I grew up in public housing and government payments never heard about this system. I am currently carrying mortgages. This awesome paid one with this method
Good stuff! You are right that many HELOCs are structured different. I have a HELOC that is 8.5% APR, which doesn’t kick in until the end of the Draw period (15 years). Thats if I have an outstanding balance. During the draw period my monthly payment is 1.5% of the balance or $100, whichever is greater.
100% yes. You can likely get 80-90 percent of the value in a credit line…and start unlocking that equity trapped in your walls to actually work for you in other areas. Best of luck. “Not financial advice” 😊
You just need to own a piece of real estate to have a HELOC drawn off the equity in that piece of real estate. I do not believe it has to be your primary residence.
@ReplaceYourUniversity The possibility of a rate change would be a bit daunting. I'm going to do the accelerated method and do 20k at a time. With direct deposit going into that HELOC. Rinse and repeat
Great general explanation my man...
Awesome… 1000 agreed!
Amen!
Pertinent info thanks.
You bet!
I grew up in public housing and government payments never heard about this system. I am currently carrying mortgages. This awesome paid one with this method
Do you have a visual on how to use the heloc to pay off mortgage. To me it sounds likes like 2 bills to pay.
replaceyouruniversity.com/replace-your-mortgage/
Louisa here - Thanks this was great 🎉
Amen!
Good stuff!
You are right that many HELOCs are structured different. I have a HELOC that is 8.5% APR, which doesn’t kick in until the end of the Draw period (15 years). Thats if I have an outstanding balance. During the draw period my monthly payment is 1.5% of the balance or $100, whichever is greater.
Awesome!
Awesome!
Thanks!
Is a first position HILOC good only for people who have surplus in their monthly budget?
Correct.
Can you get a HELOC loan if your home is paid off?
100% yes. You can likely get 80-90 percent of the value in a credit line…and start unlocking that equity trapped in your walls to actually work for you in other areas. Best of luck. “Not financial advice” 😊
Did you get an answer?
Absolutely!
I have a question. Is it possible for me to get a HELOC without a primary residence?😊
You just need to own a piece of real estate to have a HELOC drawn off the equity in that piece of real estate. I do not believe it has to be your primary residence.
HELOCs are available on investment properties, vacation homes and as a tool to purchase.
@ReplaceYourUniversity can you get a heloc if your only income is your rental properties .?
How long after a purchase of a house (50%down) will the credit union allow a heloc loan?
Immediately. In fact, you could have closed on a heloc and never bought with a mortgage.
@ReplaceYourUniversity The possibility of a rate change would be a bit daunting. I'm going to do the accelerated method and do 20k at a time. With direct deposit going into that HELOC. Rinse and repeat
Why are you helping people
Because people need it.
@@ReplaceYourUniversity Amen!