I didn’t achieve financial freedom until I turned 40. As a US citizen, I raised capital by taking out a home equity loan. The interest rate was much lower than other loans, which made it a smart choice. With patience and discipline, I reinvested my earnings and avoided impulsive decisions. This strategy helped me grow my wealth, eventually allowing me to buy a new home and a car. If you’re looking to raise capital and achieve financial freedom, consider this approach
an amazing financial advisor. Regina's expertise and guidance were crucial in helping me understand the best strategies for leveraging my home equity and making smart investment
If you’re looking to raise capital and make sound financial decisions, I highly recommend reaching out to Regina. She’s incredibly supportive and really knows her stuff. Trust me, you’ll be in great hands
It's challenging to find a reliable advisor, and I appreciate your input. Seeing the successes you've achieved through Regina, I would love to have access to her if you wouldn't mind sharing how
Finally someone from North Jersey with fresh and important information. Liked and subscribed!!! Now my issue is to seat down and watch all your videos... I will enjoy.
My wife and I applied for a HELOC with BOA and were denied, We have about 125,000 in equity My score is 735 l,hers was a 653. We wanted to use the HELOC to pay off our $46,000 Credit card debt. We were denied because her score is too low, it’s low because she has high balances on her credit card. The HELOC would resolve that issue.
This sounds to me like it's more of a BOA insolvency risk problem than your problem, but they just used "it's your issue" as the excuse. Don't take it personally and move on to your end goal. Since you're getting a HELOC look into velocity banking to wipe out that debt.
Don't feel bad, my own credit union bank did the exact same thing to me. I wanted to pay off 35k credit card debt using our 200k + Equity, denied due to high credit card balance. Seems very counter intuitive on the banks part.
Yeah same here... not BOA but still. Are they telling us that we're "not qualified" to offer our house up for collateral? We easily met all of the requirements AND they have the house there, but it's still no good??? I'm sorry but this is frustrating.
Currently in the process. And in UA-cam fashion. They always leave out information. Im being asked about flood zone Homeowners declaration Hoa Mortgage statement Copy of my ID Pay check stub 2022 W2 Child support paperwork. Im divorced Oh yeah I have 740 plus score They wanted me to pay off all my credit cards. Which i did. And a couple more thinks they are looking for. And Im using my credit union that I've been a member for 20 plus years. So these UA-cam videos, in my opinion barely scratch the surface of real deep seated information. Basically its like a credit card. Debt 2 income is important. Good luck
@@JayCosta Expect ❓ The purpose of me statement. U guys , and don't take it personal. Leave out very important information. And you make it sound and seem so simple. Its not just ur channel its other channels as well. Also its not just HELOC its other content as well. Why not make it what it is. State all the fact that it takes, say it takes 30 or so days. Say what it is. U guys make things seem soooooo easy. Thats all im saying
@@jn3522 Yes . And they want 2 b first or second lien . These things i never knew. So , About 10 years ago . I went thru a divorced and had 2 modify my loan due to cash shortage because of attorney fees and yada yada . Hence that was a second lien and I had no clue that would affect my attempt for a Heloc. All of this I am learning about. Its a good learning curve.
That would be impossible on this topic because it depends on the lender, as I stated in this video and most others. Heloc is less regulated than a conventional mortgage so each lender has different timelines, credit requirements, and paperwork requirements.
I HAD a $50k HEOC from a credit union - my late husband and I used it to buy 2 vehicles. We always paid back what we owed in several months time. My husband died in 2014 and then the credit union wanted me to 'prove' my income to maintain the HELOC. I should have done that but I said just cancel it. NOW I think I want an HELOC. I have a $2 million dollar mortgage free home. My credit score must be excellent I have not checked - but I have NO debt and always pay my bills on time. In In California. What will the fees be...?
We have at least $150K-200K equity. Excellent Credit (over 750). However, our credit union said to get the HELOC, we have to pay off loans WITH the HELOC! So basically they want to make sure we spend the money with them - with a much higher interest rate than the loans they want to consolidate under the HELOC! So credit score does not matter.
They want us to pay off our camper, a couple loans for mowers, and a piece of land we bought. What is the point? We wont have much money left after we do that. AND its at a higher interest rate.
Credit score does matter because with bad credit they wouldn't even allow you to consolidate your debt. In order for them to approve you, your DTI has to meet their criteria, if it doesn't then they'll have to consolidate your debt to get it down.
