Home Equity Lines of Credit Explained | How a HELOC Works, Pros and Cons

[@Mike-qo8nm]

I don't know why you don't have big ol' K after your subscriber amount. This was by far the best video on how helocs work out of the dozens I've watched. Def earned a sub here. Looking forward to watching the rest of your videos!

[@workshopmortgage]

Thanks so much, Mike! I'm thrilled to hear you found the video helpful. 😁 As for that K... from your words to the algorithm's ears! 😆 I'm just going to keep sharing the best information I can... Hopefully more folks will find it helpful and subscribe. (But your note made my day... so thank you again!)

[@workshopmortgage]

Guess what?! Got the K this weekend! 😁

[@joleneanderson9801]

Most informative video, hands down!! I was lost and now am found!! Lol...Thank u so much!!

[@tarajooon8488]

Agreed!! This is awesome!

[@Dean-b8e]

For real!

[@Jambuw]

This was by far the best explanation of a HELOC I have viewed. You covered all of the key factors associated with a HELOC. Thank you for you clear and concise explanation.

[@workshopmortgage]

Hi Ken! So happy you found the explanation helpful... and it was great talking with you!

[@joannpeistrup8802]

This is the absolute best description of how HELOCs work. Thank you so much!

[@workshopmortgage]

Yay! You're welcome! Thanks for the nice comment, Joan! I'm so happy you found the video helpful!

[@rharnevious]

Yeah I think this is the first time I've heard the terminology of blended rate too

[@josephkaminskid.o.personal2936]

Hey Julee, I completely agree with Mike below. You should have thousands of views. Best video explanation on topic I've seen. Well thought out, organized, and presented. Not to mention professional quality and pleasant delivery. Others mention the pros but leave out the cons and other important details that you covered. The "Questions to Ask" at the end is brilliant and greatly appreciated. I immediately subscribed and will spread the word regarding your site. It seems like a great vehicle to have liquidity and capital available to make your money/equity work for you rather than a bank. Thanks for this awesome video!!!

[@workshopmortgage]

Wow, Joseph, thank you for the kind words! I couldn't be more pleased that you found the information helpful. If you choose to watch my videos, I want to respect your time and share organized information.😊 And thank you for subscribing and spreading the word and helping our channel grow! 🌱❤

[@JoeH-kq2by]

I have no idea how you manage to deliver this good information without even stuttering or delaying info. Impressive.

[@workshopmortgage]

Me neither... but once I get on a roll... 😆 Kidding aside, thank you for the nice comment! I am glad you found the video and that I could share some useful information! ❤

[@DivineSublime22]

She knows her stuff. 😊

[@workshopmortgage]

@@DivineSublime22 Aw, thanks so much! I am a one trick pony, but I know a lot about my one trick!

[@awholenewloan]

I am so glad I found you! Your delivery is EXCEPTIONAL. So easy to listen to and wonderfully streamlined. Thank you for your commitment to educate!

[@workshopmortgage]

You are so welcome! I am having fun putting videos together that I hope add value to the KZbin community and are helpful! 😊

[@pj-light-glass]

My trusted financial gal got a Heloc arranged for me. Going to use it primarily for three remaining repairs for my condo. I'm lucky that I am able to knock out all repairs in "wall out" situations. This info that you're sharing is invaluable. The fees such as an early termination fee are of particular concern. I haven't signed anything yet, probably will today so I can wrap up the remaining work at the condo. But not signing anything until I ask some pertinent questions! Thank you very much Julee Felsman!

[@workshopmortgage]

Glad I was able to offer some helpful information, PJ! Good luck with the rest of the work on your condo!

[@Romenet310]

Thank you for this info. It was very informative. I just got my Heloc. It is fixed at 5.15 but payback is 100 per 10000 borrowed and you have to payback immediately as soon as you draw. Which I am fine with because I want to pay down debt of higher interest credit cards. My plan is keep my heloc balance as low as possible while still paying off my debt in chunks.

[@workshopmortgage]

Sounds like you found a great program and you're putting it to good use. Congrats!

[@albajessicalove]

How did you process yours?

[@albajessicalove]

Did you use Maria Brisbane?

