I absolutely loved this discussion, I haven't met a loan officer yet more honest than Anthony that why I use him so frequently to help my clients. Good stuff here you guys!!
I couldn’t agree more! I actually spoke with Anthony for a first lien HELOC but given where I am with my debt profile it would not make sense and Anthony was upfront about it!
I’ve just recently started watching your videos. Although your information is all new to me, I see the value in these different strategies and vehicles.
GREAT CONTENT!!! The thing that struct a nerve with me is what Mr. Gibbs said, "You put your money into a mortgage, and if you want to get it back you have to pay 10k" 🤯
Great information… Thank you both … my question is My parents want to deed me their house .. we in the process of remodeling their house… what would be the steps to use the value of the house since there is no mortgage on it?
Open a 2nd position Heloc for emergencies and make extra payments to your higher interest rate. My mortgage 3.375%, car loan 6.49%, heloc 8.75% with $0 balance($57K limit). I’m paying off my car loan making extra payments, but I have the heloc for emergencies. Then, I will pay off my house. I will never touch my heloc if I don’t need it.
I think this is a great option for a flip if you are wise with your approach and plan well. I would not recommend doing this for home improvement or to pay off bills though. This line of credit is good for renunue producing ventures to MAKE money ONLY in my opinion. I used to think this was a terrible idea as well until I was educated more about it. It is all serious business though so every needs to be intentional with any loan they choose.
I have a Heloc but wondered if you lock the rate on a Heloc does it change from simple interest to amortized? Is it best to leave it unlocked and just hope that prime doesn't continue to rise?
I have seen the video and I believe is great, a lot of new information, I have a very low APR in my mortgage, 2.875 and if I get a heloc right now would be around 9% interest rate, do you think I still can use the heloc to pay my house faster and paying less interest?
No you cannot beat a 2.875% interest with a 9% interest. Mathematically impossible. If you want to pay faster just pay extra on the mortgage. Alternatively instead of paying faster you can invest the extra money , it is rather easy to get over 2.875% returns currently at a low risk
I came across your channel and I have been hooked since. I listen to your different pod cast sometimes over and over on my morning walk. I am learning a ton. This is definitely helping me to make a more informed financial decisions. Many Thanks for the content. I never even knew there was a such thing as a 1st lien Heloc.
@iramcc409 - Thank you!! Usually the objections we get are simply from gaps in understanding or assumptions that are made about it that aren't true. We thought it would be helpful to name those things and fill in any gaps that may be there. -Anthony Rushing
Good conversation! Keep up the good work, many have failed or allow fear to prevent them to achieve their purpose. Education is the key, read book, learn, network, invest in physical and paper assets then be patient. Again, read book, learn, network and invest in physical and paper assets then be patient with the process. The return in investment will be greater after at least 5 years...
I listened to this for 10 mins, started over then realized there was no good explanation to provide understanding in layman's terms. I had to go to Bing to ask ¹what is a HELOC and when is a good scenario in which to use it.
It’s called taking notes. It’s shows that you’re paying attention when you’re writing stuff down. The opposite of disrespect. The guest is giving you the game, not the host. Pay attention to the guest, not what the host is doing.
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I absolutely loved this discussion, I haven't met a loan officer yet more honest than Anthony that why I use him so frequently to help my clients. Good stuff here you guys!!
@deandreclayton7936 - Thanks for the compliment & shout-out Deandre!!!
I couldn’t agree more! I actually spoke with Anthony for a first lien HELOC but given where I am with my debt profile it would not make sense and Anthony was upfront about it!
I’ve just recently started watching your videos. Although your information is all new to me, I see the value in these different strategies and vehicles.
GREAT CONTENT!!! The thing that struct a nerve with me is what Mr. Gibbs said, "You put your money into a mortgage, and if you want to get it back you have to pay 10k" 🤯
Great information… Thank you both … my question is My parents want to deed me their house .. we in the process of remodeling their house… what would be the steps to use the value of the house since there is no mortgage on it?
Open a 2nd position Heloc for emergencies and make extra payments to your higher interest rate. My mortgage 3.375%, car loan 6.49%, heloc 8.75% with $0 balance($57K limit). I’m paying off my car loan making extra payments, but I have the heloc for emergencies. Then, I will pay off my house. I will never touch my heloc if I don’t need it.
I think this is a great option for a flip if you are wise with your approach and plan well. I would not recommend doing this for home improvement or to pay off bills though. This line of credit is good for renunue producing ventures to MAKE money ONLY in my opinion. I used to think this was a terrible idea as well until I was educated more about it. It is all serious business though so every needs to be intentional with any loan they choose.
I have a Heloc but wondered if you lock the rate on a Heloc does it change from simple interest to amortized? Is it best to leave it unlocked and just hope that prime doesn't continue to rise?
I have seen the video and I believe is great, a lot of new information, I have a very low APR in my mortgage, 2.875 and if I get a heloc right now would be around 9% interest rate, do you think I still can use the heloc to pay my house faster and paying less interest?
Dis you get an answer?
If you use Velocity banking, yes. If you don't, you'll hurt yourself with the interest.
No you cannot beat a 2.875% interest with a 9% interest. Mathematically impossible. If you want to pay faster just pay extra on the mortgage. Alternatively instead of paying faster you can invest the extra money , it is rather easy to get over 2.875% returns currently at a low risk
Should i use a HELOC to fund a whole life insurance policy?
Interesting question. You should Jamel Gibbs's video on infinite banking. In it they discuss funding life insurance.
Great info. I need help 55years old free an clear property in bk. Would like to purchase another house what is the the best way. Thx
Could a business bond be set in place in case homeowner gets sick or accident and be out of work several months?
I came across your channel and I have been hooked since. I listen to your different pod cast sometimes over and over on my morning walk. I am learning a ton. This is definitely helping me to make a more informed financial decisions. Many Thanks for the content. I never even knew there was a such thing as a 1st lien Heloc.
Great video❤
Thanks for the info sir
Hi Do you use people good credit score to apply loan for investment property. Or recommend me who does.
What about new homebuyers how could they buy utilizing HELOC?
This was a great video. I liked the way you both addressed the "naysayers" and popular questions.
@iramcc409 - Thank you!! Usually the objections we get are simply from gaps in understanding or assumptions that are made about it that aren't true. We thought it would be helpful to name those things and fill in any gaps that may be there.
-Anthony Rushing
Good conversation! Keep up the good work, many have failed or allow fear to prevent them to achieve their purpose. Education is the key, read book, learn, network, invest in physical and paper assets then be patient. Again, read book, learn, network and invest in physical and paper assets then be patient with the process. The return in investment will be greater after at least 5 years...
Could I just do the same thing with my credit card?
Yes, but issue there is interest rate is absurd so it becomes a very dangerous move
I listened to this for 10 mins, started over then realized there was no good explanation to provide understanding in layman's terms. I had to go to Bing to ask ¹what is a HELOC and when is a good scenario in which to use it.
A good place to start is understanding velocity banking.
Why he even pretend to listen if he keep checking something on his side, what is it??? Total disrespect
It’s called taking notes. It’s shows that you’re paying attention when you’re writing stuff down. The opposite of disrespect.
The guest is giving you the game, not the host. Pay attention to the guest, not what the host is doing.
@@jamelgibbs And ppl like them wonder why they never succeed, so narrow minded, looking for problems instead of seeking solutions 🤦🏽♂️