This is a type of loan under which a property owner uses his residence as collateral security and can get prearranged amount against the property. The loan allows you to use into your home's built-up equity. Home equity is the actual difference between the amount your home could be sold for and the amount that you already owe on the mortgage. Assume that the market value of your home is $200,000 and you owe $70,000 on your mortgage, then you have $130,000 equity available on your home. Remember that if you have more than one mortgage taken on your property, then all of them have to be considered for calculating the outstanding dues.
A home-equity loan is a good way to borrow money for two main reasons:
·The interest rate is one of the lowest loan rates a borrower can get.
· The interest you pay on the loan is tax-deductible. Thus it is sometimes recommended by many to replace other consumer loans whose interest is not tax-deductible, such as auto loans, credit card debt, and medical debt with the Home Equity Loan.
Caution: If you don't repay the debt, you can risk losing the home and be forced to move out.
There Are Two Types of Home Equity Loans
1.The standard home equity loan,
2.The home equity line of credit (HELOC’s)
In a standard home equity loan, a pre specified amount of money is loaned in a lump sum for a specified period of time and the same amount of interest is paid every month. It is also called a term loan, a closed-end loan or a second mortgage installment loan.
HELOC works similar to a credit card because it has a revolving balance. A HELOC allows you to borrow up to a certain fixed amount for a specified period of the loan which is set by the lender. During that time period, you can withdraw as much money as you need. As you clear the principal, you can use the credit again, like a credit card.
These loans are repaid in a shorter period of time than the first mortgages. They often have a repayment period of 5 to15 years.
The loan could be either a fixed interest rate or a variable interest rate.
Homeowners often use a home-equity loan for home improvements or debt consolidation or to pay for a new car or to finance their child's college education.
Should I Get a Home Equity Loan or a Cash-Out Refinance to Buy a New Property? [#AskBP 078]
On this episode of the #AskBP Podcast, Brandon shares his advice for a listener who isn't sure what the best loan product to pursue for his new property. Discover the major reason Brandon would choose one of those options over the other!
What Is a Home Equity Loan? | Financial Terms
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A home equity loan is simply where you're taking a second mortgage against your house. So, I know that might sound a little confusing, but let me give you an example.
Let's say my house is worth $300,000, and I have a mortgage on it, and I owe $200,000 on that mortgage. So, that means there's $100,000 of equity there in that property. And one of the challenges, sometime, is you pay your mortgage down, you might want to use that equity or some of that value, for other financial goals you're looking to achieve. So, how do you do that?
The way you do that, is by taking out a home equity loan against the property. And most home equity loans might be a 10 or 20 year loan, and you're borrowing the money. And typically you're gonna pay a little higher interest rate than you would on your regular mortgage, because, technically, if you don't make your payments, the bank that holds the first mortgage has the first right to your collateral. And the lender for the second mortgage, or the home equity loan, would be next in line. So because of that, there's a little bit more risk, and you'll often be assessed a little bit more interest, because of that risk.
Now, there are two main types of home equity loans. There's a set loan, a home equity loan where I borrow a certain amount. Let's say, I borrow $20,000. I pay interest on it, and every month I make my monthly payment. So, I know exactly when I'll be done, and I know exactly what my monthly payment will be. That's known in the industry as a home equity loan.
Another type of home equity, is what's called a home equity line of credit. This is where you have access to money, but you're only gonna pay interest, if you actually use it. So, it works very similar to a credit card where, if I'm not using the money, I'm typically not paying interest. But once I use it, then there's a balance, and a monthly payment associated with it.
So, really important, a lot of times people take credit card debt, or other types of debt, and they want to consolidate it onto a home equity loan. And the reason they want to do that is, number one, to simplify their financial life. Number two, home equity loans usually have a lower interest rate, than credit cards, for example. And number three, sometimes the interest on a home equity loan is tax deductible. So, those are all good benefits.
But if you do this, be aware that once you do that, you're home is now at risk. In other words, if I can't make my credit card payments, the lender can't come take my house. But if I can't make my home equity loan payments, my house now is at risk. So, that's a big difference.