[@awesomebosssoccer7387]

This was a master class! I went back and took notes! So good!

[@workshopmortgage]

So glad you found the video helpful! And thank you for the nice comment too! 😁

[@twerpylou]

Best video on HELOCs. Thank you!

[@workshopmortgage]

You're very welcome!!! 😁😁😁

[@UsmanChicago]

Wow. this is the BEST video on HELOCs. THANK YOU

[@workshopmortgage]

Thanks so much Usman! Glad you enjoyed it and I hope it helps you out!

[@DannyBagley-i6o]

The most explanation I have ever found. Thank you so much.

[@workshopmortgage]

You're ever so welcome, Danny! I'm so happy I could help you understand more about how HELOCs work. 😁

[@WayneAnthony-w1t]

Your explanation about a “HELOC” loan is very informative and makes a lot of sense. Thank-you!…..I will be starting a HELOC real soon.😊

[@workshopmortgage]

I'm happy you found the video helpful. Good luck with your HELOC process!

[@Faji9r]

@@workshopmortgage is heloc loan and heloc credit line different.

[@workshopmortgage]

@@Faji9r HELOC stands for "home equity line of credit"... if something is a line of credit then it works as a revolving loan, like a credit card. If it's a home equity loan (not line), then you'll have a fixed payment over a fixed term (no revolving features).

[@Faji9r]

@@workshopmortgage would it be smart to get a heloc credit line to pay off my mortgage. I owe $ 129.000 and the house appraisal is $230.00

[@stephenlee2894]

Wow!! This was incredibly informative and helpful! Thanks for using plain language and talking about other options, too!

[@workshopmortgage]

Hi Stephen, You're more than welcome! I'm thrilled you found the information I shared helpful! Thank you for taking the time to comment and let me know, too. That really makes me happy! ❤😄

[@kristinamclean6462]

Thank you so much for this. You explained all of the components in a simple, easy to understand way. It was very helpful.

[@workshopmortgage]

Thank you for your kind words! I'm so happy you found the video helpful and clear. That's definitely my goal!

[@sheroken10]

@julee! Great video and content. I had little to no understanding of what HELOC was. I am actually shopping around for Some Home Equity form of loan and I was undecided on whether to go for a Home Equity Loan or a HELOC. Watching your video definitely brought me clarity. Thanks, you definitely earned a new subscriber.

[@workshopmortgage]

Awesome! it makes me really happy to know the video helped your decision-making process. 😁 And it was extra-nice of you to take a minute to write such a nice comment too! Best of luck to you in your HELOC/HELoan shopping adventures!

[@scott9853]

Very informative, I learned more from this video than 3 hours of research and talking to a banker

[@workshopmortgage]

Great! That's awesome to hear. I'm happy I could help you make sense of things! 😁

[@jjohnson2912]

This was such a great breakdown of a HELOC and HELoan! Thank you!

[@workshopmortgage]

You're welcome! 😁

[@JayGarces]

This was a great explanation of how HELOCs work! I always wondered how it worked and what the risks were. Thanks for taking the time to do this and great production value!

[@workshopmortgage]

Thanks, Jay! I'm glad I could clear up your questions. And thanks for the compliments on the video quality. I definitely want to make my videos enjoyable to watch. 😁

[@monikahuddleston3418]

I am just watching your video on 5/1/24. Thank you for sooooo much for speaking plainly! Thank you also for presenting the pros and cons of each; the questions to ask are a bonus as well.

[@workshopmortgage]

Glad it was helpful! And thanks for taking the time to offer such nice e feedback, too. 😊 I hope you can put the information to good use!

[@biggd4350]

Hi Julee, You made something so complicated more understandable I wish I was your neighbor. I'm terrified of HELOC's, will continue to do my research.

[@workshopmortgage]

Hi! I mean, we're all neighbors in the digital world, aren't we? I'm glad my video helped with your research. 😁💖 Just think of a HELOC as a tool. As you do your research, think about the job you're trying to do and figure out if a HELOC is the best tool for the job. And if I can help in any other way, just let me know!

