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Hey.. great videos! I still have a not answered question. Once you withdraw an amount from the HELOC account, then you’ll be paying to heloc account on top of the regular 30 year mortgage you al ready have?

If you pay some principal and the interest on that 50K, say you pay it 25K down the next month, then the following month you would only pay interest on the remaining 25K, correct? Thank you by the way. This is so difficult to get an answer or information on.

@JayCosta Question: can I get a home equity if I have tax bills for two years. Scenario, I filed late, 2022 & 2023. I have the option to either pay in installments or in 180 days. Is it better tin the eyes of underwriting to have an installment or a pay in full 180 days? I have 62% equity with 643 give or take and DTI of less than 30% and income of $50k plus. Any suggestions or direction. Rocket approved me for $15k but it’s cash out refi. What are your thoughts?

Is paying a heloc within 2 to 3 years still considered short term?

I would like to build a fourplex for my first rental (3-5 year plan) and velosity bank in a first lien from it until retirement. Any feedback would be helpful. Thank you.

Those upper cabinets are a complete waste of money. They cost just as much as the rest of the cabinets to buy and have installed, and are effectively useless.

If you get a HELC Will your mortgage go up ?

Bro, wat abt a HELOC from an investment property to buy another investment property? My Primary home is out of picture.

Shopped PenFed in Sept 2024 - Appraisal cost $1000. 😲

Great video and great information. I was not aware that the interest rate fluctuates, and I was aware that it was possible for them to ask for it all back at once.

I called a HELOC provider they said their interest is also aromatized

I applied for a Heloc with a lender. We were very close to closing. They provided me my monthly payment. I asked if they could let me know how much of my monthly payment went towards principal and how much towards interest and they would not provide until AFTER closing. Is that a red flag? My interest rate was fixed 7.xx and credit score 790.

This video has unequivocally been the best explained video about HELOCS. Wow. I feel like a scholar now. Thank you.

Do you need good credit for heloc?

No one likes to pull out step 🪜 ladders to get things out of high cabinets. 007

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

This is great, thank you! I was thinking about a HELOC to pay off my HIGH interest credit to save money because the RATES ARE ASTRONOMICAL right now. Going to pass on that option. I'll dig out on my own, just sucks having so much of my payments going towards interest instead of principal. super tough out here right now. good luck everyone!

🎉 GREAT advice, tips and overall Info !!!! Thank you so much

I get paid 6 figures and 0 debt Home all paid for. Credit score 618 - still can;t get a HELOC. - The system is broke

🎉Very CLEAR explanation ...appreciated !!!!

Heloc pay closing cost

Does the amount of The loan help determine which way to go to pull money out to buy a new property ?

Before you try this you gotta make sure you have at least $1000 dollars or more left over after paying all your expenses or else it will not work

I’m a real estate agent and I’m thinking about flipping houses. I just don’t know anything about fixing them up and am worried about contractors screwing me over. Any advice for how to pick a good one?

Is a HELOC callable by the bank? Can they just close the credit line and demand payment of the balance? A financial talking head was saying it was.

hey jay i have 9.8% interested rate for 75k loan this rate is good

Thank you Jay, I appreciate your RUclips videos. I will follow up your points and keep in touch with you on my Real State journey .

I'm considering a HELOC for home repair/improvement mostly, and debt consolidation and closing and ending unsecured cards. Is this a good use?

There is a 3 unit 3 car garage for sale near me. $600,000. First time home buyer gets me $5,500 a month. If I live in one unit, who the hell is gonna pay me $2,750 a month for the other 2 units??! The market seems like it does not support this dream anymore.

I feel stuck. You're right my balance have not moved. I'm currently looking for PT job so I can pay more on my principal. I've always have paid extra toward my mtge principal, but I never have enough to pay extra on my HELOC. I've played with the idea of paying the extra that I put on my mtge and switch and put it on the HELOC. What do you suggest?

I have been defrauded by heloc THRU FIGURE lending by overly inflating my property value and paid expensive origination fee then 3 months later suspended my heloc citing my property was significantly had declined in value. When I applied for a heloc loan on my residential property last May 2024 it was overly inflated up to $ 420,000 for a townhouse and was able to take a $200,000 line of credit causing me to pay an origination fee of $5,700 on which I paid after they deposited the lump sum money to my bank. I paid them back only taking $21,000 to pay my personal loan and credit cards balance. Three months later which is August of 2024 when I requested for another draw of $17,000 they suspended my heloc for the reason that the property value had significantly declined to $ 276 210. I felt devastated and distraught thinking that I had been scammed. They made a misrepresentation on the application for their gains. I'm not very knowledgeable regarding heloc and was not properly told/explained that once approved the whole amount will goes to your bank. I was not asking for a $ 200,000 loan. When I applied for Heloc at Figure lending took me 5 minutes processing including checking my bank account,they did their appraisal thru artificial intelligence and got the property value of $420,000 that's why they give me a loan of $ 200,000 to access. I checked their property appraisal recently and found out that they did the wrong address and made me felt like it's all fraud. The issue and my complaint was - there is no significant decline of property value. The correct value of my property should be on the upper $ 200,000 like to 270,000- 280,000 I owed 197,000 was expecting for a heloc of $ 20,000 or 25,000 at least. I know for a fact that my property was never appraised to more than $300,000 In conclusion if they have appraised it properly there should be no decline of property value and I should not be paying a HIGH ORIGINATION FEE of $5,700. Need help on what to do. I need to get some of my money back. Please BEWARE!!!!