Number two, most home equity loans take a lot of time. They're 10, 20 year loans. And, like we were talking about, if you stretch out debt, often times you may pay more over the long term, even though your monthly payment may go down.
And lastly, when consolidating debt onto a home equity loan, be aware that you're not moving debt around versus paying it off. Because I see a lot of people, they move credit card debt to their home equity loan, and then in a few years, what happens? The credit card debt starts coming back, and they owe money on the home equity. So, they have more debt. They're addressing some of the symptoms, and not the cause.
So, home equity loans can be a great way to give you access to money and equity that's tied up in your property. But just make sure you don't fall into any of those problem areas, because I see that happen a lot. And people underestimate the risk that they incur.
What Should I Do With My Home's Equity?
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Cash-Out-Refinance | What It Is & How To Use It!
In this video, Jesse Fragale teaches you what a cash out refinance is in real estate and how to use it!
Jesse breaks down the math behind cash-out-refinancing so you know when to do it, how to do it, and why to do it when investing in real estate.
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Refinancing Home Loan for Debt Consolidation
I spoke to Daniel who specialises in helping his clients to refinance their home loans. What are the main reasons people consider when refinancing to cash out the equity? The most common cause ---
DEBT CONSOLIDATION... instead of paying 18% for credit cards and many other debts, the home loan offer the lowest interest rate of all! You can lower your commitment while enjoying lower interest rate.
Pros and Cons of a cash out refinance | MM #100 (home loan advice)
In this episode I talk about the pros and cons of a cash out refinance. A home loan can be a great tool but its not the only tool at your disposal. Real estate is most peoples largest asset and as such should be protected. There are many great uses for a cash out refinance including debt consolidation and home improvements. With this being said there are also circumstances where I don't recommend it. #CashOut #CashOutRefi #Refinance #CreditScore #MortgageQualifying #MortgageQuestions #FromTheBuyers #LoanLimits #SacCounty #PlacerCounty #RocketsBreakDown #ShopLocal #Sacramento #HomeBuyers #FirstTimeBuyers #2017 #HomeLoanProcess #HomePurchase #Homebuyer #LenderResource #Realtors #MortgageGuy #MortgageBroker
Should We Borrow On Our Home To Pay Off Debt?
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Should We Borrow On Our Home To Pay Off Debt?
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The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
How to Use the Equity in Your Home
Equity. The difference in value and debt. There is five trillion dollars of equity in the United States right now. That’s five trillion dollars wasted. Equity is dead cash if it doesn’t produce cash flow. Learn why it makes sense to use your equity, even if renting would cost you more than a mortgage.
Want to know more about real estate? Reserve your spot for Grant’s first ever LIVE TRANING on HOW TO GET STARTED IN REAL ESTATE on Saturday, December 8.
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Grant Cardone is a New York Times bestselling author, the #1 sales trainer in the world, and an internationally renowned speaker on leadership, real estate investing, entrepreneurship, social media, and finance. His 5 privately held companies have annual revenues exceeding $100 million. Forbes named Mr. Cardone #1 of the 25 Marketing Influencers to Watch in 2017. Grant’s straight-shooting viewpoints on the economy, the middle class, and business have made him a valuable resource for media seeking commentary and insights on real topics that matter. He regularly appears on Fox News, Fox Business, CNBC, and MSNBC, and writes for Forbes, Success Magazine, Business Insider, Entrepreneur.com, and the Huffington Post. He urges his followers and clients to make success their duty, responsibility, and obligation. He currently resides in South Florida with his wife and two daughters.
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The information provided is for convenience only. It is not investment advice or a recommendation, it does not constitute a solicitation to buy or sell securities, and it may not be relied upon in considering an investment in a Cardone fund. Past performance is no guarantee of future results. Any historical returns expected returns or probability projections may not reflect actual future performance. All securities involve risk and may result in partial or total loss. Investment in Cardone funds is available only to independently verified “accredited investors” through an offering made in accordance with Rule 506(c) under Regulation D of the Securities Act of 1933. Before investing in any Cardone fund, prospective investors should consider carefully the investment objective(s), risks, arches, and expenses. While the data we use from third parties is believed to be reliable, we cannot ensure the accuracy or completeness of the data provided. Cardone Capital does not provide legal or tax advice. Prospective investors should consult with a tax or legal adviser before making any investment decision
Cash Out Refinance?
