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S3E7: The Power of a HELOC
Manage episode 355395522 series 2971928
Вміст надано Murray Miller. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Murray Miller або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.
- The best way to describe a HELOC, as compared to a traditional mortgage, is a HELOC is a Two-Way Street, where a traditional mortgage is a One-Way Street.
- Traditional: When the payment is accepted, there is NO WAY to get that payment back out unless you either sell the home or refinance the mortgage and take cash-out.
- However, with a HELOC, because it functions as a two-way street, you can easily put money in AND take money out.
Can we Use Home Equity to Make Money?
- Selling Your House and Buying A another one
- Renting Out a Part of Your House
- Taking Out a Home Equity Loan to Invest In Another Property
- Investing In Yourself with Home Equity (Taking Courses, Starting A Business)
- Paying Off High Interest Debt with Home Equity
- Using A HELOC To Invest
What are the Requirements for a HELOC?
- Have a Certain Amount of Equity in your Home
- Have Good Credit
- Show Sufficient Income and Documentation
- Employee wages: Most recent W-2 and pay stubs
- Self-employment: Most recent federal tax returns
- Social Security benefits: Benefit verification letter from your Social Security account
- Other benefits or income: Retirement award letters, benefit statements or 1099 forms
Have a Low Amount of Debt
Your debt-to-income (DTI) ratio is the amount you owe on monthly debt payments (such as your mortgage, credit cards, etc.) compared to your monthly income.
How to Apply for a HELOC
- Compare lenders.
- Gather your documentation and fill out the application.
- Get your home appraised.
- Prepare for closing.
- Access your funds.
How Long Does it take to get a HELOC?
It typically takes about two to six weeks to complete the application and closing process for a HELOC.
Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.
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The post S3E7: The Power of a HELOC first appeared on The Family Business.
The post S3E7: The Power of a HELOC appeared first on The Family Business.
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