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Do HELOC's STILL Beat Mortages in 2023? | EP 40 | RYU Podcast
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- เผยแพร่เมื่อ 1 พ.ค. 2023
- In this episode, Mike talks about the use of the HELOC (Home Equity Line of Credit) method to pay off a home in five to seven years.
1st Lien Heloc is the way to go, I’ve paid my loan off twice. Funds are liquid for daily use/investment properties. The process is a mindset not everyone understands and that’s ok for them but those who understand it can benefit. Thanks for the comparison video.
Many banks won't let you do bi-weekly payments. Mine wouldn't. HELOC is the way to go. Thanks for this.
Mine did as well but I could still make principal payments.
Biggest thing is if you are paycheck to paycheck... do both a heloc and get a side hussle to get the math working 4u
Good review of that video! Thanks. Some points to consider/questions: a)How easy is it really to go from bank to bank to get lower HELOC? You make it sound like it’s as easy as getting a new credit card. b) So far, all credit unions I’ve checked around where I live say there are closing costs involved (some say up to $4,000); so wouldn’t getting a HELOC every year to hunt for rates make it more expensive? What about hit to your credit score? c) this would only work if you substitute your mortgage for a HELOC right? Thanks!
I will be doing the RYM as soon as my construction loan is done and my home is built.
How do you find a heloc that is big enough to pay off your mortgage. 7.5 interest victim here.
I appreciate your reaction to my video. I'll respond soon.
Anybody with common sense knows that if you can qualify for any amount of a HELOC, it is a much better way to go due to the interest rate mortgages. They are highway robbery. Because even a great rate at 2-3% over the course of 30 years you’re paying way more than two or 3% of that original purchase price due to the front end loaded interest payments. I agree. The guy in this video dissing the HELOC is only in it for himself or he’s just un educated, which I doubt
Could you explain on average what numbers make sense for a Heloc?How do I know if I am a good fit for a Heloc?
You have to pay closing costs if close out your heloc within the first 36 months
Not all of them.
What about if I have $50,000 my self, do I need a HELOC?
What they are forgetting to mention is that it only works if your home is basically paid off already. The "E' in heloc is the most important part.....EQUITY. If you dont have equity, all of this is a mute point. Oh, and what about your credit, value of home, refinace fees, etc. to get the heloc in the first place.
10% equity or 10% down payment is all that is required. Also, most helocs are low fees compared to a mortgage or free. Only in TX is it required to have 20% equity. So, no you don't need your home basically paid off or tons of equity. It's a simple refinance.
This is so wrong I don't even know where to start to correct you.
Is 1st lien HELOC available and allowed in Texas? I have 2 primary and 3 investment properties in Dallas TX. I would like to explore it for sure.
It is available in TX.
Very informative video
So nice of you
How can you explain to someone that the heloc interest is lower than the mortgage interest?
TIME and BALANCE is far more important than the interest rate. Interest rate dictates your payment where TIME and BALANCE better dictates how much total interest you pay. The HELOC can utilize all of your cash flow because it's an open-end line of credit. A mortgage is closed-end and you cannot put 100% of your cash flow into it because it's not liquid. Which account do you think will decrease faster? One that can utilize all of your cash flow or one that cannot?
What banks are offering promo rates? Just looking online and poking around at rates for Heloc and they don't list them. Is it normally something you need to call about to inquire or in person? Thanks great video by the way!!
Yeah, that's the problem. You really have to dig around quite a bit. We have a team that does that 8 hours every day looking high and low for good deals.
@@ReplaceYourUniversityis there a contact for these angels? Thanks
I understand the simple interest is better than amortized interest, but after heloc jumps after it’s low interest intro period, should you use your 9% heloc to pay off your 3% mortgage?
Get another promo rate HELOC. Most helocs are low closing or free compared to a mortgage closing.
I did that and new intro rate is 5% for 6 mo. Should I still throw it at my 3% mortgage ?
Ur Helco is simple interest vs ur Mortgage is amortized- very big diff
@@monteburgess Mortgages are simple interest. They are not open ended so there is an amortization schedule but you can still make payments against the principal in almost all cases.
How is possible that the mortgage advocate dissing the heloc have 23 years experience? He looks but 23 years old.
Haha, wish I could say the same.
I'm in my 40's but you just made my day. Thank you!
Can you do heloc on a property free and clear?
Absolutely!
I wish i made more money on my income to be able to do this.
Stay at home until you're 28 to 30 years old and save your money. Then when you're ready to leave, pay cash for your home and drive used vehicles with no credit cards. Stop with the huge student loans also. Put most of these lenders out of business... Both of these people are debating foolishness. Which cliff is the highest you're going to jump off of financially . Either way your going to the hospital or 6 feet under financially. STAY HOME and SAVE YOUR MONEY. Sorry Replace Your University.
Or stay at home until you're 30 and then use a HELOC to own real estate? Paying cash can lead to lost opportunity costs.
That guy's video is a joke!!!! Thank you for breaking it down!!! 👏👏👏👏 We bought our home last year and from what I'm told, wendont don't have enough equity. The credit union told me that HELOCs are only for home improvement and you can only withdraw $4k chunks at a time and fill out a paper that has to be signed every time
Our pleasure!