[@adatxhomestead]

I agree 100% with the other comments here. You are FANTASTIC. Thanks for the knowledge, following and sharing! :)

[@workshopmortgage]

Thanks so much for the positive feedback, Ada! I'm really happy the information was helpful. 😁

[@FallujahMarine]

Very informative and thanks for taking the time to explain!

[@workshopmortgage]

You're welcome! Thanks for taking the time to offer positive feedback. Happy to know I was helpful! 😁

[@Sam-tg4ii]

Extremely thorough and clear explanation. THANK YOU!

[@workshopmortgage]

You're very welcome! 😁👍

[@mitchryder2433]

hey there! Wonderful video! Super helpful! Keep doing what you’re doing! You’re far more trustworthy than a lot of these other YTers I’ve seen lately

[@workshopmortgage]

Aw, thanks so much, Mitch! I'm happy to be part of the YT community and doing my best to offer good information! I'm happy you found this video helpful. 😊

[@rangelet]

Love your approach. There is a lot to take in regarding HELOC. Appreciate listed questions you provided at the end. Those are great. Thank you.

[@workshopmortgage]

Thanks for the kind words! I'm happy you found the video and "shopping list" helpful!

[@PatriciaHanson-f5b]

I agree with all the others before me, your delivery is so clear to understand. I am a new subscriber and I don't subscribe to anyone. :-) You helped me make an important decision I was struggling with and taught me a lot. I will search out other videos you have made, maybe you can give advice on good ways to make your money work for you. You are fantastic, thank you!!

[@workshopmortgage]

Thank you so much!!! That's a really nice compliment and I'm so, so happy that you got helpful information you could use when making your decisions. Best of luck with your HELOC adventures. And if you ever have a question about mortgages, financing or real estate and can't find a satisfying answer, please let me know. I'm always looking for ideas for new videos. As you'll discover if you poke around my channel, I cover a lot of ground on a lot of related topics. I don't think that the YT algorithm quite knows what to do with me sometimes. 😂

[@nicolematherne1608]

Thank you so much! How helpful are you. It’s can be overwhelming talking to lenders.

[@workshopmortgage]

Glad the video was helpful! 🥰 I hope you understand things better now and can make good choices as you search for the right option!

[@phyllissmallwood7363]

This is so comprehensive. Thanks so much! I learned ALOT!

[@workshopmortgage]

You're so welcome, Phyllis! I'm glad you found it helpful. 😊

[@KBWFreedomthrurealestate]

I like this a lot! I do this at one of my properties by Investing like a pro in multifamily real estate! It is life-changing and generational wealth-creating.

[@workshopmortgage]

Leveraging equity in one property to purchase another is a time-honored way to use a HELOC. (I've done this myself!)

[@ezekieladekanmbi5755]

You are a very good teacher. This is the best explanation I have found so far.

[@workshopmortgage]

Thank you so much, Ezekiel! I'm happy to hear the video was helpful to you!

[@callmechuy]

Best HELOC video out there. No one is even close!

[@workshopmortgage]

Wow, thanks for the great feedback! I'm so happy you enjoyed the video, Jesus! 🙌😊

[@lisaalvirez6237]

What a great video! Thank you for explaining everything so well. My husband and i are looking into a HELOC to help my daughter and this information helped tremendously.

[@workshopmortgage]

I'm so happy you found the information helpful to your research!

[@KimsengMen]

Thanks so much. This is really helpful. I'm a novice in this area and your video is so enlightening.

[@workshopmortgage]

You’re very welcome! I’m happy I was able to shed some light as you do your research. 😁

[@rafaelgomez1989]

🎉 Great valuable info, tips and the BONUS JARGON / QUESTIONS to banker towards the end...love it !!!

[@workshopmortgage]

You're ever so welcome, Rafael! I hope the video (and extra jargon and questions) help you score an excellent HELOC. 😁

[@Godisgood3311]

Julee!! Thank you so much for taking the time to respond to my ask so fast! I did the calculator, is helpful. I’m just so in shocked 🤦🏻‍♀️ Have a Blessed day and may God and all his Angels prosper you to make a difference! 🙏💜

[@workshopmortgage]

Aw, thanks so much Maria! 🥰 Good luck working that HELOC balance down!

[@sharisefaniel2871]

Wow! Explained very clear. Thanks 😊 The best i heard.

