I tried to do this recently with my credit union and have quite a bit of equity after 14 years in the home. However I had a few missed cc payments that was not normal due to an emergency and my credit was always well over 700 with 100 history prior. Denied
@@JayCostaif you see my question do I think there is any hope in my situation. I don’t really want to do a cash out I think that’s crazy right now with rates up higher I’m at 5.5 now
Thank you for a very informative session on HELOCs. I am at the beginning process and thought you did a great job providing the important information in a direct manner.
Local credit unions are the best for car loans also! Dealers roll their eyes when you come in with your own financing because they cant make that much money off you anymore. They will try to convince you to go with their lender and refinance later or anything they can throw at you to get away from a credit unions interest rate.
Thank you for the information. I was really overwhelmed and trying to find something that was too the point and not all over the place. I do have a question though... I just started a second job like two weeks ago, should I wait at least one month pay to get a HELCO loan?
I am building my new home and planning to use a HELOC to finance it. Wanting to go with something that has a draw down period and interest only payments. Does it hurt my chances of getting a HELOC if I tell the lender that I plan to pay off the loan when my current house is sold? This means they will only carry the loan for about 1 year and I didn't know if they would look down on that.
Usually the heloc lender has a requirement that you have the credit line open for a certain period of time. Somewhere around 3-4 years. So if its sold you may have to pay a fine. So I would make sure to ask that. Thanks for watching and let us know how it goes.
Do you recommend a 1st Position HELOC over a 2nd Position HELOC with 50% Mortgage balance vs Current Home Value? Then I could pay all bills from HELOC and put all W-2 Ernings directly inside of it
great information, question you mentioned in a few videos to go out and apply at a few different lenders, when doing so that does not affect your credit score if they run your credit to see what they can offer ? or by applying they are not required to run your credit ? im a little confused on that
What do you think of the HELOC advertisers online, listed by companies that rate them? One of them has 9.7% satisfaction rate. Can I trust the reviews? TX.
great question, @@JayCosta my wife recently passed and is still on the deed of the home and now im the only income, will i be able to qualify if now my income is alot less or will i need to get someone else to sign and if so how does that affect the deed to my property
I appreciate the information in your video. I am new to the HELOC loan, and still having difficulty understanding how a monthly payment is determined. Also, just wondering your opinion - I have over 100 K in equity, and looking to use about 30 K for two things : debt consolidation and home-improvement. Would this be a bad use for a HELOC? Thanks again
Who has the fastest approval time? There is a property coming to market in 2 weeks I need to snag. Also, my wife just started a new job but hasnt been paid yet. She has consistent employment in the same industry(Pharma) for last 5+ years. Will this be an issue?
Depends on the appraiser as well as the home. If the house is all renovated inside, chances are the exterior only appraisal will be lower. If the house is a crap hole inside, maybe exterior is better. Thanks for watching!
Bullshit. Those lenders see those inquiries they act dumber than a box of rocks. Why this why that Ask you a thousand questions like an interrogation just to see you have too many inquiries at once come back in 6 months bc these 3 inquiries make u look thirsty 😂
You are spot on. My local credit union gives 100% ltv which is exactly why I opened an account last year
Wow! Yes the local credit unions are the best for HELOCs
And thanks for watching!
I tried to do this recently with my credit union and have quite a bit of equity after 14 years in the home. However I had a few missed cc payments that was not normal due to an emergency and my credit was always well over 700 with 100 history prior. Denied
@@JayCostaif you see my question do I think there is any hope in my situation. I don’t really want to do a cash out I think that’s crazy right now with rates up higher I’m at 5.5 now
Thank you for a very informative session on HELOCs. I am at the beginning process and thought you did a great job providing the important information in a direct manner.
Thanks for watching and I am glad I could help! Let me know how it goes!
Learned stuff. Glad I came across your channel. Thanks
awesome, Thanks for watching!
Local credit unions are the best for car loans also! Dealers roll their eyes when you come in with your own financing because they cant make that much money off you anymore. They will try to convince you to go with their lender and refinance later or anything they can throw at you to get away from a credit unions interest rate.
Yep, I use DCU for my auto loans. Thanks for watching!
Maybe for used car,, but never seen a credit union beat honda or toyota financing.
