The scary thing about HELOCs

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  • Опубліковано 20 сер 2024
  • HELOCs. Can they make you go broke? Are they bad? Well, they can be. What is a heloc? Home equity line of credit. That's the acronym. And basically, it's like a second mortgage.
    If you are looking to refinance or purchase a home now or in the future, meet with the Oddo Group.
    oddogroup.com/
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    Michelle Oddo
    Branch Sales Manager
    M (303) 961-6906
    O (720) 738-1081
    michelle.oddo@goluminate.com
    CO License 100028804
    NMLS 297239
    As a prior partner of her own mortgage brokerage company, Michelle has over 25 years of mortgage lending experience as a loan originator as well as experience in loan processing and underwriting. She enjoys helping people choose the right loan to fit their specific needs, and prides herself on educating clients on all available options. Michelle’s expertise is working with self-employed, first time homebuyers and counseling challenging borrowers. Passionate about giving back to her community, Michelle is a member of Chamber of Northwest Douglas County, the Homes for Heroes and SMDRA. Her awards include:
    o Top 1% Originator for 2014, 2015, 2016, 2017 & 2018
    o 5280 Magazine’s Five Star Loan Officer (a multi-year winner)
    o Chairman’s Club at NOVA® Home Loans for 2012, 2013, 2014, 2015, 2016, 2017 & 2018
    o Awards (2017 & 2018):
    Best Mortgage Lender: #1 in Highlands Ranch, #56 in CO
    Best Mortgage Refinance Lenders: #3 in Highlands Ranch, #49 in CO
    Best VA Mortgage Lenders: #1 in Highlands Ranch, #31 in CO
    Best FHA Mortgage Lenders: #3 in Highlands Ranch, #32 in CO
    Best Mortgage Lenders for Low Down Payment: #1 in Highlands Ranch, #43 in CO
    Best Mortgage Lenders for First-Time Home Buyers: #2 in Highlands Ranch, #65 in CO
    Best Mortgage Brokers: #1 in Highlands Ranch, #14 in CO
    Best Mortgage Lenders for Low Credit: #1 in Highlands Ranch, #41 in CO
    #HELOC #HomeEquityLineOfCredit #mortgageadvice
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КОМЕНТАРІ • 6

  • @PianoMan-hx3ev
    @PianoMan-hx3ev 3 місяці тому +1

    What does a Heloc and a chalkboard have in common? A: You can draw on it.

  • @neckhammockothermusthaves7476
    @neckhammockothermusthaves7476 3 місяці тому

    Thank you for simplifying this! Know someone who's about to loose their home to the tune of $30K because of a HELOC. Devastating.

  • @dgaz3057
    @dgaz3057 6 місяців тому

    hopefully the rates will go down this year

  • @coldwe
    @coldwe 8 місяців тому

    Good info but the problem is you are speaking in loan officer terms. I understand because I have been in real estate but average home owner has no clue what you are saying.

  • @workandplay717
    @workandplay717 6 місяців тому

    There are fixed rate HELOCs as well. What are your thoughts on those.

    • @tylorbiersack7284
      @tylorbiersack7284 4 місяці тому

      They are garbage say your fix rate is 10% and in the near future, the prime rate goes above 10% the bank can freeze your current HELOC and ask you to repay it in full and will the give you an option to re apply for the higher prime rate