[@workshopmortgage]

You're welcome, Sharise! Glad you found it helpful!

[@earlhayden8150]

Absolute best video on this. Concise, organized, and EASY TO UNDERSTAND.

[@workshopmortgage]

Thanks for the kind words, Earl! I'm really happy to know you found the video easy to follow. I hope it helps in you research. 😁

[@sharonbeatty8047]

Didn't know I might be able to write off the interest one HELOC used for home improvement. Thanks

[@workshopmortgage]

Be sure and double-check that with a tax preparer... but I'm pretty confident they'll confirm that is the case! 😁

[@martiniqueardell7251]

This is an awesome video! You answered all my questions. Your teaching is easy to understand. Thank you!

[@workshopmortgage]

Thank you, Martinique! That's so nice of you to say. And I'm thrilled I was able to answer all of your questions. Good luck with your search for a great HELOC! 😁🔎

[@Tealeafsong]

I'm not sure what the current IRS ruling is but it was that a trailer or boat if it had sleeping, toilet and cooking facilities could qualify as a second home property and any loans would therefore be deductible. Something to check on. ~ Helpful thank you :)

[@workshopmortgage]

I have heard the same thing! The sticking point for a HELOC is that the loan would be secured to your home, not the boat or trailer. I think that might make it trickier to claim the interest as a deduction. But of course it’s important to check any tax related topics with a qualified professional!

[@TheBeldings-j5c]

The best video i have found

[@workshopmortgage]

Thanks so much! Glad you liked it! ❤😁

[@tylerdwyer2983]

This is the best video I've seen on the subject. What happens if I were to get a HELOC in case I need to do work to my house, but then end up not needing it? Does it just sit there and I have no payments and after the draw period, does it just go away?

[@workshopmortgage]

Hi Tyler! I'm so pleased you found the video informative. 😊 And your guess is spot-on -- if you set up a HELOC and don't use it, it will generally remain open with no balance, no payments and no interest cost through the draw term. If there is no balance on a line at the end of the draw term, it simply closes. Many credit lines have an annual fee, so you may find yourself billed for the annual fee (typically as a charge directly to the line) one a year. To protect your credit, I would recommend setting up an automatic payment for the minimum monthly payment on the line. It's easy to forget you have a line open if you're not using it. If you miss paying that annual fee, you could wind up with a late payment on your credit report.

[@DHblo]

This was an excellent video. Love your teaching style!

[@workshopmortgage]

Thank you, so much!! I'm glad I could be helpful.

[@hermansonmw]

Really good explanation! Thank You

[@workshopmortgage]

You're welcome! 😄

[@TienLam-t6b]

Thank you for the educational information about HELOC 💐

[@workshopmortgage]

You're welcome Tien! Thank you for the flowers. 😍

[@TienLam-t6b]

@@workshopmortgage 👍😉

[@77vickyrosa]

thank you...just started collecting info...I'll be back

[@workshopmortgage]

You're welcome! I will refrain from making a Terminator joke. 😂

[@JP-ps1ut]

Thanks for explaining HELOC! Subscribed for more great information!

[@workshopmortgage]

You're more than welcome, JP!!! I'm happy you found my channel and hope you get some more useful info from what I'm sharing. 😁

[@peachitas]

Thanks so much for this video. I could use some advice on where to look for the best place to take out a HELOC. I need to remodel a master bathroom with issues and partially fix up a kitchen (at least sink). I have owned my townhouse about 3 yrs. I also need to pay off high interest credit cards and would like to pay back a 401k loan in order to be able to make payments on the heloc.

[@workshopmortgage]

Hi there! In general, I recommend working with a regional bank or a credit union. They seem to be the best options. But if you want some specific ideas, feel free to email me at [e-mail] and I'll send you a few suggestions.

[@clowderwinner9208]

This is so helpful as I'm currently thinking of getting one. Would you have a list of banks that have great offers?

[@workshopmortgage]

Sure thing! Email me at [e-mail] and I'll email you a list!

[@clowderwinner9208]

​@workshopmortgage hello again! I just spoke to my bank and they denied me HELOC due to the fact that I did a loan modification during pandemic. I have good credit, I have more than 500,000 in equity and they said no. I did not know that loan modification during covid will have a negative impact in the future. A little disappointed.

