We dive right into the age-old debate of HELOC vs Home Equity Loan, aiming to uncover the right choice for your personal needs.
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We dive right into the age-old debate of HELOC vs Home Equity Loan, aiming to uncover the right choice for your personal needs.
source
If you're not careful, HELOC's are dangerous.
Great Stuff👍🏾🇺🇸
Great Explanations.
Would you use a heloc, home equity loan or cash refi to on a paid off home to purchase a second home?
So can I buy a used but “new to me” car with a home equity loan? I’ve read that the loan can be cheaper than getting a car loan. Thanks!
Soooo you end up paying 2 loans no matter what you choos
What is your opinion on using your HELOC in the way, take your full amount say $150k from your HELOC your payment is 1.25% or $1875. Use your HELOC for your monthly expense say your monthly expenses are $5.5k. Apply your monthly salary ex. take home $9.5K to your HELOC payment. You could live off the HELOC for 2 yrs, and make a HELCO payment with your monthly salary of $228K in 2yrs??? your opinion
Are these options good for paying off vehicles
What would you recommend to fix a leaky half basement? I have about $150,000 in equity but house isn’t paid off yet. Will be in about 9 years. Thank you for your advice!
This guy should be able to hear very well, he never miss a train or the school bell as a kid lmao
I plan on retiring in the next 2-3 years when i turn 62 or 63, my wife is 51 but wants to retire with a nice pension from her 27 year law enforcement career when i finally get to retire. Because buying another home is so expensive, i am deciding on adding on to my home that i have been paying a mortgage on since 2009. The plan for my wife and i during the next 2-3 years is for her to sell her home within this time frame and retire at my residence and she will use whatever is needed from her home sale to pay off my home improvement loan with the proceeds.
I wish to expand 14×24 feet of cement slab to the rear of my home in order to expand my kitchen and living room as an open space type of add on. Some work will be done to convert an already existing entertainment room into our new master bed, master bath and move my laundry room to the back of house behind the master bathroom. The 14ft out and the 24 ft wide cement slab will make this possible, this also makes it possible to extend the kitchen area back by 14ft with new and expansive cabinetry. There will be roof addition of course and 2 load bearing beams will be necessary to replace 2 walls that will be taken out to create this open living room/Kitchen situation possible. The contractor will also remove all carpeting in the home and install flooring in this project as well as all the painting of interior and hardy board exterior of the add on. This will then make my home a 2 bath home which is the main reason for this add on project and a bid for $79,000 has been submitted to me last week. Now my question to you is which option between a home improvement loan, HELOC or home equity loan is best for this project? Like mentioned before the amount borrowed to make this home addition possible will be paid in full as soon as her house is sold.
Thanks for information I need
Thank you very much very good to know this information very clear
This is awesome!
You just saved me so much. I appreciate you!!
Thank for the information. I always look at them both as second loan and I didn't know they differ from each other. Thanks a lot
Both if used effectively….key word “effectively” can be used to grow wealth. If it is used for vacations, cars and so on can financially ruin people.
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Both bad ideas
You are risking your house! Don’t do it!
yes thank you. I didn't even know it was a difference
I am trying to teach financial literacy to my community. I would like to be specific about what I am saying to them because of past experiences with capitalist and democratic systems. Some Youtubers are saying a HELOC is line of credit and not a loan. Question: Is a HELOC or HELOAN loans or lines of credit? I have seen them referred to as Second Mortgages which I am interpreting as a loan. In my recent document for my HELOC, the term loan occurs exceptionally more often than a line of credit or HELOC. Thanks in advance for your response to help my community to understand the US financial system.
Awesome and stay blessed. Navy Federal has a 40 year HELOC. I just received a 30 year variable HELOC.
Thanks for the informative video!