Hi Jay, I'm new to the HELOC subject my question is if you have a heloc already can you take out another and pay the first one off with the second one? What do you think about that? Thanks
What are your thoughts on using a private money lender compared to a Heloc? I have a friend who has money just sitting in the bank and he's willing to do it with me. I'm not sure how to structure the deal and what interest rate would be considered beneficial for me. Any guidance would be much appreciated.
What do you think of turning your mortgage into a HELOC? Lots of video claiming that, even with a higher interest rate you still will pay less interest because it's not amortized, it's simple interest. Thanks for the video!
How can you get a HELOC with a low credit score ? 540 what if there are two people on the mortgage do both people need good credit or is one sufficient for a loan ?
Depends on the lender, but HELOC's are seen as pretty risky loans to lenders, so decent credit is pretty much always required. Work on your credit first, in my opinion. Thanks for watching!
Hi Jay, I'm new to the HELOC subject my question is if you have a heloc already can you take out another and pay the first one off with the second one? What do you think about that? Thanks
They will automatically pay off the first one if you get a 2nd one. Nothing wrong with that. Thanks for watching!
Jay, I’m new to your channel. Great advice, keep ‘em coming!
Thanks for tuning in! Appreciate it.
Would you use a heloc to rehab a residential rental property . The rental and my home are mortgage free
How long do you plan you will hold a balance for?
What are your thoughts on using a private money lender compared to a Heloc? I have a friend who has money just sitting in the bank and he's willing to do it with me. I'm not sure how to structure the deal and what interest rate would be considered beneficial for me. Any guidance would be much appreciated.
Probably a better situation than a HELOC to be honest. Partners can be valuable assets in order to reduce risk. Thanks for watching!
What do you think of turning your mortgage into a HELOC? Lots of video claiming that, even with a higher interest rate you still will pay less interest because it's not amortized, it's simple interest. Thanks for the video!
I have made a video on it. Frankly I do not fully understand it. I would steer clear. Thanks for watching!
How can you get a HELOC with a low credit score ? 540 what if there are two people on the mortgage do both people need good credit or is one sufficient for a loan ?
Depends on the lender, but HELOC's are seen as pretty risky loans to lenders, so decent credit is pretty much always required. Work on your credit first, in my opinion. Thanks for watching!
My heloc has a fixed interest rate
that is better for long term investment, for sure! Thanks for watching!
@sidizzle9707 what was your rate for your HELOC