Buying A Home with a HELOC

Throughout the video, we'll delve into the intricacies of interest rates, repayment terms, and the unique financial dynamics involved in leveraging a HELOC for your home purchase. Whether you're embarking on your first homebuying journey or seeking fresh perspectives as an experienced investor, this discussion promises to broaden your understanding and empower you to make informed decisions in the realm of real estate financing. Don't miss out on this insightful exploration that could revolutionize your approach to homeownership and unlock new opportunities for financial growth. #HELOC #HomeBuying #RealEstateFinance #HomeOwnership #HELOCStrategy #PropertyInvestment #HomeFinancing #RealEstateTips
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*DISCLAIMER* The suggestions, advice, and/or opinions that are given by Sam Kwak and Daniel Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold The Kwak Brothers and its brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based on experience.

[@mattherndon2841]

Hey it's Matt over here.... I thought you guys got banned I haven't seen your content popping up on my feed....... You guys have a blessed day :)

[@sydneyhiennguyen7992]

Very informative! When you mentioned DTI ratio, does the 42-45% max they typically look at include the new loan you're looking to acquire?

[@TheKwakBrothers]

Yes! That is correct!

[@stevelasseigne117]

Im kind of confused. Ti get a HELIC you must have a house w/ equity and probably a 1st mortgage. If there is a mortgage on a house, how can you get a 1st position HELOC?

[@TheKwakBrothers]

You're right. Typically, to get a first position HELOC, it would replace your existing mortgage, so the HELOC becomes the primary lien on your house. This allows you to pay off your mortgage faster using the HELOC's flexibility. For more details, check out this video: kzbin.info/www/bejne/fnrZnmRtndSlZ9U.

[@zeekflash6924]

Does 2nd lien helocs , also require a full appraisal, or they just do drive by appraisals ? Let’s say a 100k , heloc

[@TheKwakBrothers]

For a 2nd lien HELOC, the type of appraisal required can often be less rigorous compared to a first lien. Typically, lenders might opt for an "internet or drive-by appraisal" rather than a full appraisal for a 2nd lien HELOC. This can make the process quicker and possibly less costly. However, requirements can vary by lender, so it's always good to confirm with the specific financial institution handling the HELOC. Thank you for asking!

[@chrisej207]

Thoughts on combining this with a FHA or VA loan?

[@TheKwakBrothers]

Combining our strategy with an FHA or VA loan is definitely an interesting consideration. These types of loans have unique characteristics, like potentially lower down payments and specific borrowing criteria, which can be advantageous. Our approach, which optimizes your cash flow and the use of banking products that function similarly to a line of credit, can be applied alongside these loans to potentially accelerate the payoff. It's important to look at your overall financial picture when considering this kind of strategy. For more detailed information on how this might work specifically with FHA or VA loans, attending our webinar could be very helpful, as it goes into more depth about various scenarios and how our strategy can be tailored. You can register for the next session at: acceleratedbanking.com/webinar-registration?sl=youtube