Tower Credit Union (not local for me) got 9.25% Heloc. 8% Prime + 1.25%
Looked like the best rate going from the big banks was 9.5%
Not bad, thanks for watching!
Navy Fed Credit Union is offering the same at this time.
WOW ME AYUDASTE MUCHO EN ESTE VIDEO!! MUCHAS GRACIAS
Thank you for the information. I was really overwhelmed and trying to find something that was too the point and not all over the place. I do have a question though... I just started a second job like two weeks ago, should I wait at least one month pay to get a HELCO loan?
Most likely, yes. Will depend on the lender. Just be honest with them. Good luck and thanks for watching!
I am building my new home and planning to use a HELOC to finance it. Wanting to go with something that has a draw down period and interest only payments. Does it hurt my chances of getting a HELOC if I tell the lender that I plan to pay off the loan when my current house is sold? This means they will only carry the loan for about 1 year and I didn't know if they would look down on that.
Usually the heloc lender has a requirement that you have the credit line open for a certain period of time. Somewhere around 3-4 years. So if its sold you may have to pay a fine. So I would make sure to ask that. Thanks for watching and let us know how it goes.
Do you recommend a 1st Position HELOC over a 2nd Position HELOC with 50% Mortgage balance vs Current Home Value? Then I could pay all bills from HELOC and put all W-2 Ernings directly inside of it
about to answer you on live stream. Check in here: ua-cam.com/users/live7RIx28aclZ0?feature=share
Very helpful thank you Jay 🙏
about to answer you on live stream. Check in here: ua-cam.com/users/live7RIx28aclZ0?feature=share
great information, question you mentioned in a few videos to go out and apply at a few different lenders, when doing so that does not affect your credit score if they run your credit to see what they can offer ? or by applying they are not required to run your credit ? im a little confused on that
Dont worry about your credit score. These inquiries wont effect your credit score much, and it will only be temporary! Thanks for watching!
Community first credit union is my first option here in lake county. Thanks
Inquiries have a negative impact on your score and they last years
the impact of even a hard inquiry is very minimal, in my opinion.
thank YOU.
.
Youre welcome thanks for watching
What do you think of the HELOC advertisers online, listed by companies that rate them? One of them has 9.7% satisfaction rate. Can I trust the reviews? TX.
Send me a link to my email. jay@realjaycosta.com
Could i do a heloc on my own if i got my house with my wife ? Or would we both have to apply together . How would that work ?
I believe all owners of property need to sign off on heloc.
great question, @@JayCosta my wife recently passed and is still on the deed of the home and now im the only income, will i be able to qualify if now my income is alot less or will i need to get someone else to sign and if so how does that affect the deed to my property
I appreciate the information in your video. I am new to the HELOC loan, and still having difficulty understanding how a monthly payment is determined. Also, just wondering your opinion - I have over 100 K in equity, and looking to use about 30 K for two things : debt consolidation and home-improvement. Would this be a bad use for a HELOC? Thanks again
I would love for him to answer this question because is my question too
about to answer you on live stream. Check in here: ua-cam.com/users/live7RIx28aclZ0?feature=share
Who has the fastest approval time? There is a property coming to market in 2 weeks I need to snag. Also, my wife just started a new job but hasnt been paid yet. She has consistent employment in the same industry(Pharma) for last 5+ years. Will this be an issue?
I think youd want hard money for something like that. Thanks for watching!
This was very helpful!
Yes, job history is going to be an issue. They asked me for 2 years tax returns, two years of paychecks, and a whole lot more.
Does exterior appraisals comeback lower than full appraisals , ? Or does it depend on the appraiser
Thxs for info
Depends on the appraiser as well as the home. If the house is all renovated inside, chances are the exterior only appraisal will be lower. If the house is a crap hole inside, maybe exterior is better. Thanks for watching!
Valley National bank offering 7.19% first 12 months
about to answer you on live stream. Check in here: ua-cam.com/users/live7RIx28aclZ0?feature=share
Bullshit. Those lenders see those inquiries they act dumber than a box of rocks. Why this why that Ask you a thousand questions like an interrogation just to see you have too many inquiries at once come back in 6 months bc these 3 inquiries make u look thirsty 😂