Have a question after you do a sept consolidation and your mortgage goes up. Can you refinance if you you the interest rate drop after 6 months or a year?
Stumbled across this video doing research on HELOC vs Home Equity Loans. Great information here! Are you still available to run comps on properties or further discuss options for certain situations? Either way, great information!
Thanks for watching! If you want to jump around to different points in the video, here are some quick timestamps: 0:06 What is a debt consolidation mortgage 0:44 Cash-out refinance and the debt consolidation mortgage 1:19 Taking debt and wrapping it into a mortgage 2:01 Why consolidate debt with a mortgage 3:40 Should you take short term debt and convert it into long term debt? 4:58 Limits of a cash out refinance 6:26 When a debt consolidation mortgage WONT work 7:45 Recap
the first time I listened to this channel, he seemed to be very honest and therefore I started going over other videos. Here I think that the whole truth is being circumvented a bit... secured loan also means that if you can't pay the bank will take your house where as if you can't pay your credit card, they might garnish your pay check but at least you still have a roof over your head until you can pick yourself back up... I am not in the finance industry and he may be able to be more specific on this in his response as I did noticed that he does actually addresses comments. But just a thought to consider so that no one looses their house in a bad situation.
The only wrong assumption here is that the future financial planning in your post is based on just not paying loans back, which I don't believe is an ethical gameplan. Instead, a solid financial plan is understanding different ways debt can be secured by assets so we can get ourselves out of trouble if trouble arises. If you can't make payments on a secured loan, you have the benefit of selling the asset to pay back the debt that cannot be afforded. No financial harm is caused. If you can't make payments on an unsecured loan, you risk litigation and a severe wreck on your credit history. The benefit of transferring debt from unsecured to secured is mainly that (1) you have the option to sell the securing asset if needed to get you out of hot water and (2) secured debt almost always has lower interest than unsecured debt allowing you to pay off the debt faster.
I believe he covered it very clearly in the video by stating the differences of secured vs unsecured loans. The kicker doing it this way is if you cant control your spending/lifestyle you have an out by selling the home and making the debt go away. But if the root issue isn't addressed, then you're going to be in the same spot in 3-5 years.
@@WinTheHouseYouLove were in process of that now but theyre stalling the process in hopes of a foreclosure obviously..so funding of some type to pay of the past due amount is the only route to avoid it
Have a question after you do a sept consolidation and your mortgage goes up. Can you refinance if you you the interest rate drop after 6 months or a year?
Stumbled across this video doing research on HELOC vs Home Equity Loans. Great information here! Are you still available to run comps on properties or further discuss options for certain situations? Either way, great information!
Hi! Yes, sometimes during my live streams I do computations... just watch out when I'll go live. Thanks for watching!
Great video! Hey is it possible to add a car loan to a mortgage ( I guess consolidate) to save$$$. I've paid mortgage down by 45%.
Thanks for watching! If you want to jump around to different points in the video, here are some quick timestamps:
0:06 What is a debt consolidation mortgage
0:44 Cash-out refinance and the debt consolidation mortgage
1:19 Taking debt and wrapping it into a mortgage
2:01 Why consolidate debt with a mortgage
3:40 Should you take short term debt and convert it into long term debt?
4:58 Limits of a cash out refinance
6:26 When a debt consolidation mortgage WONT work
7:45 Recap
www.winthehouseyoulove.com/
the first time I listened to this channel, he seemed to be very honest and therefore I started going over other videos. Here I think that the whole truth is being circumvented a bit... secured loan also means that if you can't pay the bank will take your house where as if you can't pay your credit card, they might garnish your pay check but at least you still have a roof over your head until you can pick yourself back up... I am not in the finance industry and he may be able to be more specific on this in his response as I did noticed that he does actually addresses comments. But just a thought to consider so that no one looses their house in a bad situation.
The only wrong assumption here is that the future financial planning in your post is based on just not paying loans back, which I don't believe is an ethical gameplan. Instead, a solid financial plan is understanding different ways debt can be secured by assets so we can get ourselves out of trouble if trouble arises.
If you can't make payments on a secured loan, you have the benefit of selling the asset to pay back the debt that cannot be afforded. No financial harm is caused.
If you can't make payments on an unsecured loan, you risk litigation and a severe wreck on your credit history.
The benefit of transferring debt from unsecured to secured is mainly that (1) you have the option to sell the securing asset if needed to get you out of hot water and (2) secured debt almost always has lower interest than unsecured debt allowing you to pay off the debt faster.
I believe he covered it very clearly in the video by stating the differences of secured vs unsecured loans. The kicker doing it this way is if you cant control your spending/lifestyle you have an out by selling the home and making the debt go away. But if the root issue isn't addressed, then you're going to be in the same spot in 3-5 years.
what is best way to pay off $80k in mortgage to avoid foreclosure?.. is a heloc or home equity loan possible?
You likely won't be able to get a new loan to pay off the foreclosure. You may need to talk to the bank about restructuring
@@WinTheHouseYouLove were in process of that now but theyre stalling the process in hopes of a foreclosure obviously..so funding of some type to pay of the past due amount is the only route to avoid it
what happens to credit cards when they are paid off with the consolidation, are limits lowered what happens ?
They shouldn't have their limit lowered
Is it okay to put all personal debt to your mortgage then rent the property out to someone and let them pay your debts
Yes, you can cash out refi to cover your debts and then rent out that home
How do we contact you
kyleseagraves@hey.com