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Hi Jay, great video. I’m a loan officer for a credit union and originate 10-20 HELOCs and home equity fixed rate loans a month. Your advice at the end about the local credit unions being a great option is right on the money. The good news is I work for a credit union that offers these loans in all states and we are also lend on investment properties as well. We can offer loan amounts up to $1 million.
Great video! I've never heard of Figure so I gave it a try. Got approved for 99K and was deposited in my account in 5 business days! 11% interest rate, 1.5 origination fee. Thank you so, so much, you're our life saver! God bless!
Sure @@vcm9837 ! I did a Google searched for GA credit unions, reviewed their websites, and called several. Robins Financial, Delta Commuity, Members First, Credit Union of GA, Associated Credit Union (has an intro rate for 1 yr.), and Georgia United.
PenFed stopped doing rental helocs since last year. I was about 1/3rd through the process when the loan processor informed me that they discontinued that loan product indefinitely. Stated that it may return in the future, but it’s not certain that they will.
I applied with Figure last night after watching your video. Best decision ever. Great rate. No stress or pressure. All online application and approval process. I feel I got the loan I wanted, not the loan someone was trying to sell me.
Hey, I have a 300k mortgage at 3.5%, 2family home. Wabted to use the heloc to replace the windows in the home, repair the kitchen floor and redo one bathroom. I was estimating maybe 25-30k would be needed. Is it worth it?
Hi - love your videos. Thank you. My home is appraised for $540k and we have mortgage of $135k (5% interest). We also just got a Tesla and owe $40k (5% interest). We want to open a heloc, pay off mortgage, pay off car loan, dump $20k savings in it, direct deposits in it, all living expenses paid via credit card and paid off monthly via HELOC. Our income is about $2-3k greater than expenses per month. How high a HELOC rate is too high for this scenerio?
HELOC's are charging around 9+% right now. Why consolidate lower interest payments into a higher interest HELOC? I know there are ways to save through velocity banking, etc. But I would not complicate it. Thanks for watching!
We own our home free and clear. We want to get a HELOC to purchase and flip properties. We have already purchased and rehabbed 3 properties in our target areas using our own money. Any advice?
You can do that. Flips are great use of HELOC money. Because it is short term. Dont over extended yourself though. Plan for worst case scenario always. Thanks for watching!
@@JayCosta thinking to pay off high interest debt ($15k~) and the rest for a kitchen remodel ($20-25k~) ,, I was quoted a 9.1% rate …. Is it ever possible to negotiate the spread ??! Ty
Im about 22k in credit card debt. 15k with an interest rate of 29.99. Im thinking of taking out a heloc to pay off with a better interest rate. Any advice ?
Thanks for such a good review of the better lenders for the HELOC. Are you saying that my spouse and I could make 3 separate applications at the same time to different lenders? Each one will see the credit pull are they all ok with this? How would the 3 pulls affect our credit score? Another comment, when I reviewed different HELOC's in the past I noticed that some had odd repayment plans. Some of these lenders had a min monthly payment which drove the interest only one way higher. It was goofy, wish I could recall who was doing this. Also one last question, in underwriting do they follow Freddy and Fanny when it comes to rental income? We have a second home on the property that we excellent rental income. Cheers, Jude
Yes you can apply to 3 at one time. Shouldnt effect your score much, and it is only temporary. Credit scores are only useful if they are being used for situations like this. Each lender could have different repayment plans. So it is best to ask as many questions as possible before signing up. Your rental income should count as income for underwriting. But ask them first! Thanks for watching! and let us know how it goes.
Thank you Jay for your time. Friday I started paper work with loandepot paid for the appraiser $500. But I have not submitted all info there asking for. I fell Iike I should check with navy federal since I am a member.
I have a 220k mortgage a 3.25% condo. Im thinking of using a helpc to pay 30k for credit card debt consolidation i have to lower the interest rates/monthly payments significantly. Is this something i should do?
hi jay...just came up on a great investment opportunity on a 10 acre plot of land with a small home that would need fixing. theyre asking for 99k which seems really cheap for that area....would a heloc be good or a home equity loan would be better? thanks
What do you plan on doing with it? If you are going to flip it, or use BRRR method, HELOC is OK. If anything long term, get something with a fixed rate. preferably a conventional mortgage. Thanks for watching!
So I’m looking into a HELOC to fund massive renovations at my primary residence due to mold and moisture issues denied by my insurance. My concern is that during appraisal the condition of the home will negatively affect my appraisal and therefore my ability to receive the funds I need to FIX THE ISSUES. Any advice?
Hey jay! I have a quick question. So I have 35k in the HELOC And I want to take it out to refinance my kitchen. My interest rate is 8.75%. My payment is going to be $331. And I just wanted to see your perspective and opinion if this is a good decision or not. Thank you!!
I wouldn't use heloc to redo a kitchen. Remember that payment is interest only! Check out this video and thanks for watching! ua-cam.com/video/LLtDHJFB7qw/v-deo.html
@@JayCostahello Jay I want to use Heloc for home Improvment and to pay off credit card debt but! I don't want to mess with my mortgage Rate...what should I do?
Would you recommend using it to pay off last 35k on primary residence and an emergency fund?I will be able to pay off home by next summer if I just keep paying extra
@@JayCosta thought I could pay it off faster and I would be using my emergency fund so I would have access to heloc for emergency,I was approved for 400k but I rethought it and I’m just paying extra and will be done next summer!
@@JayCosta let me re phrase..its not that extreme.......how can I leverage equity on a vacant rental property, with no credit history? And have a min down pmt, want to borrow against property, cash out refi? Or what other options are there....its free n clear. Thanks for reply
I would never ever ever recommend getting a heloc..I've been paying off my 50k heloc for 16 yrs and it's still around 30k left ..biggest bank scam ever, DON'T DO IT ..
Thisnis a strange statement. I've used Helocs to fund remodel or even buy an investment property. It's a great idea. Low interest, easy qualification, and re-usability. What is the down side?
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Great video! And I just checked my local bank, which I would have never thought of, and they are offering some excellent terms!
Glad it was helpful! Thanks for watching.
Hi Jay, great video. I’m a loan officer for a credit union and originate 10-20 HELOCs and home equity fixed rate loans a month. Your advice at the end about the local credit unions being a great option is right on the money. The good news is I work for a credit union that offers these loans in all states and we are also lend on investment properties as well. We can offer loan amounts up to $1 million.
Thanks for watching!
What is the name of your credit union? I’m in the market for a HELOC.
Great video! I've never heard of Figure so I gave it a try. Got approved for 99K and was deposited in my account in 5 business days! 11% interest rate, 1.5 origination fee. Thank you so, so much, you're our life saver! God bless!
Glad it helped! Thanks for watching!
Great idea to check local credit unions! I’m in Georgia and have found several with Prime minus 0.25%-1%.
Mind sharing me names? Im also located in GA
Sure @@vcm9837 ! I did a Google searched for GA credit unions, reviewed their websites, and called several. Robins Financial, Delta Commuity, Members First, Credit Union of GA, Associated Credit Union (has an intro rate for 1 yr.), and Georgia United.
Awesome. Thanks for tuning in!
PenFed stopped doing rental helocs since last year. I was about 1/3rd through the process when the loan processor informed me that they discontinued that loan product indefinitely.
Stated that it may return in the future, but it’s not certain that they will.
Sucks. Thanks for the info
FYI, the credit union I work for can do a HELOC on a rental property.
@@kimdick66 don’t be cryptic: people need the info and your credit union needs the business.
Literally a win-win.
Glad to find you !
Glad to have you and thanks for tuning in!
New....Mike from Arizona using HELOC's for house flips.
Welcome Mike! How many flips are you doing? Does a HELOC make it easier for you?
My name is Humberto (from Pennsylvania). I'm currently doing my research to use a heloc for a (service based) business startup. Thanks for the info.
You are welcome Humberto. Let me know how I can help.
Navy Fed doesn’t do HELOC on duplex and Bank of America doesn’t do investment properties
Yes a lot has changed! Thanks for watching
Good Educational Content
I applied with Figure last night after watching your video. Best decision ever. Great rate. No stress or pressure. All online application and approval process. I feel I got the loan I wanted, not the loan someone was trying to sell me.
Awesome to hear, I have heard good things. Thanks for watching!
Hey, I have a 300k mortgage at 3.5%, 2family home. Wabted to use the heloc to replace the windows in the home, repair the kitchen floor and redo one bathroom. I was estimating maybe 25-30k would be needed. Is it worth it?
Pay cash instead. Thanks for watching!
How is the value of your home being determined ? Are these companies using real appraisers or just data valuation models ?
Yup. Certified appraisers. Thanks for watching!
Navy federal credit union is by far the best place to get a heloc. Longer draw period, & higher ltv.
I have heard great things. Thanks for watching!
Navy is trash
Unfortunately, Navy Federal does not offer HELOCS in Texas.
They don't do HELOCs in Texas Unfortunately 😢
I got pre approved with figure for 50k at a 13% rate for 30yrs . $634 monthly . That’s a ripoff bro lol
Pretty much
You are underrated
Well thank you.
Hi - love your videos. Thank you.
My home is appraised for $540k and we have mortgage of $135k (5% interest). We also just got a Tesla and owe $40k (5% interest). We want to open a heloc, pay off mortgage, pay off car loan, dump $20k savings in it, direct deposits in it, all living expenses paid via credit card and paid off monthly via HELOC. Our income is about $2-3k greater than expenses per month.
How high a HELOC rate is too high for this scenerio?
HELOC's are charging around 9+% right now. Why consolidate lower interest payments into a higher interest HELOC? I know there are ways to save through velocity banking, etc. But I would not complicate it. Thanks for watching!
So, Navy Fed has a 95 LTV so does that mean I only need 5% percent equity in my property?
No it means they will give you 95% of whatever equity you have. Thanks for watching!
Very good info, thank you
Glad it was helpful!
We own our home free and clear. We want to get a HELOC to purchase and flip properties. We have already purchased and rehabbed 3 properties in our target areas using our own money. Any advice?
Does Chase offer HELOCs?
You can do that. Flips are great use of HELOC money. Because it is short term. Dont over extended yourself though. Plan for worst case scenario always. Thanks for watching!
@@ForGodsGlory70I asked chase they told me they no longer offer heloc
Nice advise
Thanks glad you enjoyed!
Do think Alliant is a worthy one ? Thanks
Dont know much about Alliant, unfortunately. Thanks for watching!
Can you use a helic to pay iff car loan
You can, but I wouldnt. Thanks for watching
Could you get a HELOC for co-op apartment
Unsure but I don't think so
I was hoping he would tell which ones have a fixed rate. I don’t want a variable rate that could go to 20%
about to answer you on live stream. Check in here: ua-cam.com/users/live7RIx28aclZ0?feature=share
If it's a paid property does it usually make it a better rate?
Yes because the debt to income will be better. But it will depend on the lender. Thanks for watching!
actually leaning towards a home equity loan .. .ill keep you posted. ty
That is good for a fixed rate, which is better for long term solutions. What are you using it for?
@@JayCosta thinking to pay off high interest debt ($15k~) and the rest for a kitchen remodel ($20-25k~) ,, I was quoted a 9.1% rate …. Is it ever possible to negotiate the spread ??! Ty
@@RAG718 updates, how did it go did you ever get the loan
Im about 22k in credit card debt. 15k with an interest rate of 29.99. Im thinking of taking out a heloc to pay off with a better interest rate. Any advice ?
Check this video out: ua-cam.com/video/TtT_rAhGYvY/v-deo.html&t
Is it a good idea to use a mortgage company for a HELOC?
Probably not.
Thanks for such a good review of the better lenders for the HELOC. Are you saying that my spouse and I could make 3 separate applications at the same time to different lenders? Each one will see the credit pull are they all ok with this? How would the 3 pulls affect our credit score? Another comment, when I reviewed different HELOC's in the past I noticed that some had odd repayment plans. Some of these lenders had a min monthly payment which drove the interest only one way higher. It was goofy, wish I could recall who was doing this.
Also one last question, in underwriting do they follow Freddy and Fanny when it comes to rental income? We have a second home on the property that we excellent rental income. Cheers, Jude
Yes you can apply to 3 at one time. Shouldnt effect your score much, and it is only temporary. Credit scores are only useful if they are being used for situations like this. Each lender could have different repayment plans. So it is best to ask as many questions as possible before signing up. Your rental income should count as income for underwriting. But ask them first! Thanks for watching! and let us know how it goes.
Thank you Jay for your time.
Friday I started paper work with loandepot paid for the appraiser $500. But I have not submitted all info there asking for. I fell Iike I should check with navy federal since I am a member.
I have a 220k mortgage a 3.25% condo. Im thinking of using a helpc to pay 30k for credit card debt consolidation i have to lower the interest rates/monthly payments significantly. Is this something i should do?
It would consolidate debt at a lower rate, but only do it if you trust yourself to NOT get into the same problem.