What about if I own a residential rental property(triplex) no mortgage, okay credit, and am only looking for just enough to get the roof replaced probably $15-$20k nothing more just the roof. Property is around $620k . Would this be the route to go.
This is in Navy Federals Heloc Terms. 4. Possible Actions: Under certain conditions as discussed below, we may terminate your Plan, require you to pay the entire outstanding balance, or suspend your credit privileges. (a) We can terminate your Plan and require you to pay us the entire outstanding balance in one payment if: i. You commit fraud or make a material misrepresentation at any time in connection with the Plan. This can include, for example, a false statement or omission about your income, assets, liabilities, or any other aspect of your financial condition, or the use of funds for prohibited purposes. ii. You do not meet the repayment terms of the Plan. iii. Your action or inaction adversely affects the collateral for the Plan or our rights in the collateral. This can include, but is not limited to, failure to maintain required insurance, waste or destructive use of the dwelling, failure to pay taxes, transfer of title or sale of the dwelling, creation of a lien on the dwelling without our permission, and foreclosure by the holder of a prior lien. Can I use the Heloc from my primary home to buy land and then sell my primary home and pay off the Heloc?
Hi Jay, what about Seattle area banks ? Also what do you think about using heloc for building a new house. It’s to be built on the same parcel I’m residing on now. Thanks
I just applied for a home equity loan prob be denied as I have been ar my current job for just 1 yr 7 months and 2 yrs ago i had 4 different W2's my credit score is fine My home has no mortgage but just doubt I will be approved as seen people with higher scores and goid income get denied for silly stuff .
Hi 👋, if you have a 600 credit score and the home is paid off.. will you still get denied? I’m at around a 630 after my divorce and nearly maxing some credit cards for removal of trees and a new roof. Now, I want to get my home completely remodeled. Do I stand a chance for a a HELOC? Great job, only a car payment, and utilities. Really no bills….
Am I able to get a HELOC with a 621 credit score, I just got laidoff from my job but I will be starting another one in 2 weeks. My house is paid off, but I need money to get by. Your thoughts. Also what lenders do you recommend? Thank you.
I have a fully owned home, but an awful credit score and low income. What should I do? I “just” need $20k to do urgent repairs - the house is worth about $250k. Would it be possible to add someone onto the deed that has an excellent credit score? Does he have to be put on the deed or can he co-sign without doing that part? Thank you for all of your advice! Followed.
I didn’t achieve financial freedom until I turned 40. As a US citizen, I raised capital by taking out a home equity loan. The interest rate was much lower than other loans, which made it a smart choice. With patience and discipline, I reinvested my earnings and avoided impulsive decisions. This strategy helped me grow my wealth, eventually allowing me to buy a new home and a car. If you’re looking to raise capital and achieve financial freedom, consider this approach
How did you qualify for a home equity loan,what types of investments did you make with the loan ?
I’m glad you found my story interesting! I couldn’t have achieved this without the help of Regina Louise Collaro,
an amazing financial advisor. Regina's expertise and guidance were crucial in helping me understand the best strategies for leveraging my home equity and making smart investment
If you’re looking to raise capital and make sound financial decisions, I highly recommend reaching out to Regina. She’s incredibly supportive and really knows her stuff. Trust me, you’ll be in great hands
It's challenging to find a reliable advisor, and I appreciate your input. Seeing the successes you've achieved through Regina, I would love to have access to her if you wouldn't mind sharing how
Typical bank posture, they don’t want to lend you money unless you don’t need it, ridiculous.
Finally someone from North Jersey with fresh and important information. Liked and subscribed!!! Now my issue is to seat down and watch all your videos... I will enjoy.
Awesome thanks for the support!
This people always recommend using a small lender like a Credit Union.
for a reason!
a significant decline in home values could cause your lender to reduce your line or freeze it - as some homeowners learned during the Great Recession.
Totally, it's important to not over leverage and only use heloc short term to reduce exposure
My wife and I applied for a HELOC with BOA and were denied, We have about 125,000 in equity My score is 735 l,hers was a 653. We wanted to use the HELOC to pay off our $46,000 Credit card debt. We were denied because her score is too low, it’s low because she has high balances on her credit card. The HELOC would resolve that issue.
