Hi guys, Welcome to the Advanced Video Search Engine, and you are watching Clayton Morris Shares: Best Tips for Using a HELOC in 2024 | Morris Invest. That video is uploaded by Morris Invest at 2024-01-03T08:00:03-08:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [6SZyqPiltuI]
| Name | Clayton Morris Shares: Best Tips for Using a HELOC in 2024 | Morris Invest |
| Video Uploader | Video From Morris Invest |
| Upload Date | This Video Uploaded At 03-01-2024 16:00:03 |
| Video Discription | 📞 Ready to buy your first fully done for you rental property? Book a free call with us: https://morrisinvest.com The HELOC is a great financial tool you can use to reach a variety of financial goals, whether you want to pay off high interest debt, invest in real estate, or pay down the principal balance of your primary residence. In this video, I'm sharing my best tips for using a HELOC in 2024! ❓Ask me a 30-second question at https://morrisinvest.com/clayton 📺 Watch Next: How to Create Your Personalized Path to Financial Freedom: https://bit.ly/392kAsB 🏠What's Your Freedom Number? Download our free PDF to help you determine how many rental properties you would need to achieve financial freedom: https://morrisinvest.com/freedom 💵 Ready to get your finances in order? Download the FREE 90-Day Financial Empowerment Bootcamp: https://morrisinvest.com/bootcamp 🎓 Want to learn more about creating your individualized plan to wealth with a proven system? Join us in Financial Freedom Academy: https://financialfreedomacademy.com 👨🏻‍💻 Sign Up for My Webinar: https://morrisinvest.com/webinar ----------------- The Ultimate Guide to Leveraging Your Home Equity to Invest: https://youtu.be/Jk9zdoKPjzg How to Pay Off Your Mortgage in 5 Years: https://amzn.to/2OrjTSD How much can I borrow with a HELOC? Most banks will allow you to access up to 85% of your available equity, but this can vary based on your lender and your personal finances ‌ How does the interest rate work on a HELOC? The home equity line of credit works differently than most financial products because it has a draw period and a repayment period. Here’s how it works: the draw period is usually 5-10 years. During this time, you only have to make payments on the interest. Then when the repayment period kicks in, you’re required to pay both interest and principal payments. The repayment period typically lasts 20 years. Another thing that is different about the HELOC is that it has a variable interest rate. So unlike your mortgage, you aren’t locked into a certain rate. As baseline rates adjust, just like we’ve seen over the past few years, the HELOC’s interest rate will go up or down. ‌ Where can I find a HELOC? The best place to start is at your local rates and credit unions. Let me tell you why: these smaller institutions can usually offer the most favorable rates and terms. The other thing to consider is that different states have different laws, so staying local is going to be your safest bet. ‌ What can I use the funds for? There are really no restrictions on what you can use a HELOC for. I wouldn’t advise using it to buy liabilities, but it may be financially intelligent to use the funds to buy performing assets, make improvements to your home, or pay down higher interest debt. ‌ How does a HELOC differ from a cash-out refinance? A HELOC is sometimes referred to as a second mortgage, meaning it’s an additional product. A cash-out refinance, however, replaces your existing mortgage. Although the HELOC and the cash-out refinance serve a similar purpose, they’re two totally different financial products with different rates and terms. The HELOC is usually the cheaper way to borrow against the equity in your home. Personally, I’ve always used the HELOC – but your mileage may vary. ‌ Can I get a HELOC on my rental property? Maybe. It can be much more difficult to obtain a HELOC on a rental property than your primary residence. That being said, it is possible. For whatever reason, the banks often consider investment properties to be riskier. There’s not a big market for HELOCs on rental properties, but they do exist. Be prepared to shop around. ----------------- DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments. AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals. 6SZyqPiltuI |
| Category | Education |
| Tags | real estate investing | real estate investing 101 |
