HELOCs in 2022 (Get Your Debt Weapons Before It's Too Late!)
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- čas přidán 25. 08. 2024
- One of the best Debt Weapons out there is the Home Equity Line of Credit, but when the banks begin to become less interested in giving these Debt Weapons out, what can you do to set yourself apart so you can have access to capital when the real estate deals start rolling in?
Matthew Pillmore, president of VIP Financial Education, talks about HELOCs, credit, and investing in today’s episode.
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Recently closed on a $358k HELOC. They ran me through the ringer (approximately 2 months) before final approval. The desktop appraisal came back low so I requested a full appraisal which yielded an additional $125k in value. Now I'm playing the waiting game to purchase my first rental property while the market corrects.
Holy cow, considering that most HELOCs are at around this 6 figure level, I really don't think we're going to see inflation come down ever. Hyperinflation is coming. The Fed is not taking into account the fear that is driving people to lock in these massive sums of money.
In the same boat. But I have a little more to work with, down here on Oahu. Another tool I have is my VA loan to get another primary home or multi-family property. Need some professional advice to pull the trigger.
So ur not worried about ur getting lowered or frozen during a market dip or crash?
We shall see. If it happens, I’ll keep you all updated. 🤙🏾
@@Nick-tr8sc since my initial post I have purchased my first property. I am currently in the process of refinancing it to a traditional 30-year mortgage and paying the purchase cost back to my HELOC. This method keeps my HELOC balance at zero.
You're probably asking yourself what was the purpose of purchasing with my HELOC in the first place. Someone offered the seller $20k above their asking price, but my offer of $10k LESS than their asking price was accepted because it was in cash and able to close in 10 days.
Once I pay my HELOC back, I plan to repeat the process on another property.
Grate video,love how easy to understand they make it instead of talking very technical...make it very easy for people like me,people the we used to work with ur hands and backs and we trying to do investments..
Thank u for your video content.
Can you do more videos on Heloc balance transfers ? I’m curious on learning how to transfer my heloc so my personal credit utilization doesn’t go up ? Is that possible ?
Ur credit utilization shouldn’t go up I’m disappointed 😔. U know better Pablo. We here to lift each other 🫡💯 tighten up brother 🫡💯
Love your video's!!! who do you recommend for HELOCS in 2023... keep up the great work!! HELOCS rock, and turned me into a millionaire, so it really works
Ahh, so this is where much of the inflation has come from. Thank you. Everything happening right now makes total sense.
Any advice for an investment property heloc? Penfed is a no go right now. If anyone could help that'd be great. Thanks
Got my HELOC over 100K available but not sure how to use it for investment property 🤷😂
What do you mean your not sure? It’s basically cash in the form of a credit card w/ a variable rate. You can use it for a down payment on a property or to buy one in cash if you want.
I have a 1st position HELOC on my entire mortgage, up to 260k open line, I dont think the bank can seize or close that loan considering they are the 1st position lien holder. Thoughts? I enjoy the thinktank talk, very information and educational. So many ways to skin these cats )
I’m pretty sure banks can call at any time if they’re really in bad shape. There’s many stories out there of people’s lines being frozen yet being forced to pay monthly payments on said line.
Hi Matthew,
Thanks for this video. I recently got a HELOC. I requested a fixed intetest rate on the $40K HELOC. As soon as I did this, the bank transferred the entire balance into my savings account, which is not what I wanted. Now, I am not able to paycheck park expenses and deposits against the HELOC. Do you have any suggestions by chance?
Thank you.
Súper
What will happen to my score if I took 90%of the money out my HELOC line ?
My guess it would definitely drop. 30% use on ur cc max. Or max it out one month BUT you have to fully pay it off before next statement. Do that every couple months. Lmk ur results don’t forget 🫡💯
do you know any lenders who will do a heloc on an investment property ?
PenFed
@@joeycowboy14 Which product? They suspended their non-o HELOC... is it back open again? doubt it - but u tell me. I applied for it and mid way into it they suspended it so I'm having to cash out refi.
@@Robd.2theT I am sorry PenFed did that to you. I had an unpleasant experience with them as well.