Try another lender. If not, pay off the credit card debt. Simple! Thanks for watching!
This sounds to me like it's more of a BOA insolvency risk problem than your problem, but they just used "it's your issue" as the excuse. Don't take it personally and move on to your end goal. Since you're getting a HELOC look into velocity banking to wipe out that debt.
Don't feel bad, my own credit union bank did the exact same thing to me. I wanted to pay off 35k credit card debt using our 200k + Equity, denied due to high credit card balance. Seems very counter intuitive on the banks part.
Yeah same here... not BOA but still.
Are they telling us that we're "not qualified" to offer our house up for collateral? We easily met all of the requirements AND they have the house there, but it's still no good???
I'm sorry but this is frustrating.
@@JayCosta”pay off the credit card, simple”
What a shitty advice
Currently in the process. And in UA-cam fashion. They always leave out information.
Im being asked about flood zone
Homeowners declaration
Hoa
Mortgage statement
Copy of my ID
Pay check stub
2022 W2
Child support paperwork. Im divorced
Oh yeah I have 740 plus score
They wanted me to pay off all my credit cards. Which i did.
And a couple more thinks they are looking for. And Im using my credit union that I've been a member for 20 plus years. So these UA-cam videos, in my opinion barely scratch the surface of real deep seated information. Basically its like a credit card. Debt 2 income is important. Good luck
PWhat did you expect? Are you surprised they asked for proof of income for a loan? I believe we mention that in the video. Thanks for watching!
You had to pay off credit cards in order to get the loan?
@@JayCosta Expect ❓ The purpose of me statement.
U guys , and don't take it personal. Leave out very important information. And you make it sound and seem so simple. Its not just ur channel its other channels as well. Also its not just HELOC its other content as well. Why not make it what it is. State all the fact that it takes, say it takes 30 or so days. Say what it is. U guys make things seem soooooo easy. Thats all im saying
@@jn3522 Yes . And they want 2 b first or second lien . These things i never knew. So , About 10 years ago . I went thru a divorced and had 2 modify my loan due to cash shortage because of attorney fees and yada yada . Hence that was a second lien and I had no clue that would affect my attempt for a Heloc. All of this I am learning about. Its a good learning curve.
That would be impossible on this topic because it depends on the lender, as I stated in this video and most others. Heloc is less regulated than a conventional mortgage so each lender has different timelines, credit requirements, and paperwork requirements.
I HAD a $50k HEOC from a credit union - my late husband and I used it to buy 2 vehicles. We always paid back what we owed in several months time. My husband died in 2014 and then the credit union wanted me to 'prove' my income to maintain the HELOC. I should have done that but I said just cancel it. NOW I think I want an HELOC. I have a $2 million dollar mortgage free home. My credit score must be excellent I have not checked - but I have NO debt and always pay my bills on time. In In California. What will the fees be...?
what will you use it for? Don't use it on a car again. Sorry for the loss of your husband.
We have at least $150K-200K equity. Excellent Credit (over 750). However, our credit union said to get the HELOC, we have to pay off loans WITH the HELOC! So basically they want to make sure we spend the money with them - with a much higher interest rate than the loans they want to consolidate under the HELOC! So credit score does not matter.
I would try another lender. What kinds of loans are we talking about? Thanks for watching!
They want us to pay off our camper, a couple loans for mowers, and a piece of land we bought. What is the point? We wont have much money left after we do that. AND its at a higher interest rate.
Credit score does matter because with bad credit they wouldn't even allow you to consolidate your debt. In order for them to approve you, your DTI has to meet their criteria, if it doesn't then they'll have to consolidate your debt to get it down.
What about if I own a residential rental property(triplex) no mortgage, okay credit, and am only looking for just enough to get the roof replaced probably $15-$20k nothing more just the roof. Property is around $620k . Would this be the route to go.
Pay cash for the roof. Or use the HELOC short term and pay it off ASAP. Thanks for watching!
@@JayCosta Thank you, I appreciate your time.
I appreciate you watching!
This is in Navy Federals Heloc Terms.
4. Possible Actions: Under certain conditions as discussed below, we may terminate your Plan, require you to pay the entire outstanding balance, or suspend your credit privileges.