[@successnsobriety]

Thanks for the knowledge. I am currently trying to help my parents remodel, and I wasn't sure which loan to go with. Also, I did not know about HELCO at all

[@workshopmortgage]

So happy to hear I was able to help! Good luck to your folks on their remodeling adventures! 😊

[@karynrautenberg9254]

Very thorough, thank you!

[@workshopmortgage]

You're welcome, Karyn!

[@jeaniecorrea]

Great video! I think you answered all my questions, including the ones I didn't know I had! But now I have a new question! Let's say I pay the HELOC off in four years. I've been paying interest only payments to this point. Do I only owe the amount I drew, (assuming no pre-pay penalty) or is there some hidden interest that I need to pay off as well? Thanks!

[@workshopmortgage]

Happy the video helped you get a handle on things, Jean! Let me make sure I understand: You pay interest-only payments for 4 years. After 4 years you pay a lump sum and pay the loan off in full. If that's what you're picturing, then nope, no hidden costs. You would just have one final payment to make for the partial month of interest due for the very last month. And a typical HELOC will then be sitting there, available to use/draw from again, if you had a need/ reason to do so.

[@jeaniecorrea]

@@workshopmortgage Perfect! Thanks for circling back. I just needed that last bit of clarification. Keep on! :)

[@marilynmangini1451]

Thank you so much for breaking this down! Very helpful.

[@workshopmortgage]

You're welcome, Marilyn! It is really nice to know I was able to help you!. (So thanks for commenting! 😁)

[@drichardson1251]

New Sub and like others in the commentors brigade, ONE OF THE BEST and WELL Produced Videos I've seen on the subject. Thank YOU!!! My spouse and I have 2 homes that have increased in value. Her sister rents currently (no positive cash flow/mortgage only) and we reside in the other. Really looking to add some additional assets to bring in positive cashflow where I'm considering the use of the mentioned tool. Is it possible to get a singular for both properties or of the 2 secure the option that gives the most with the best offer? (also, love the Qs mentioned at the end as well)

[@workshopmortgage]

Oh yay! So happy you found the video and got value from it. 😁 Thank you for all the kind words!! HELOCs are all portfolio loans, so anything is possible. That said, I think it's unlikely you'll find one HELOC that can be secured to both properties, especially given that one is your home and the other is a rental. But HELOCs are generally pretty inexpensive to set up, so the "extra" closing costs for having two, rather than one should be pretty minimal. Sounds like maybe you're looking to use the HELOCs to buy more real estate. If so, I would love to be a sounding board and resource. I am an investor myself and really enjoy working with investor clients. My number is 503-799-3711. Feel free to text or call anytime!

[@EricManampitina-vd2yj]

It's a good article👍

[@workshopmortgage]

Thank you for the kind words. 😁 I’m happy you found it helpful!

[@ceced1417]

Wow thank you for this video! It was so well explained! My question is if I already have a home equity loan can I still apply for a Heloc? Thank you again.

[@workshopmortgage]

You're welcome! 😊 You can apply for another HELOC! I don't know of any programs that will accept third lien position behind another HELOC, so you'll likely need to pay off your existing HELOC with a new one that is big enough to cover the balance you owe on the current loan plus the extra amount you hope to borrow. Hope that makes sense, but let me know if you have any other questions!

[@dianac7002]

​@workshopmortgage Good afternoon! If the 2nd lien on a house is not a HELOC, but a regular home equity loan, can a person get a HELOC as a 3rd lien? Thank you so much for sharing such excellent information! Much appreciated.

[@daddio4062]

Very helpful information! Thank you Julee!

[@workshopmortgage]

You're welcome! I'm happy you found the information helpful!

[@hannahdennison3509]

This was very helpful. Thank you

[@nephewsque6751]

Ill be definitely contacting you. Your very knowledgeable about this stuff. Great job 👏

[@workshopmortgage]

Thank you so much! I'm happy to hear you enjoyed the video and always available as a resource. Call or message me any time: 503-799-3711 / [e-mail]

[@maiahatcher9949]

You are excellent in explaining everything. Loved it.

