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S3E7: The Power of a HELOC
Manage episode 355395522 series 2971928
Murray Miller에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Murray Miller 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
- 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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