I have been defrauded by FIGURE LENDING by applying heloc by overly inflating my property value and paid expensive origination fee then 3 months later suspended my heloc citing my property was significantly had declined in value. When I applied for a heloc loan on my property last May 2024 it was overly inflated up to $ 420,000 for a townhouse and was able to take a $200,000 line of credit causing me to pay an origination fee of $5,700 on which I paid after they deposited the lump sum money to my bank. I paid them back only taking $21,000 to pay my personal loan and credit cards balance. Three months later which is August of 2024 when I requested for another draw of $17,000 they suspended my heloc for the reason that the property value had significantly declined to $ 276 210. I felt devastated and distraught thinking that I had been scammed. They made a misrepresentation on the application for their gains. I'm not very knowledgeable regarding heloc and was not properly told/explained that once approved the whole amount will goes to your bank. I was not asking for a $ 200,000 loan. When I applied for Heloc at Figure lending took me 5 minutes processing including checking my bank account,they did their appraisal thru artificial intelligence and got the property value of $420,000 that's why they give me a loan of $ 200,000 to access. I checked their property appraisal recently and found out that they did the wrong address and made me felt like it's all fraud. The issue and my complaint was - there is no significant decline of property value. The correct value of my property should be on the upper $ 200,000 like to 270,000- 280,000 I owed 197,000 was expecting for a heloc of $ 20,000 or 25,000 at least. I know for a fact that my property was never appraised to more than $300,000 In conclusion if they have appraised it properly there should be no decline of property value and I should not be paying a HIGH ORIGINATION FEE of $5,700. Need help on what to do. I need to get some of my money back.

I have been defrauded by heloc by overly inflating my property value and paid expensive origination fee then 3 months later suspended my heloc citing my property was significantly had declined in value. When I applied for a heloc loan on my property last May 2024 it was overly inflated up to $ 420,000 for a townhouse and was able to take a $200,000 line of credit causing me to pay an origination fee of $5,700 on which I paid after they deposited the lump sum money to my bank. I paid them back only taking $21,000 to pay my personal loan and credit cards balance. Three months later which is August of 2024 when I requested for another draw of $17,000 they suspended my heloc for the reason that the property value had significantly declined to $ 276 210. I felt devastated and distraught thinking that I had been scammed. They made a misrepresentation on the application for their gains. I'm not very knowledgeable regarding heloc and was not properly told/explained that once approved the whole amount will goes to your bank. I was not asking for a $ 200,000 loan. When I applied for Heloc at Figure lending took me 5 minutes processing including checking my bank account,they did their appraisal thru artificial intelligence and got the property value of $420,000 that's why they give me a loan of $ 200,000 to access. I checked their property appraisal recently and found out that they did the wrong address and made me felt like it's all fraud. The issue and my complaint was - there is no significant decline of property value. The correct value of my property should be on the upper $ 200,000 like to 270,000- 280,000 I owed 197,000 was expecting for a heloc of $ 20,000 or 25,000 at least. I know for a fact that my property was never appraised to more than $300,000 In conclusion if they have appraised it properly there should be no decline of property value and I should not be paying a HIGH ORIGINATION FEE of $5,700. Need to know what to do to get some of my money back

Great content. Thank you. I’m subscribed. Can I use a HELOC against a second home for my child’s college education? Also, timing wise should I move on it now when she’s not stating college until Fall 2025? Thank you. You have a follower.

Hell no, get rid of that mortgage, that’s not very smart pay on a mortgage for 17 years before you start paying on the principal smh 🤦‍♂️ Pay off all your bills in the heloc and put your whole check in the heloc do velocity banking, every time you deposit your check it’s a payment, which that payment you always have access to. Bad advice….

Thanks!

Great Video! Thank you for sharing. 🙌🏽😊

So how much more for the unreachable ones?

I'm only 5' 3" and have balance issues. Getting on a step ladder to reach those upper cabinets would be dangerous for me. Most kitchens already feel like they weren't built for someone my height. Why would I willingly compound that?

Decreases dust too

more storage my ass

The guy who designed my lovely kitchen told me specifically not to do this as it will look too much, optically uncomfortable and not practical either. He was so right and I am glad he wasn’t like this dude in this video.

Don't cheap-out?! Contractors are charging absolutely outrageous rates to build a house. A friend of mine built a house at the height of the COVID material costs. He spend $220/sqft to build the house. Right now, lumbar costs are 1/2 of the COVID period. But it would cost me $450/sqft or more to build a house.

See those things above the cabinets by the sink, stove, etc? Those aren't called "ceiling" they're called SOFFITS. So no, you didn't do it right, you dun fucked it up.

Looks cheap bet they sold that kitchen for double the price.

I disagree with everything this video just said.

At 6'2" its a waste of money. I had a home that had 9' custom cabinets. I build cabinets and do home remodels. I had to get on the countertop to reach the top cabinets. It is just charging more for more cabinets even though they aren't really useable.

and how is a 5'2" woman suppose to get stuff from the top cabinet?

Yeah, just make sure you don’t pay a lot of money, and then have the builders do a terrible job. I’ll pass. Give me a home built prior to the 70s.