[@workshopmortgage]

Yay! 🎉 I'm happy you found the explanation clear. I hope it aids in your research!

[@zygsbello]

Thanks for the video. You’re a great teacher and learn more this video than watching other people explain what the HELOC is. I live Southern California. Do you have any recommendations on? Where should I apply for HELOC? Appreciate the help.

[@workshopmortgage]

You're welcome! Thank you for the nice comment. 😁 I would be happy to get you some recommendations. Text your email address to me at 503-799-3711. I have a couple of questions I want to ask you that'll help me point you in the right direction!

[@tranettbrooksrealestateagent]

Excellent Video! Crystal clear explanation 👌 😊. Thank you!

[@workshopmortgage]

You're welcome! I'm glad you found it helpful! 😁👍

[@titopfaziano748]

I needed this and still am up in the air about which way to go. My question is....if I take out 75k and only use 40k of it, what exactly do I pay back?

[@workshopmortgage]

Hi Tito! Glad you found the information helpful. If you set up a home equity line of credit for $75k and take a $40k draw, you would only have to make payments (and pay interest) on the $40k. The other $35k would be available to you to draw from during the "draw period" that I talk about in the video. Think of it like a credit card. If you have a $5k limit and you charge $2k, you only pay interest on the $2k. It's just like that... just bigger and secured to your house. Does that help?

[@robsewell5265]

Great Job Julie!

[@workshopmortgage]

Thanks for taking the time to comment, Rob, and for the kind words. 😊❤

[@ayindetaylor8423]

Glad I found this channel

[@workshopmortgage]

Thank you, Ayinde! I'm happy you found me too! 😁❤

[@janine9993]

I’m interested your opinion about using a heloc .

[@aprilrowe600]

I would love to know if using a HELOC to buy my dream vacation apartment in Italy is a good idea. I wouldn't rent it, so it's not an investment property, it's just something I have wanted for a long time. The property is less than $100,000. I have $500,000 in equity so I feel like even if the market falls or if something happens and I can't work, I could sell my current home and buy something way cheaper/smaller with cash and pay off my Italian home. I'm just nervous, but I really want my lil Italian home!

[@workshopmortgage]

Gosh, sounds like you've got ample equity to realize your dream! And you're considering the risks. Using a HELOC means you wouldn't have to figure out Italian banking rules and get a loan there. BUT figuring out if a purchase in Italy is a good idea, from a financial or investment standpoint, is above my pay grade!

[@platinumbranch2056]

Very helpful information. Thank you so much!

[@workshopmortgage]

You're welcome!!! Happy you found the information helpful.

[@LRey85]

Awesome content….thanks for the portion about questions to ask when taking out a Heloc. Just subscribed!

[@workshopmortgage]

You're welcome! I'm glad you found the "shopping list" helpful. Good luck in your HELOC search! 😁👍

[@tinathomas1674]

This video was very comprehensive, which is what me and my spouse needed. Is a HELOC a good option to purchase land to build our forever home? I just hit the subscribed button.

[@workshopmortgage]

Hi Tina! Hooray... I'm so pleased the video was what you two needed to better understand HELOCs. And yes, if you're looking to buy land to build a forever home, a HELOC can be a low-cost way to purchase the land and hold it while you work on plans and lining up a contractor to build. Your other option would be a land loan. Fewer lenders offer land loans and they are generally offered on shorter terms, with a full set of closing costs and require a 20-30% down payment. The rate on a land loan may be a little lower but if you plan to build in the somewhat near future, the lower closing costs to set up a HELOC will likely outweigh the the interest savings). And of course the flexibility of an interest-minimum payment and the option to borrow the entire price (assuming you have sufficient equity), is really nice too. Good luck with your land purchase and have fun building your dream home!

[@slowpoke38]

This has been the most informative video so far, and I will be contacting you very very soon...Thanks

[@workshopmortgage]

That's great to hear! I'm the video helped out and look forward to chatting if you have other questions. 😁

[@pa1986ful]

Thank you for beautiful explanation

[@workshopmortgage]

You’re welcome! 🥰

[@zubazzkodine1643]

you explain it the best of all of the videos I watched

[@workshopmortgage]

Thank you! I'm glad you found the video helpful!

