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S3E7: The Power of a HELOC
Manage episode 355395522 series 2971928
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- The best way to describe a HELOC, as compared to a traditional mortgage, is a HELOC is a Two-Way Street, where a traditional mortgage is a One-Way Street.
- Traditional: When the payment is accepted, there is NO WAY to get that payment back out unless you either sell the home or refinance the mortgage and take cash-out.
- However, with a HELOC, because it functions as a two-way street, you can easily put money in AND take money out.
Can we Use Home Equity to Make Money?
- Selling Your House and Buying A another one
- Renting Out a Part of Your House
- Taking Out a Home Equity Loan to Invest In Another Property
- Investing In Yourself with Home Equity (Taking Courses, Starting A Business)
- Paying Off High Interest Debt with Home Equity
- Using A HELOC To Invest
What are the Requirements for a HELOC?
- Have a Certain Amount of Equity in your Home
- Have Good Credit
- Show Sufficient Income and Documentation
- Employee wages: Most recent W-2 and pay stubs
- Self-employment: Most recent federal tax returns
- Social Security benefits: Benefit verification letter from your Social Security account
- Other benefits or income: Retirement award letters, benefit statements or 1099 forms
Have a Low Amount of Debt
Your debt-to-income (DTI) ratio is the amount you owe on monthly debt payments (such as your mortgage, credit cards, etc.) compared to your monthly income.
How to Apply for a HELOC
- Compare lenders.
- Gather your documentation and fill out the application.
- Get your home appraised.
- Prepare for closing.
- Access your funds.
How Long Does it take to get a HELOC?
It typically takes about two to six weeks to complete the application and closing process for a HELOC.
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The post S3E7: The Power of a HELOC first appeared on The Family Business.
The post S3E7: The Power of a HELOC appeared first on The Family Business.
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