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The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
Best Types of Loans for Home Improvements!
When you begin dreaming about how you want to renovate your space to make it to your taste, home improvement is likely in your future! So let's take a look at the best types of loans for home improvements! Along with the good, bad, and ugly so you can make a well-informed decision that's right for you!
In practice, I share with my clients to simply #JTAB = Just Take a Breath it'll be alright as we move forward together. Remember, FEAR = False Evidence Appearing Real. What's the best way to replace FEAR? With knowledge and you're doing that right now. Kudos!
What you'll learn:
1. What are the best types of loans for home improvements?
2. How can I borrow money for home improvements?
3. How home improvement loans work!
**To find top agents near you, please email me directly at: Andrew@AndrewFinneyTeam.com Thank you!**
NOTE: To adjust video speed for your listening/ viewing pleasure, please use the settings icon on the bottom right of your screen. It looks like a gear. =)
Timeline:
1. 0:53 - Home Equity Line of Credit (HELOC)!
2. 2:14 - Home Equity Loan!
3. 3:21 - Cash-Out Refinance Loan!
4. 4:40 - Be aware of the Pros and Cons for each loan type! ASK you loan officer questions to ensure you're making the right choice that's best for you!
Want to know more about buying a house in Las Vegas or Las Vegas real estate? Send me a message. I'm happy to help.
Thank you for watching! =)
Enjoy an amazing day!
-Your Trusted Real Estate Advisor, Andrew Finney
Contact info:
Andrew Finney
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License #S.0173260
Call/ Text: 702-710-0287
Email: Andrew@AndrewFinneyTeam.com
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Las Vegas, NV 89149
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Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with King Realty Group in Las Vegas, NV.
Andrew's videos are his own and do not necessarily represent the views and/ or opinions of KRG.
The purpose of Andrew's videos are to educate you and help you make sense of the real estate process. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services where you live, you are advised to reach out to the appropriate professional for further counsel about your own unique situation.
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Is it best to Re-finance Cashout or get a Home Equity Line of Credit
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Teresa Tims President of TDR Mortgage in Upland CA Breaks down what you should do when considering a Cashout Refinance or a Home Equity Line of Credit (HELOC) in California.
1) Evaluate what your payment and cash out amount would be if you refinanced and got cash out VS. what the payment would be if you got a HELOC loan.
2) Look at the cost of the Refinance also. How much are you paying to access the cash that you are getting, Exclude the Taxes, Insurance, and overall impounds and interest per day. Look at the lender fees and title and escrow ONLY. This is the real cost.
2) Evaluate the Term of the 2nd Mortgage Heloc. Is it adjustable? Is it for a 10, 15, 20, or 30-year term.
3) How long have you had your current loan? Is it worth Starting over with a whole new loan or better with a short term Heloc?
4) Are you the type of person that is ok with the risk of an adjustable rate mortgage or does a fixed rate home loan provide more security for you. Its Widely predicted Home Loan Rates will be on the rise in 2018.
That's it, it's pretty darn easy. Additional Info;
Traditional cash out home loans will only go to 80% Loan to Value. That means you need 20% equity to access any equity in your home.
TDR Mortgage can go up to 89.99 % LTV in certain circumstances where alternative financing options can be used. It's pretty pricey and most people choose not to use this option and wait until they have a little more equity.
I can help you look at all of these options with an open mind and provide an opinion based on a true analysis of what is in your best interest. Call me at 909.920.3500 to get started today.
