How the HELOC Strategy Works Step by Step Guide to Paying Off Your Home Faster

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Replace Your University

Күн бұрын

Пікірлер: 30

@lizascandles 3 ай бұрын

Do you have a visual on how to use the heloc to pay off mortgage. To me it sounds likes like 2 bills to pay.

@ReplaceYourUniversity 2 ай бұрын

replaceyouruniversity.com/replace-your-mortgage/

@rs9821 6 ай бұрын

Great general explanation my man...

@DrFinancialLiteracy 4 ай бұрын

I grew up in public housing and government payments never heard about this system. I am currently carrying mortgages. This awesome paid one with this method

@devellwilson7099 Ай бұрын

Pertinent info thanks.

@ReplaceYourUniversity Ай бұрын

You bet!

@LHMH148 5 ай бұрын

Louisa here - Thanks this was great 🎉

@DrFinancialLiteracy 2 ай бұрын

Amen!

@fortuninvestmentr.e.7858 5 ай бұрын

Awesome… 1000 agreed!

@DrFinancialLiteracy 2 ай бұрын

Amen!

@wwmassey 5 ай бұрын

Good stuff! You are right that many HELOCs are structured different. I have a HELOC that is 8.5% APR, which doesn’t kick in until the end of the Draw period (15 years). Thats if I have an outstanding balance. During the draw period my monthly payment is 1.5% of the balance or $100, whichever is greater.

@DrFinancialLiteracy 2 ай бұрын

Awesome!

@elenayefimov8548 2 ай бұрын

Is a first position HILOC good only for people who have surplus in their monthly budget?

@ReplaceYourUniversity 2 ай бұрын

Correct.

@derickforbes990 5 ай бұрын

I have a question. Is it possible for me to get a HELOC without a primary residence?😊

@brokenvessel8886 5 ай бұрын

You just need to own a piece of real estate to have a HELOC drawn off the equity in that piece of real estate. I do not believe it has to be your primary residence.

@ReplaceYourUniversity 5 ай бұрын

HELOCs are available on investment properties, vacation homes and as a tool to purchase.

@coachingwithmissdee4948 4 ай бұрын

@ReplaceYourUniversity can you get a heloc if your only income is your rental properties .?

@DrFinancialLiteracy 4 ай бұрын

Awesome!

@ReplaceYourUniversity 4 ай бұрын

Thanks!

@tace21491 2 ай бұрын

How long after a purchase of a house (50%down) will the credit union allow a heloc loan?

@ReplaceYourUniversity 2 ай бұрын

Immediately. In fact, you could have closed on a heloc and never bought with a mortgage.

@tace21491 2 ай бұрын

@ReplaceYourUniversity The possibility of a rate change would be a bit daunting. I'm going to do the accelerated method and do 20k at a time. With direct deposit going into that HELOC. Rinse and repeat

@valedakeys1661 3 ай бұрын

Can you get a HELOC loan if your home is paid off?

@RainWHW 3 ай бұрын

100% yes. You can likely get 80-90 percent of the value in a credit line…and start unlocking that equity trapped in your walls to actually work for you in other areas. Best of luck. “Not financial advice” 😊

@DrFinancialLiteracy 3 ай бұрын

Did you get an answer?

@ReplaceYourUniversity 2 ай бұрын

Absolutely!