individuals likewise have actually homes in separated areas where they will never remain in their lives. Such homes are easily gotten by a sell home quick company. They do not take any type of commission for the solution they give. The seller only needs to pay them a small service charge. The time consuming procedure of showing your the home of several of possible buyers could be avoided when you employ a specialist home buying firm to help you. They assist you conserve your precious time, power, as well as promotion cost in the procedure helping you offer your home in 24 Hr! Carol Scott has gotten expertise in actual estate industry via her pals related to the realty business for a very long time. She has an eager passion in this sector as well as she recognizes that there are some home customers
claiming sell residence quick as well as additionally make many various other guarantees yet really they are not trustworthy for getting the work done the way you want. So, it is vital to find the best buyer who will certainly sell residence fast As Is.< item type=" application/x-shockwave-flash" style= "width:425 px; height:355 px; "information="// www.youtube.com/v/cG2svJF3Fhk?color2=FBE9EC&version=3&modestbranding=1" >< param name=" flick" worth="// www.youtube.com/v/cG2svJF3Fhk?color2=FBE9EC&version=3&modestbranding=1"/ > Today I’m mosting likely to specify clutter as anything in your home or home that you stay clear of, stay clear of checking out, avoid touching. This might be an outfit, craft supplies, additional tubes, etc. Maintain your home tidy each day. Have area to park a minimum of one auto in your garage.&Strike or move walkways resulting in entry points. Don’t sidetrack the purchaser by your presence. Paint your door an attractiving color or set up
a greater end as well as distinct door. Remove your wall paper. Make certain drape are hung in a position to permit maximum light in. Ask your representative to host a broker open
home hasn’t obtained much attention in the
initial 3 months listed. Offer duplicates of the plat inside your home. Plant non-gmo fruit trees right now.
Even individuals who don’t consume a whole lot of fruit will brag regarding fruit trees on the residential or commercial property. Locate More< a href =" http://free-credit-report-check.com/category/sell-home/ "> Offer Home Articles
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.
To view and take the entire course in sequence, just go to the following web page: