I am loan officer and I do Residential and HELOC loans. I am so happy my clients are turning the tables around with the opportunities they had. But you really need to know how to use it. I know there is so much hate about the loans. But, in nutshell, if you know what you are doing then loans are the great vehicle to reach your financial goal. My father was a banker for 38 years . All I can say is he had various loans thru out his life. Now he live very comfortably in his retirement life with my mom independently after paying for all three kids for Masters degrees and three marriages.
@@JayCosta I always say either you have a time or you have a money what you are going to bet on? Loan let you buy the future, interest basically pay the inflation for the money that you borrowed! Generally real estate have proven that it beats inflation and interest. Which agreed to your point good debt and a bad debt ! Hence I do not oppose student loan as well. It’s a duty of parents and Student to pick a right skill.
Hello Jay! What’s required and what credit score is needed to do a cash out refi on my newly purchased home? After rehabbing I have about 100k in equity maybe more.
That will depend on the lender, but I think a conventional cash out refi should have easier qualifications than a HELOC because its a 1st lien position and not 2nd lien position. Good luck and let me know how it goes.
@@JayCosta I just watched your "My credit is ruined" video from 10 months ago, and in the example that you used said your credit score dropped 50 points when you made a draw. Why would that happen if the heloc doesn't report as part of your overall credit utilization?
Great Video, keep up the good work!
This makes so much sense🤯! Thank you✅
you are welcome and thanks for watching
Great video as always!
Thanks for watching, as always
Love this! ummm what do you mean, you will lose your home?
I am loan officer and I do Residential and HELOC loans. I am so happy my clients are turning the tables around with the opportunities they had. But you really need to know how to use it. I know there is so much hate about the loans. But, in nutshell, if you know what you are doing then loans are the great vehicle to reach your financial goal. My father was a banker for 38 years . All I can say is he had various loans thru out his life. Now he live very comfortably in his retirement life with my mom independently after paying for all three kids for Masters degrees and three marriages.
There is good debt and bad debt, totally agree.
@@JayCosta I always say either you have a time or you have a money what you are going to bet on?
Loan let you buy the future, interest basically pay the inflation for the money that you borrowed! Generally real estate have proven that it beats inflation and interest.
Which agreed to your point good debt and a bad debt ! Hence I do not oppose student loan as well. It’s a duty of parents and Student to pick a right skill.
Hello Jay! What’s required and what credit score is needed to do a cash out refi on my newly purchased home? After rehabbing I have about 100k in equity maybe more.
That will depend on the lender, but I think a conventional cash out refi should have easier qualifications than a HELOC because its a 1st lien position and not 2nd lien position. Good luck and let me know how it goes.
Hey Jay, Thanks for the content. Does a heloc report as part of your credit utilization when you draw?
Nope. Thanks for watching!
@@JayCosta
I just watched your "My credit is ruined" video from 10 months ago, and in the example that you used said your credit score dropped 50 points when you made a draw. Why would that happen if the heloc doesn't report as part of your overall credit utilization?
Awesome Educational Content 🫡, Keep This Educational Content Streaming. 🫡
Thank you, I will