Teresa Tims, TDR home loan mortgage company is a trusted provider of home loan mortgages and home refinance Compare mortgage rates on a home refinance, VA loans, FHA loans, Jumbo loans, conventional loans, reverse loans, first time home loans, 1st time buyer loans, USDA loans, CalHFA loans and Chdap loans and Calhafa loans. We serve Southern California including Upland, Rancho Cucamonga, Fontana, Rialto, Chino, Chino Hills, Mira Loma, Eastvale, Ontario, La Verne, Claremont, Montclair, Pomona, Riverside, Corona, Glendora, San Dimas, Los Angeles, Orange County, Coachella Valley, the High Desert and San Bernardino.
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Teresa Tims, TDR Mortgage and/or TDR Real Estate Group is an equal opportunity lender and any mention of rate or term is an estimate only and could vary based on many variables such as credit score, equity position, sales price etc. We are an equal housing lender.
Point: Selling Equity In Your Home
On today's audio show, we check out Point - a unique FinTech that is helping homeowners tap the equity in their homes without going into debt. Read the full review here:
On today's episode, we talk about:
- How tapping equity has worked for decades (via a HELOC)
- How Point is different by letting you sell equity in your home
- How you have to pay it back
- How much it costs
- A real life example
- Two case studies where Point really makes a lot of sense
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Home Sweet Loan: Understanding cash-out refinancing
One of the biggest financial tools a homeowner can have is home equity. It's the positive difference between what's owed on property and its current value. Frances Newton Stacy, Optimal Capital director of strategy, joined CBSN to discuss cash-out refinancing, a loan mechanism that taps into home equity.
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Cash out Refinance for Remodeling? 3 Top Tips
Rates are SO low, homes have equity and Refinance mania is in full swing. Now is a great time to take out cash and remodel your home. In this video I cover 3 things to have prepared before you reach out to your lender to pull cash out for your remodel. There are lots of different ways for lender to get you the money you need to remodel your home but having an accurate gauge of what the project will cost is critical in the lender selecting the appropriate mortgage loan.
Contact Me At: 1-800-573-1534 or 707-478-0637 to discuss your remodel project!
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How Does a Cash Out Refinance Work - What is a Cash Out Refinance?
This video and its contents are not intended for residents or home owners in the states of MA, NY or WA.
How Does a Cashout Refinance Work - What is a Cash out Refinance?
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Hello Low VA Rates nation, in this video Tim talks about how a VA cash-out refinance works.
The VA cash out refinance loan is a wonderful loan option that allows veterans to tap into 100% of your home's value and use your home's equity for things like paying off debt or home improvements. To learn more about the VA Cash-out refinance call us now at 844-326-3305.
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Is Equity Stuck in Your Home? - Real Estate Investing Made Simple
**
Equity is the difference between the fair market value of your home and the outstanding balance of debt.
Your equity does not make you any money tied up in your house. And you need that money to make money. Your equity is dead. It’s dead equity.
You have two options to make your equity work for you.
1. Sell your house.
2. Take the money out. It could be earning you money.
Use the money to create a second income. Equity is not security. New income is security.
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Grant Cardone is a New York Times bestselling author, the #1 sales trainer in the world, and an internationally renowned speaker on leadership, real estate investing, entrepreneurship, social media, and finance. His 5 privately held companies have annual revenues exceeding $100 million. Forbes named Mr. Cardone #1 of the 25 Marketing Influencers to Watch in 2017. Grant’s straight-shooting viewpoints on the economy, the middle class, and business have made him a valuable resource for media seeking commentary and insights on real topics that matter. He regularly appears on Fox News, Fox Business, CNBC, and MSNBC, and writes for Forbes, Success Magazine, Business Insider, Entrepreneur.com, and the Huffington Post. He urges his followers and clients to make success their duty, responsibility, and obligation. He currently resides in South Florida with his wife and two daughters.
