Is it SAFE to Use Your HELOC in 2024? - HELOC Rates Today

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  • Опубліковано 26 сер 2024
  • In this video, go over the pivot that the Federal Reserve has made in keeping interest rates the same. I share with you what HELOC Rates are today, as well as what is expected for HELOC Rates as we head into 2024.
    I also go over the best ways and the worst ways to use Your HELOC in 2024.
    Use HELOC for a Down Payment on an Investment Property - Good Idea? - • Use HELOC for a Down P...
    Using my HELOC to Build a Duplex Investment Property - • Using my HELOC to Buil...
    Should You Use Your HELOC for Home Improvements? - • Should You Use Your HE...
    Watch My Previous HELOC Videos HERE: • HELOC
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КОМЕНТАРІ • 91

  • @RafetMert-qs3kw
    @RafetMert-qs3kw 9 місяців тому +24

    Facing a financial crunch, especially as seniors, we're pondering the idea of cashing in on our home equity. The question is, should we invest the money, rent, or relocate?

    • @MimaLopez-jt4vq
      @MimaLopez-jt4vq 9 місяців тому +4

      Homeowners seem to be increasingly exploring home equity, especially when faced with critical needs. It's a better option than borrowing from credit cards.

    • @RafetMert-qs3kw
      @RafetMert-qs3kw 9 місяців тому

      While I won't advocate for using home equity to fuel consumer spending, it's worth considering responsible financial choices, like home equity loans.

    • @RafetMert-qs3kw
      @RafetMert-qs3kw 9 місяців тому

      Understanding the economic ebb and flow, seeking guidance from an independent broker familiar with housing and financial markets might be a wise move.

    • @MimaLopez-jt4vq
      @MimaLopez-jt4vq 9 місяців тому

      Any suggestions on how to spot a reputable broker with adequate knowledge of both markets?

    • @TheEbonybusby
      @TheEbonybusby 7 місяців тому

      Relocate

  • @vissi-nyc-resalesh5259
    @vissi-nyc-resalesh5259 9 місяців тому +3

    I really like how you think in terms of investment I can say I learned few things listening to you

    • @JayCosta
      @JayCosta  9 місяців тому +1

      Hey I appreciate that. Thanks for tuning in!

  • @BeBeCe123
    @BeBeCe123 4 місяці тому +1

    I have been studying to try and understand HELOC’S . Your advice is the best and most sound I have heard. Thank you 😇

    • @JayCosta
      @JayCosta  4 місяці тому +2

      Glad it was helpful! Thanks for watching

  • @roseojedao6581
    @roseojedao6581 4 місяці тому +2

    hello, I'd like to get your insight, what is better to get heloc of home equity loan. Which one offers the cheaper interest. Thanks.

    • @JayCosta
      @JayCosta  4 місяці тому +2

      HELOC will be a lower rate. For short term, HELOC. Long term, Home equity Loan

  • @scottcollins3187
    @scottcollins3187 9 місяців тому +4

    The only problem is, as an 'exit strategy', with rates being high, people either can't buy (due to rates) or are waiting to buy (for same reason).

    • @JayCosta
      @JayCosta  9 місяців тому +1

      Yup, which is usually why I talk about using it for Real estate investing, and less with your primary home. Thanks for watching!

    • @rvandoom
      @rvandoom 4 місяці тому

      Waiting to buy !?? LOL 😂 keep on waiting ! If you’re not 80 years old yet you will be or dead 💀 ! For those waiting

  • @user-nc3st2zu3x
    @user-nc3st2zu3x 3 місяці тому +1

    What about getting a heloc to build an ADU to be rented giving a $300 cash flow now at variable 9.5% interest,,,considering that I can raise the rent every year at at least 3%?

    • @JayCosta
      @JayCosta  2 місяці тому

      how long would it take to pay off with those numbers?

  • @phk8411
    @phk8411 8 місяців тому +2

    Great job

    • @JayCosta
      @JayCosta  7 місяців тому

      Thank you for watching!

  • @Elitestudiosdc
    @Elitestudiosdc 7 місяців тому +1

    I'm getting charged 14.375% for a cltv @95%... It's so much higher than I expected.

    • @JayCosta
      @JayCosta  7 місяців тому

      You definitely have to study the fine print! Thanks for watching!

    • @user-py7nw6ov1b
      @user-py7nw6ov1b 5 місяців тому

      Is that variable or fixed?

  • @kal8109
    @kal8109 9 місяців тому +2

    I am planning to get a HELOC to buy a property in a different country. But the plan is to pay it off in a year. My property is paid off and have no other debt

    • @hessyfernandez8150
      @hessyfernandez8150 9 місяців тому

      I think that is a solod idea. 12 momths pass by real quick and you will start getting cashflow quick.

    • @kal8109
      @kal8109 9 місяців тому

      Thanks. I got an introductory rate of 6.49%, which I think is great in today's environment.