(a) We can terminate your Plan and require you to pay us the entire outstanding balance in one payment if:
i. You commit fraud or make a material misrepresentation at any time in connection with the Plan. This can include, for example, a false statement or omission about your income, assets, liabilities, or any other aspect of your financial condition, or the use of funds for prohibited purposes.
ii. You do not meet the repayment terms of the Plan.
iii. Your action or inaction adversely affects the collateral for the Plan or our rights in the collateral. This can include, but is not limited to, failure to maintain required insurance, waste or destructive use of the dwelling, failure to pay taxes, transfer of title or sale of the dwelling, creation of a lien on the dwelling without our permission, and foreclosure by the holder of a prior lien.
Can I use the Heloc from my primary home to buy land and then sell my primary home and pay off the Heloc?
Yes you can it seems. It would get paid off at closing. Thanks for watching!
Is there a lender that would approve an applicant with great credit score buy 50 percent debt to income ratio?
50 percent is usually the max. Thanks for watching!
What banks do you recommend for a heloc? I’m in Bergen Passaic County NJ
Nice! right by me. I used M&T bank. penfed is well regarded all over the country. Are you a member of a credit union?
Hi Jay, what about Seattle area banks ?
Also what do you think about using heloc for building a new house. It’s to be built on the same parcel I’m residing on now. Thanks
I just applied for a home equity loan prob be denied as I have been ar my current job for just 1 yr 7 months and 2 yrs ago i had 4 different W2's my credit score is fine My home has no mortgage but just doubt I will be approved as seen people with higher scores and goid income get denied for silly stuff .
You could get a smaller mortgage on the loan if you have trouble with a HELOC. Thanks for watching and let me know how it goes!
Can you get a heloc with bad credit if someone with good credit co sign?
I believe only if the co-signor is a part owner of the property. Thanks For Watching!
Hi 👋, if you have a 600 credit score and the home is paid off.. will you still get denied? I’m at around a 630 after my divorce and nearly maxing some credit cards for removal of trees and a new roof. Now, I want to get my home completely remodeled. Do I stand a chance for a a HELOC? Great job, only a car payment, and utilities. Really no bills….
Dont use your HELOC to remodel. Only use it to make you money!
so basically i have 190,000 in equity which i will never be able to use cause by score is 601 😒😒😒😒
Right now because of the market the lenders have definitely tightened up lending requirements. Get that credit score up and try again in the future!
I believe there are a lot of people in the same boat.
Never is a strong word just improve your credit score.
Am I able to get a HELOC with a 621 credit score, I just got laidoff from my job but I will be starting another one in 2 weeks. My house is paid off, but I need money to get by. Your thoughts. Also what lenders do you recommend? Thank you.
about to answer you on live stream. Check in here: ua-cam.com/users/live7RIx28aclZ0?feature=share
I stopped at 650 credit score 😂
I was denied a heloc from US BANK because of my solar power on top of my home, can you make a video on how to go around solar? SOLAR POWER SUCKS!!!😡
That is interesting I never heard of that. I will look into it. Thanks for watching!
Why the bank denied you because of the solar panels?
@@me_mydog it was a liability for them!! I gave them everything I had paper wise but they still need it more, that’s when I just gave up!!
Were you still paying the panels off?
what max DTI on these
Depends on the lender, as well as your credit.
What if the house is under an llc and has no mortgage?
That would be a first line heloc. Thanks for watching !
you would have deed the house back into your name to get the heloc @@JayCosta
I have a fully owned home, but an awful credit score and low income. What should I do? I “just” need $20k to do urgent repairs - the house is worth about $250k.
Would it be possible to add someone onto the deed that has an excellent credit score? Does he have to be put on the deed or can he co-sign without doing that part?
Thank you for all of your advice! Followed.
What kind of repairs are we talking about?
Or on social security
Now responding LIVE here: ua-cam.com/video/2DcWqBiewGM/v-deo.html
The bank I have my mortgage with said I can not get a heloc because of the zip code I live in, is there any way around this?
about to answer you on live stream. Check in here: ua-cam.com/users/live7RIx28aclZ0?feature=share
🎉🎉🎉🎉yeahhhh🎉🎉🎉🎉🎉
What does a HELOC accomplish at these rates? Is this for desperate people?
Sometimes yes, but not always. Thanks for watching!
❤
👍🏽
Thanks for watching!
What lenders do you recommend?
about to answer you on live stream. Check in here: ua-cam.com/users/live7RIx28aclZ0?feature=share