#business #realestate #investing #GrantCardone #10XRule #SalesTraining #SalesMotivation
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The information provided is for convenience only. It is not investment advice or a recommendation, it does not constitute a solicitation to buy or sell securities, and it may not be relied upon in considering an investment in a Cardone fund. Past performance is no guarantee of future results. Any historical returns expected returns or probability projections may not reflect actual future performance. All securities involve risk and may result in partial or total loss. Investment in Cardone funds is available only to independently verified “accredited investors” through an offering made in accordance with Rule 506(c) under Regulation D of the Securities Act of 1933. Before investing in any Cardone fund, prospective investors should consider carefully the investment objective(s), risks, arches, and expenses. While the data we use from third parties is believed to be reliable, we cannot ensure the accuracy or completeness of the data provided. Cardone Capital does not provide legal or tax advice. Prospective investors should consult with a tax or legal adviser before making any investment decision
How to Use the Equity in Your Home: Cardone Zone
Equity. The difference in value and debt. There are five trillion dollars of equity in the United States right now. That’s five trillion dollars wasted. Equity is dead cash if it doesn’t produce cash flow. Learn why it makes sense to use your equity, even if renting would cost you more than a mortgage.
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Grant Cardone is a New York Times bestselling author, the #1 sales trainer in the world, and an internationally renowned speaker on leadership, real estate investing, entrepreneurship, social media, and finance. His 5 privately held companies have annual revenues exceeding $100 million. Forbes named Mr. Cardone #1 of the 25 Marketing Influencers to Watch in 2017. Grant’s straight-shooting viewpoints on the economy, the middle class, and business have made him a valuable resource for media seeking commentary and insights on real topics that matter. He regularly appears on Fox News, Fox Business, CNBC, and MSNBC, and writes for Forbes, Success Magazine, Business Insider, Entrepreneur.com, and the Huffington Post. He urges his followers and clients to make success their duty, responsibility, and obligation. He currently resides in South Florida with his wife and two daughters.
#business #realestate #investing #GrantCardone #10XRule #SalesTraining #SalesMotivation
The information provided is for convenience only. It is not investment advice or a recommendation, it does not constitute a solicitation to buy or sell securities, and it may not be relied upon in considering an investment in a Cardone fund. Past performance is no guarantee of future results. Any historical returns expected returns or probability projections may not reflect actual future performance. All securities involve risk and may result in partial or total loss. Investment in Cardone funds is available only to independently verified “accredited investors” through an offering made in accordance with Rule 506(c) under Regulation D of the Securities Act of 1933. Before investing in any Cardone fund, prospective investors should consider carefully the investment objective(s), risks, arches, and expenses. While the data we use from third parties is believed to be reliable, we cannot ensure the accuracy or completeness of the data provided. Cardone Capital does not provide legal or tax advice. Prospective investors should consult with a tax or legal adviser before making any investment decision
How to Refinance a Home Loan in 2020
Why refinance your home loan? There are lots of reasons to refinance your home loan. If you have a home loan you are probably getting bombarded at the moment, from your next-door neighbour to the 7 o’clock news – all talking about refinancing.
So is now a good time to refinance?
There are a few different situations where refinancing could make sense for you, so let’s go over a few of the main reasons to refinance your home loan in 2020.
00:00 How to Refinance a Home Loan in 2020
00:25 First up, what is refinancing?
Refinancing your home loan basically means changing your existing loan for a new one and in most cases with a new bank. The two main reasons people look to refinance their home loans are either to get a better rate or to increase their existing loan to withdraw some home equity.
You can refinance your home loan from any bank or lender you choose, and it doesn’t necessarily need to be your existing lender. These days banks do not reward loyalty, and in most cases we find lenders offer better deals to new customers rather than rewarding their existing ones.
Aside from this, what are some reasons for refinancing? It is going to come down to your personal situation, your short to medium term goals, and while people have a wide range of reasons here are the most common ones we see.
00:59 1. I want to reduce my home loan repayments
02:20 2. My property has increased in value
03:15 3. The fixed rate period on my loan is expiring
03:51 4. I can afford to pay more off my loan
05:28 5. I want to increase my loan and take cash out
06:45 6. I want to do some renovations
08:40 7. I want to consolidate other loans (and credit cards)
For more info
And for First Home Buyers Information
For home loan enquiries
Find Jayden here:
T: 1300 088 065
E: hello@huntergalloway.com.au
Hunter Galloway: Mortgage Broker Brisbane
Head Office: 3A/70 Prospect Terrace Kelvin Grove, QLD 4059
PO Box 2044, Kelvin Grove, QLD 4059
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000
Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.