    • @JayCosta
      @JayCosta  9 місяців тому

      If you know you can pay it off in a year, go ahead. Thanks for watching!

  • @jeroldstokes6065
    @jeroldstokes6065 7 місяців тому

    THANKS. Just what I needed to watch. My wife and I got a 400k HELOC from our 780k primary home which we are still paying a mortgage for. I want to only use 200k for this new duplex down payment. I realized that the secret to making millions is making better investments and staying out of debt.
    I'm grateful to GOD for the internet space, we were able to join the credit repair program, we payed up our debt and now we are back to being the administrators of our farming business and our own properties, as well as small pensions. I am almost 56, my wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn using Airbnb and retire comfortably.

    • @jeroldstokes6065
      @jeroldstokes6065 7 місяців тому

      "Laura Gilbert CFA " is the licensed fiduciary I use. She lead me to join the program, Just research the name you'd find necessary details to work with a correspondence to set up an appointment.

    • @floralambert4507
      @floralambert4507 7 місяців тому

      Why no one talked about this program when I was in debt 😢

  • @rachel4875
    @rachel4875 6 місяців тому +2

    Would using a HELOC to pay a mortgage be considered long term investment?

    • @JayCosta
      @JayCosta  4 місяці тому

      Thats called velocity banking. I am not a fan, but many swear by it.

  • @adanhusane8852
    @adanhusane8852 5 місяців тому +2

    You saaid dont use for down payment long term, but later said use for down payment. Could you exolain. As this is what i wsnt to do. But im looking at properties under 100k. Making my 20 percent. 20k down. I am open to sell but would rather hold. Do you advise agienst this ?

    • @JayCosta
      @JayCosta  5 місяців тому +1

      If you use it on a down payment, make sure it is short term for a BRRR method. Do a cash out refi into a long term mortgage sooner rather than later.

  • @donwright6884
    @donwright6884 8 місяців тому +1

    Great video 👍

    • @JayCosta
      @JayCosta  8 місяців тому

      Thanks for the kind words and for watching. God Bless

  • @DSRTSLA
    @DSRTSLA 9 місяців тому +1

    Jay, want to use my HELoC to buy a lot and then get a Construction loan to build a home. Loan will then become permanent at that point I the Heloc will get paid off and just keep the traditional mortgage correct? That would be my ext str.

    • @JayCosta
      @JayCosta  9 місяців тому +1

      Yes sir. Sounds like a good plan to me. Just make sure your construction loan lender is aware because your DTI will go up. Thanks for watching!

  • @user-py7nw6ov1b
    @user-py7nw6ov1b 5 місяців тому +1

    Im good just goi g have to pay everything cash

    • @JayCosta
      @JayCosta  4 місяці тому

      Nothing wrong with that!

  • @zonzoli10
    @zonzoli10 6 місяців тому +1

    Can you get a HELOC after being discharged from bankruptcy after year?

    • @JayCosta
      @JayCosta  6 місяців тому

      Depends on the lender. but most likely not.

  • @Ismile_blu22
    @Ismile_blu22 8 місяців тому +1

    Alright
    HELOC for $40,000 (primary residence) down payment for a family house of $125000 that’s for sale (worth $250000 )needs about $20000 of work (I have in cash) fix house start renting house in 6x months refi cash out for $160000 (exit strategy payback heloc and renovation ) collect rent

    • @JayCosta
      @JayCosta  8 місяців тому +1

      That is short term and you do have a clear exit strategy. Keep us posted!

  • @bretquimby6909
    @bretquimby6909 9 місяців тому +2

    Hey jay, what about using a Heloc for building a 30x30 shop in my property?

    • @JayCosta
      @JayCosta  9 місяців тому +1

      Hi, Is this for a business purpose or just as a garage for yourself? Thanks for watching!

    • @bretquimby6909
      @bretquimby6909 9 місяців тому +1

      Just for a personal use at the moment in time could be for business use.

    • @timessquare9704
      @timessquare9704 7 місяців тому

      I would guess that it would be better for it to be used for business that would generate money for you.

    • @Honda1k
      @Honda1k 7 місяців тому

      ​@@bretquimby6909 did you build shop I'm thinking of doing the same thing

  • @gaccione1
    @gaccione1 5 місяців тому +1

    I live in North Jersey as well, do you invest in this area too?

    • @JayCosta
      @JayCosta  5 місяців тому

      Yessir I do. Where at in NJ?

  • @tiana3478
    @tiana3478 6 місяців тому +1

    Hi Jay , I really could use a little input from you please. I have a home equality line at 48,000 and CC debit at 30,000 my home is value at 170k my CC debit monthly payment is more then my heloc amount which is stressing me out. Can I take out the value to pay off CC debit and have 1 lower payment which I can manage

    • @JayCosta
      @JayCosta  4 місяці тому

      You can but pay it off as quick as you can! Keep me posted.