[@notrust27]

What a great explanation. You are awesome 🌟. Liked and subscribed.

[@workshopmortgage]

Aw shucks! 😊So nice of you to say... thank you for the lovely positive feedback and for subscribing. 😁

[@Hectorreyesgarcia]

I really like this video thanks for the information . Ive got a question where is the best place to get a HELOC ?

[@workshopmortgage]

Hi Hector! I am happy you found the information helpful! I would recommend starting with any credit unions to which you belong. Before you call, figure out the "CLTV" you need. To do this, add the line amount you want to your current loan balance on your home and then divide by your home value. Then use the questions in my video to get an understanding of their program. Once you know what they offer you have a basis for comparison with any other banks you decide to call. Every program is different, so making a few calls to compare is the best way to find the best option.

[@ryvyr]

Thank you so very kindly, I feel much more confident now in how to approach and what to expect with my financial institution :>

[@workshopmortgage]

Yay! I'm so glad you found the information helpful!

[@rodneymyles5991]

You explained it all well

[@workshopmortgage]

Thanks for the compliment!

[@bobbywheeler232]

My home was a gift paid with cash. I don’t owe anything on it. How can I get a HELOC to do improvements on my home?

[@workshopmortgage]

Hi Bobby! Did you text me earlier? If so, I texted you back with some notes and ideas. If that wasn't you, you can email me at [e-mail] or text me at 503-799-3711 and I'll get back to you with ideas!

[@502MS]

I’d love to work with you if possible. Thank you for sharing. Agreed you should have millions following.

[@workshopmortgage]

That's so nice of you to say! Feel free to reach out any time. You can text me at 503-799-3711 and my other contact information is in the caption. Perhaps we'll speak soon! 😁

[@CR-zb5hm]

I would love a interest rate alert monitoring please

[@workshopmortgage]

Hi there! I can hook you up with that. Email me at [e-mail] and I'll get a little information from you and set up an alert that'll automatically trigger when the rate you want becomes available. 😁

[@freddykrueger8759]

Thank for the video , if two partners are named in property do we both have to apply for heloc??😊

[@workshopmortgage]

You're welcome! 😊 And good question! If you need both of your incomes to qualify for the HELOC then, of course, you'll both need to apply. I have seen instances where one co-owner of a home isn't needed for qualifying and prefers not to be included on the financing (or maybe something about their profile would be detrimental to the cause... poor credit, for example). In a case like this, it may be possible to have just one of you apply. The other one of you will need to sign a few papers to acknowledge that a new debt is being secured to the property you co-own (essentially give permission to use "their" home as collateral for "your" loan, if that makes sense). But in the end, what's allowed is up to the lender. And as I mentioned in the video, these are portfolio products where each lender makes up the rules under which they are willing to lend. And state rules with regard to jointly owned property (and marital property if applicable) may play a role in the conversation as well. That was a long winded way of saying, "maybe", wasn't it? 😆I do hope that helps a little though. And thanks for watching and commenting!

[@yesis4926]

Thank you so much for the information. You were incredibly clear and thorough. Thank you!

[@workshopmortgage]

Hi Yesi! You're welcome! I'm happy you found the video to be helpful! ☺

[@bf7625]

Thank you that was very very helpful very clear I subscribed to your channel

[@workshopmortgage]

Thank you for subscribing! I'm pleased the video was helpful! Good luck on your search for a HELOC. 😊

[@drissacamara5278]

Best of the best! Well explained and nothing can be added or subtracted at this point. Thx!!

[@workshopmortgage]

Thanks so much for the positive feedback! 😁

[@BigG1010]

Exceptional video Julee, the best about HELOC. Is only credit union offering blended rate. I called Usbank and Bank Of America, they said they don't do blended rate and that the mortgage and the heloc are 2 separate things. I'd appreciate if someone can answer that question. Thanks

[@workshopmortgage]

Thank you for your kind words! I'm glad you found the video informative. The "blended rate" is more of a concept than an actual interest rate. It needs to be calculated. You can think of it as a weighted average the dollars you owe. I use the concept of the blended rate to figure out if it makes more sense to refinance or to take out a HELOC. If you have an existing loan with a really low rate and the HELOC is at a higher rate (as is typically the case), a HELOC is probably your better bet. I hope that makes sense! But let me know if you have other questions.