Next steps and settling your first home
Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.
Unlike other mortgage brokers who are just one person operators, we have an entire team of experts to help make your home loan journey as simple as possible.
If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).
Cash Out Refinance: What You NEED To Know!
Y2K Credit Solutions' Andy Sukhu and Mark Vejack discuss a case they recently had come across their desk, with a client trying to refinance a home that they inherited. This leads to a greater discussion of what you need to know if you're interested in cash out refinances.
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The BRRRR Strategy EXPOSED: The Truth...
Want to know the RAW truth about the #BRRRR Strategy? Here's our take on Bigger Pockets Original Strategy called the BRRRR Strategy! (Buy, Rehab, Rent, Refinance, Repeat) In this video, Daniel is going to play the Devil's Advocate on this strategy. Enjoy!
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No strategy is ever good or bad. There are only good or bad times for the strategy to be applied. It's ALL about the context of WHEN to use the BRRRR Strategy. The BRRRR Strategy is one of many strategies that can be employed at a given time. The BRRRR Strategy works really great during a recovering market which explains the timing of when the strategy was introduced by Bigger Pockets.
When the market is at the height of its boom cycle, the BRRRR strategy is not going to work as effectively as the recovering phase of the economy. The part that gets the most people is the refinancing part. That's when most people roll the dice on the ability to succeed using this strategy. The part that is risky is that most investors will get into the deal with a hard money lender expecting to refinance with a traditional lender after the rehab. When the refinancing doesn't go through, this is where the strategy backfires.
Another common backfire with the BRRRR strategy is when the property doesn't appraise for the desired ARV (After Rehab/Repair Value). Most beginner real estate investor runs into this issue where they can't seem to qualify for the loan to either cash-out their hard money lender or a private lender.
Can this strategy work? Yes... But only with a certain economic situation and temperature.
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The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)
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---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
How to pay off a 30 year home mortgage in 5-7 years
SUMMARY:
In the above video I reveal a powerful strategy that is practically available to all, but is known and fully understood by a very few. If one takes the time to learn and implement this method of eliminating debt, one may find themselves pleasantly surprised of how quickly their home mortgage, auto loans, student loans or business loans can be completely paid off.
In the video I will demonstrate how a banking strategy can be used to pay off a 30 year home mortgage in just 5-7 years without sending double payments to the bank or changing one’s current level of income.
RECAP OF THE VIDEO:
I start off by creating a scenario of a financial situation by taking an average household net income in the United States combined with some of the basic monthly expenses: home mortgage, minimum payment on a credit card, car payment and living expenses which include groceries, utilities, gym membership…
Once all expenses are identified and subtracted from the net monthly income it is important to understand the impact of cash flow, the difference between a loan and a line of credit, how the interest of a loan and a line of credit is calculated, and how monthly payments on a mortgage are dispersed between interest and principal paydown. To help demonstrate these differences I create tables and an amortization graph. As I go on to unveil the main differences I also identify the biggest reason why nowadays most homeowners are unable to payoff their home mortgages due to the unstrategic use of home refinancing.
By this point having had identified the difference between a loan and a line of credit I can reveal the benefits of utilizing a line of credit to pay off a home mortgage in 5-7 years. This is where I get into the banking strategy which incorporates an unaccustomed method of moving one’s entire monthly paycheck into a line of credit instead of the accustomed checkings and savings accounts. By adopting this method one can leverage a line of credit to free up cash flow, gain cash back rewards, build credit history and improve credit score, but the greatest leverage created is the thousands if not hundreds of thousands of dollars in interest savings.
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DISCLAIMER: I (Laura Pitkute) am not a financial advisor, real estate broker, a licensed mortgage broker, not a certified financial planner, not a licensed attorney, and not a certified public accountant, therefore please consult with a competent professional prior to engaging in any financial strategies. Not everyone will experience 100% success rate by using this strategy as it requires a commitment to keep applying this strategy over time until the desired result is achieved. I (Laura Pitkute) do not promise or guarantee any specific outcomes and/or results from the use of this strategy.
