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.
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
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.
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.
Can you get a HELOC loan if your home is paid off?
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
Louisa here - Thanks this was great 🎉
Great general explanation my man...
Awesome… 1000 agreed!
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.
Awesome!
Thanks!
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 .?
Why are you helping people
Because people need it.