I have about 26k in equity in a property I want to get a heloc to buy a second property to rent out.
Would you recommend this?
Not long term. Thanks for watching !
hi jay...just came up on a great investment opportunity on a 10 acre plot of land with a small home that would need fixing. theyre asking for 99k which seems really cheap for that area....would a heloc be good or a home equity loan would be better? thanks
What do you plan on doing with it? If you are going to flip it, or use BRRR method, HELOC is OK. If anything long term, get something with a fixed rate. preferably a conventional mortgage. Thanks for watching!
So I’m looking into a HELOC to fund massive renovations at my primary residence due to mold and moisture issues denied by my insurance. My concern is that during appraisal the condition of the home will negatively affect my appraisal and therefore my ability to receive the funds I need to FIX THE ISSUES. Any advice?
Is it a structural problem with the house? What exactly is wrong with it?
Just fix it temporarily, enough to get that appraisal to pass, then fix it properly.
Hey jay! I have a quick question. So I have 35k in the HELOC And I want to take it out to refinance my kitchen. My interest rate is 8.75%. My payment is going to be $331. And I just wanted to see your perspective and opinion if this is a good decision or not. Thank you!!
I wouldn't use heloc to redo a kitchen. Remember that payment is interest only! Check out this video and thanks for watching! ua-cam.com/video/LLtDHJFB7qw/v-deo.html
Hi. Do you know a lender that offers a First Lien HELOC on second home / rental property in the state of Texas ?
I would start with a credit union around your area first. Thanks for watching!
Good job
Thanks for watching!
@@JayCostahello Jay I want to use Heloc for home Improvment and to pay off credit card debt but! I don't want to mess with my mortgage Rate...what should I do?
Hey Jay,
I bought a home in Northern California. 1 1/2 year ago. Is it too early to access the HELOC ?
I dont think so. But it depends on how much equity you have. Thanks for watching!
Thank You. :)
You are welcome!
Hey Jay. Who would you use here in Northern Jersey? For the most loan to value..
I used m&t bank an do got 86 percent. But that was 2 years ago. Penfed also offers 85%. Thanks for watching!
@@JayCosta thanks!
Can I use a HELOC to purchase a property on a different contry?
Not sure about other countries. Sorry!
What’s some great HELOC banks that lend to Texas?
about to answer you on live stream. Check in here: ua-cam.com/users/live7RIx28aclZ0?feature=share
HI there , so who is your lender ?
M and T bank in the northeast
Would you recommend using it to pay off last 35k on primary residence and an emergency fund?I will be able to pay off home by next summer if I just keep paying extra
Why use a HELOC to pay off a lower mortgage rate? Thanks for watching!
@@JayCosta thought I could pay it off faster and I would be using my emergency fund so I would have access to heloc for emergency,I was approved for 400k but I rethought it and I’m just paying extra and will be done next summer!
@@daver2214 No, do not do that!
I have 5 fully paid rental properties, i owe backed up property tax about 200k, can I use a heloc? And with who?
Eesh, you may need to speak to a tax attorney. Thanks for watching!
@@JayCosta let me re phrase..its not that extreme.......how can I leverage equity on a vacant rental property, with no credit history? And have a min down pmt, want to borrow against property, cash out refi? Or what other options are there....its free n clear.
Thanks for reply
@@JayCosta so no answer for that one huh?
So who was #1?
your local credit unions
Would you let me know which bank or lender will do HELOC with interest payment only?
They are only interest only payment for first 10 years (usually) after that you have to pay back principal and interest. Thanks for watching!
Got it but may be not all banks are interest only even for first 10 years.
are the heloc lenders mentioned in this video good for velocity banking? thanks
You could use any of them for velocity banking. Thanks for watching!
He lost me at Bank of America.
Im coming out with a new version of this video shortly. BoA will NOT be on it.
I checked out as soon as I heard BOA. No thank you
I would never ever ever recommend getting a heloc..I've been paying off my 50k heloc for 16 yrs and it's still around 30k left ..biggest bank scam ever, DON'T DO IT ..
What did you spend 50k on 🤔
Yes what did you use the $50k for?
Would you use it speed up paying off primary residence and emergency fund?
learn velocity banking......
Thisnis a strange statement. I've used Helocs to fund remodel or even buy an investment property. It's a great idea. Low interest, easy qualification, and re-usability.
What is the down side?
My credit union SUCKS!!!! Not the best option for me. They are horrible.
Find another. Thanks for watching!