Cash-Out Refinance Modeling For Real Estate
Cash Out Refinance – How To Build It In Excel // Want to do a cash out refinance on your real estate investment, but not really sure what that looks like from a financial perspective? In this video, the cash out refinance is explained, and we’ll model a cash out refinance investment property example together. If you’re learning real estate financial modeling and commercial real estate analysis, knowing how to build this out is going to be a major key to your modeling success.
Want to learn the technical skills you need to know to land a top-tier job in the CRE investment field? You NEED to know Excel and how to use it to analyze deals. But don’t worry – you’re covered. You can grab my real estate financial modeling crash course for FREE below:
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How bad is it if I withdraw from my 401(k) during the pandemic?
If you've been affected by the coronavirus pandemic, the CARES Act allows you to withdraw up to $100,000 from a retirement account, such as an IRA or 401(k), without having to pay a 10% penalty - even if you're not 591/2 years old. But should you do that?
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3 times its ok to take a loan from a 401k | Retirement planning
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The True Cost of Refinancing
I refinanced my home from 4% to 3.25%.
I lost $320 in net worth but saved $92.91 per month going forward.
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This video is for entertainment purposes only. Consult with trusted professionals before making any financial decisions.
Should I Cash Out My 401(k) To Pay Down My Mortgage?
Should I Cash Out My 401(k) To Pay Down My Mortgage?
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How To Refinance Your Home For Maximum Cash Out Part 2 of 2
#realestate #refinance
How we cashed out our fixer via refinancing
We bought a house and fixed it up for a $75,000 gain, but how do we access that equity without selling the whole thing? Refinancing makes it possible.
We successfully completed the repairs on our fixer earlier this year. Now we wanted to refinance our somewhat expensive first mortgage and also add-on a HELOC so we can use the equity we built to secure additional financing for future investments.
Finding the perfect rate becomes an almost mechanical process once you've been through it for the first time. I was surprised to find the best refi rates in the offline- rather than the online-world. The recent drop in interest rates made for another positive surprise. I'd like to share my experience because I think it might be useful to you as well in case you're planning to go through a refi yourself.
*obviously, this is not financial advice. I'm just a guy on the internet sharing his opinion*
In short, shop banks and local credit unions on the same day - whether in-branch or on the phone. Bring half a day of your time, your property value, the current loan amount, and your FICO score. Then, pit the best offers against each other to minimize fees. I had a great experience with credit unions, but large banks might work even better if you have several $100k in assets to move around. If you refi a recent fixer, there are some additional things to keep in mind such as seasoning periods.
The decision between cash-out refinancing and HELOC depends on the banks in your region. In the California Bay Area, HELOCs offer much higher loan-to-value ratios than cash-out mortgages since banks have become more cautious.
Overall, we saved about $700/month on our first mortgage on a 7/1 ARM and got a HELOC for 80% of the differential in equity. With this setup in place we can now look for our next opportunity.
Music: Silent Partner - Eviction
NCUA Consumer Report: Understanding Payday Loans
Each year, nearly 12 million people in the United States take out a payday loan, often spending billions in principal, interest and fees. The latest video in NCUA’s Consumer Report series, explains how payday loans work, highlights important features consumers should be aware of and alternatives consumers should consider before taking out a payday loan.
Seller Finance And Wrap Mortgage Real Estate Hacks
#SellerFinancing #CarryBackLoans #WrapAroundMortgages
So, I’m normally giving you guys kick ass strategies about wholesaling and flipping, but in today’s video I’m going to be going through two of my favorite acquisition strategies that can really supercharge your investing..which are seller financing and wrap around mortgages. Make sure if you get anything from this video that you leave a comment and smash that like button! ????
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ABOUT CODY:
Cody Sperber is a real estate investor, social media influencer, and #entrepreneur from Arizona that has successfully flipped over 1000 houses and is currently one of the largest investment educators in the world. He's been featured in Forbes, INC, Entrepreneur, Buzzfeed, and Huffington Post as well as on multiple episodes of Million Dollar Listing Los Angeles.