[@BigG1010]

I now understand it. Thanks again 🙏🏻

[@workshopmortgage]

@@BigG1010 You're welcome! Glad I could help!

[@reyladeza7490]

Awesome info/presentations!!!!

[@workshopmortgage]

Thanks Rey!!! Glad you enjoyed it! 😁

[@MindvsMe]

Awesome video! Thank you for breaking that down. This video is very helpful!

[@workshopmortgage]

You are very welcome! It's great to hear the video was helpful to you!

[@latoyiab79]

Thinking about doing this, but risking my home is terrifying to me.

[@workshopmortgage]

It's good that you're thinking about the risk. You are using your home for collateral, so you want to be sure you can pay the payment -- and also (more importantly) that the reason you're taking out the loan is "worthy" and providing you with a meaningful benefit (financial or otherwise). If you have any questions about the process or decision-making, I'm happy to help out.

[@jgyrwa]

Thank you, this was very informative.

[@workshopmortgage]

You're welcome! 😁

[@kymberlilittlejohnwhite6603]

Very well spoken and clearly explained. Thank you very much. Subscribe - clicked. On to watch more from your video library. Thanks a million!

[@workshopmortgage]

Hi Kymberli! I'm so, so pleased you found the video helpful. I hope you found some of the other content useful too. 😄 BUT if you went looking for something you didn't find, let me know. I'm always looking for ideas!

[@laurahhobdy]

if we get an interest only payment, if we make extra payment on it. does it mean that he principal balance will be reduce cause we paid extra? Hope it make sense!! great video!!!

[@workshopmortgage]

Hi Laura! Glad you found the video helpful! And yes, if your credit line requires an interest-only minimum payment, the minimum payment will pay just interest (as you'd assume!). But if you pay anything extra, then your principal balance will be reduced. And (better yet) because you reduced the principal balance , you also reduced the interest cost you'll pay going forward. And (as long as you're in the initial interest-only payment period) (which usually coincides with the "draw" period, your minimum payment will be reduced as well. (Lower principal balance = lower interest only payment) Does that make sense?

[@laurahhobdy]

@@workshopmortgage yes it make sense. Thank you for taking the time to repond.

[@workshopmortgage]

@@laurahhobdy You're welcome... it's my pleasure!

[@skabettispaghetti5451]

When does a bank consider the HELOC terminated? Can I pay off the balance, and keep it at 0 until I need more $$? That is, can I keep the loan open for future use during the draw period even if I'm at a zero balance and don't use it for a while?

[@workshopmortgage]

This is what the "draw period" is all about... you can keep a HELOC open with no balance on it and any time during the draw period (which is often, but not always, 10 years) you can draw funds any time you like. Think of your HELOC as a credit card gets cut off to new spending at a certain point in the future.

[@skabettispaghetti5451]

@@workshopmortgage Thanks for your quick reply! Am researching lending institutions today, so it was timely.

[@cuzzinolaf]

Great video, thank you for sharing.

[@workshopmortgage]

You’re welcome! I am happy you found it informative.

[@lisapippinbt738]

Thank you this is an amazing information. ❤

[@workshopmortgage]

You're welcome, Lisa!!

[@TheMDM1956]

Thank you so much, good and very informative.

[@workshopmortgage]

You're welcome! I'm glad you found the information helpful!

[@cynthiathorne2074]

Can you please send me options for HELOC - your recommendations?

[@workshopmortgage]

Hi, Cynthia, sure thing! Please email me at [e-mail] and let me know the state in which the property you are looking to get a HELOC on is located. I’ll send back some suggestions for good places to check out.

[@mikeward101]

Great info well presented

[@workshopmortgage]

Thanks, Mike... both for the nice words and for taking the time to comment. 😊

[@luisrivera5314]

Very well explained. Thanks a lot!

[@workshopmortgage]

You’re so welcome, Luis!

[@rubenjurado6625]

Julee thank you awesome video God bless you 🙏🏻

[@workshopmortgage]

Thank you, Ruben! You are more than welcome!