CASE and POINT for First Lien HELOCS
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- Опубліковано 11 вер 2024
- I help people develop a realistic game plan for becoming debt-free and achieving true financial freedom.
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I wrote this to you on another channel I have, and this is repeated here to let you know that your information it’s very valuable to me. Thank you for your channel, thank you for this program, thank you for teaching Velocity Banking. I am a business owner, and a very knowledgeable investor for years, and I discover Velocity Banking with your program. It’s a blessing to me. Thank you and may God bless you and your family.
I’m confused so we are not responsible for that 148,000 that’s left on the mortgage? The heloc pays that first but aren’t we still required to pay that as well?
Sweet Gzus! My wife and I are learning so much.After we purchase our home we plan on using the velocity banking format u laid out but we're really excited for our future real estate investments.
Why wouldn't you subtract the monthly HELOC interest of $770 from the $1294 cashflow?
It’s ABSOLUTELY NUTS to swap a 4% mortgage for a 6.25% HELOC!! She’s CRAZY!!!!
You really have to watch more of her videos and then you will figure it out... It has to do with flexibility.paying in chunks
I just cannot get a personal line of credit my low score is 664. My high score is 704
@@Joce123 It’s NOT a BASKETBALL GAME!!!
@@Joce123 NO, DIPSH1T! The EXTRA money being paid in reduces the time. But you’re ALWAYS MUCH BETTER OFF just MAKING EXTRA PRINCIPAL payments on the ORIGINAL loan. (With its LOWER INTEREST RATE!!)
@@Tryp-j9dsimple interest vs amortization...I really prefer 0% balance transfers..usually $10,000 for 18 mo sometimes 21 mo
That’s awesome
Thank you so much for your sharing your knowledge on these videos
How can I open an Heloc line of credit??
Can you help me? With this question
If exemple, the rate is at 8%. With that 200k/270k used heloc. It would mean about 1333$ interest per month. Which means with a 2334$ cash flow, you actually pay around 1000$ equivalent of principal per month? Am i correct?
I’m being told by First Savings Bank that they can’t do 1st lien HELOCs in Texas. Christy, can you please clarify as I know you’re a 1st Lien HELOC ambassador, and I’ve heard you say that you can get a one in Texas.
I think you subtracted when you should have added. 😊
Do you have an excel spreadsheet you can track this on?
Not sure how a HELOC is able to pay of the first lien mortgage. All HELCC lender I come across lend against a percentage of the equity, not the total home value. I guess there are special 'first position HELOC lenders.
Yes. First Savings Bank can write first lien HELOCs. The HELOC is written to pay off the mortgage, then you have that balance on the HELOC to pay down.
You CAN do this…IF YOU’RE EXTREMELY STUPID!!!! Like DUMB enough to GIVE UP a 4% loan for a 6.25% loan!!
Can the bank freeze or cut a 1st lien HELOC or is it only a 2nd lien HELOC that has that vulnerability?
Love your videos. I'm learning so much! Thank you.
I have heard her say several times that they have never shut down a first lien. But a second absolutely has happened
1st lien is attainable if you have good credit along with good LTV.
Extremely difficult to even find a lender for 1st lien...
use all in one loan as your search terms. It's not a common financial product, but there are a few lenders that work with these. I personally am working with Ridge Lending Group. Ultimately most are using CMG financial for their underwriting from what I've seen.
Would you use a first lien or 2nd position heloc to invest in real estate ? Have 230k equity in my house and have come across some good real estate deals. I just don’t know which one makes more sense
I have a 1st lein on my primary. I wouldn't use my personal assets to pay for business/investment assets. I take out separate investment loans and raise capital to buy investment properties. Then I work with my lender to refinance those properties aligned with my exit strategy for those properties.
Try not to mix personal and invest assets...my recommendation but I am no expert. His is just my way after studying forbyears😊
How do you pay personal loan #2 $26000 when it seems you only have$15000?
She said at the beginning that the goal was to only use 70% of the available 270K, which means the plan was to only use 189k of the 270k. But, then realizing that she could free up more cash flow by paying off loan #2, she decided to use more than 70% (she still had 30% to work with, or $81k, which she dipped into to pay off loan #2).
Also, what is the interest rate on that 270k heloc?
Can you get a 1st lien HELOC in texas with a 1st mortgage balance?
The phrase you meant to use for the title of the video is “CASE IN POINT”, not case AND point.
I need info on who to contact for first position HELOC please
use all in one loan as your search terms. It's not a common financial product, but there are a few lenders that work with these. I personally am working with Ridge Lending Group.