  • @factscine8617
    @factscine8617 8 місяців тому +1

    Hey Jay i own my home outright and it is valued at around 800k. I just bought my genadfather's home which is a fixer upper. Should i use a heloc to do the complete renovation? I plan to sell mine amd live in that one. That house is bigger, detahced, and has a huge yard in the same neighborhood?.
    I may meed the heloc for 2 years could that he a problem?
    How would you advise on refinancing options?

    • @JayCosta
      @JayCosta  8 місяців тому

      2 years is a while to pay interest. Keep in mind the costs to sell you home like closing costs, commissions, etc. What if you dont net enough to pay off the HELOC? Do you have the money elsewhere to make up the difference? All questions to consider. Thanks for watching. God Bless!

  • @frances4773
    @frances4773 9 місяців тому +1

    Saving me… conservative advice

    • @JayCosta
      @JayCosta  9 місяців тому +1

      I tend to me more conservative than most UA-camrs. Risk is good, but needs to be smart!

  • @practicalintuition4030
    @practicalintuition4030 6 місяців тому +1

    What would you with with 100k in equity?

    • @JayCosta
      @JayCosta  6 місяців тому +1

      Any short term real estate investing like flips and BRRR strategy. Thanks for watching!

    • @practicalintuition4030
      @practicalintuition4030 6 місяців тому

      @@JayCosta thanx, brother

  • @tooeazeful
    @tooeazeful 9 місяців тому +1

    But you can lock an heloc in for 30 years . I know because i did it

    • @JayCosta
      @JayCosta  9 місяців тому

      You can, but usually at higher rate than what the standard HELOC is offering. Thanks for watching!

  • @phillipsavin3201
    @phillipsavin3201 9 місяців тому +1

    Hey Jay, do you think I should use a HELOC to buy a rental property?

    • @kal8109
      @kal8109 9 місяців тому +2

      I would not buy a rental with Heloc if you have a primary home mortgage.

    • @JayCosta
      @JayCosta  9 місяців тому

      Thanks for watching! I would say No. Here's why: ua-cam.com/video/-HFo8zMNqQs/v-deo.html&t

  • @hessyfernandez8150
    @hessyfernandez8150 9 місяців тому +1

    Hey Jay do you think it is smart to pay off your main loan with the heloc meaning dropping about 80-90k from the heloc to the primary mortage. I am trying to get my full va entitlement back for my va home loan by next year. I think the payments will be about 600-700 monthly.

    • @JayCosta
      @JayCosta  9 місяців тому +2

      That is the velocity banking strategy. I am not a fan of it, because i dont even fully understand it. But some swear by it. Check out my video on it as well as Kwak Brothers and Vanntastic channels. ua-cam.com/video/fHR3pdz_AFU/v-deo.html

  • @Happycamper181
    @Happycamper181 7 місяців тому

    is there a no income verification heloc?

    • @JayCosta
      @JayCosta  7 місяців тому

      Not that I am aware of. Thanks for watching!

  • @herveyolguin6185
    @herveyolguin6185 7 місяців тому +2

    I owe 145k on mortgage, 5k on car loan, and on anverage my monthly expense including mortgage and car loan is roughly 5,500-6,000. My monthly income is 8k-9k. My house is appraised at 162k and my savings close to 20k. Does HELOC work in my situation?

    • @JayCosta
      @JayCosta  7 місяців тому +1

      What do you need a HELOC for?

    • @herveyolguin6185
      @herveyolguin6185 7 місяців тому

      I have been told I could use it to pay mortgage faster.

    • @DaOneAndOnly916
      @DaOneAndOnly916 6 місяців тому +2

      You make 8 to 9k .. we should be asking you for advice lol😅

    • @user-py7nw6ov1b
      @user-py7nw6ov1b 5 місяців тому +2

      Huh you make 8500 a month, your house appraised for 162k, you owe 145k. Close to 20k in savings. Monthly expenses about 6k.. lol but you want a heloc.. cause you was told you could pay your mortgage faster. No disrespect you didn't think about this before you typed. Why not just use cash to pay down the debt faster such as the car, to increase monthly income for starters and other debt.. this seem like a flex. Anyways good luck

    • @herveyolguin6185
      @herveyolguin6185 5 місяців тому

      @@user-py7nw6ov1b I've been doing that, currently put extra towards the principal every month. I still don't know much about HELOC and that's why I have the question if it would actually benefit me. I keep hearing that HELOCS is paying faster without having to actually give extra payments towards principal.

  • @adanhusane8852
    @adanhusane8852 5 місяців тому +1

    You saaid dont use for down payment long term, but later said use for down payment. Could you exolain. As this is what i wsnt to do. But im looking at properties under 100k. Making my 20 percent. 20k down. I am open to sell but would rather hold. Do you advise agienst this ?

    • @JayCosta
      @JayCosta  5 місяців тому +1

      If you use it on a down payment, make sure it is short term for a BRRR method. Do a cash out refi into a long term mortgage sooner rather than later.