One thing to pay attention to, if you have a mortgage on your current property with interest rate that is LOWER than the market interest rate , leave it alone. To pull out cash from your equity , the cash and your existing mortgage interest rate will be matching the current market interest rate, you'd be increasing the interest rate on your old mortgage . you'd be better off taking out a new mortgage for your prospect investment.
Since you borrow only what you need, the loan balance on a HELOC is almost always lower than the balance on a cash-out refi. That means lower monthly payments. And your existing mortgage payment, rate, and term won't be affected by the new HELOC. In addition, HELOC payments are based on the amount of credit in use.
What about a home equity loan, not a HELOC, & you're able to take the cash out that way? Where the first lien is let alone with it’s lower interest rate.
The quality of your content-succinct, accurate and right to the point-is so good. Also, your calming tone of voice about complex topics make your channel very pleasant. Thank you for sharing so much valuable information! This is quickly becoming my favorite channel!
Always delivering golden knowledge and advice! I just turned 23, closing on my first house at the end of June and will be using that as my primary residence to cash out refinance and buy my first investment property in the future! Thank you for everything you do 🤝
This is right on time for me! My husband and I have a house appraised at around $285,000 to $300,000 range and only owe $63,000 and need our equity to do some upgrades but were told that a heloc wasn’t the smartest route by my mother but she wasn’t sure what other options were available and now I have our answer a cash out refinance and buy other properties or a property which we also wanted to do! Thank you,thank you for this information!!
@@Uskdr97 refiancing right now would not be a good idea UNLESS you have a solid exit strategy, if you have a low rate then i wouldnt take the risk as a 2-4% is a great deal in this market.
My guy, this video is awesome! I’m a new realtor in the San Francisco Bay Area. I just had two nice ladies that asked me about the market. They have owned their current home for about 20 years… They aren’t thinking about buying or selling but I didn’t use the words to tell them that they could use their home equity to buy an investment property with the current home they own! What you said in this video is exactly what I should have told them… I’m going to contact them again and hopefully I get a second shot of redemption to potentially encourage them to invest in a rental property 🙌🏼 Thanks for sharing!
@@WinTheHouseYouLove l already have 2 buyers under my belt! 🙌🏼 I had a vision of doing exactly what you’re doing with your channel and then I found you. This motivated me even more and made me realize what my channel and my marketing could be through RUclips 🙌🏼🤓 Feel free to reach out if you’re ever in the Bay Area. I’d love to stay in touch!
Problem with heloc loans is it is hard to get one if you own a business. I have a house worth around 200-250k and no mortgage but since I have low income “due to owning a business” I can’t qualify. How bizarre. But maybe I need to keep trying other banks…
How would one find out if we would even QUALIFY for a second mortgage on a second home, this video brought up that good point for me. Im about to start paperwork on a cash out option.
Usually, you need at least 20% equity in the home to begin looking at pulling out a second mortgage. Start a conversation with a lender to see what options they have available or a gameplan to get you where you want to go.
We have no mortgage. What is the smart choice to purchase a second home in a warmer climate. We would love to be there for the summer and rent through a Home and Away or VRBO for times we are not there. Your thoughts?
It's great that you're considering a second home in a warmer climate. To make a smart choice, you should factor in your budget, the location, and potential rental income. It would be helpful to talk to a real estate agent familiar with the area. You can definitely rent your second home on platforms like HomeAway or VRBO when you're not using it. That can be a nice way to earn some extra money to offset your expenses. 😄 You would use a Conventional loan to do this and a second home requires 10% down. If you're ready to start on a pre-qualification, head over to www.winthehouseyoulove.com/lender or feel free to email me at kyle@winthehouseyoulove.com. Good luck and happy house hunting!
Cashout refinance on 1st bought primary residence home , use the equity as down payment on another home as new primary residence, convert my 1st home that was refinance to a rental property. What lending terms are required when trying to achieve this? Does the refinance loan require 20 percent down since the house is now intended to be rental ? Tax & insurance implications on the converted primary to rental ?
The question is what rate of return do you want from the invested money? If the heloc is say 8% int, your rate of return on the invested capital needs to exceed that for it to make sense. Ive done it before and seldom makes sense in the end.
January 2021-I went to my bank to buy a second house as a rental property using the EQUITY. which is over $50,000 i have on my current house. well. my 53/fifth third bank told me it will take 3 months for me to use the money from my house as a EQUITY. and a bunch of other bull shit. So no its not easy to use money from a current house you own. another finance company told me that if i buy the house as a Rental Property the INTEREST ARE HIGHER. i said. dont my interest is based on my Credit Score ?
Well, technically you're using a loan secured against the equity. Which is why you still have to follow the rules of a loan. Interest rate is based on your credit score plus tons of other things, like residency status. Investment properties have higher interest rates than primary residences.
Look up the Brrrr strategy. I'm 25, started bought my first house at 19. Hit a mill net worth this year. Super doable, I didn't know anything when I started and didn't have content like this to reference. These are excellent tools
@@shredbacca I only started following this strategy the past year, before it I would essentially wait for my houses to go up in value organically, whereas Brrrring houses forces the equity gain amd increase the rent/income for an earlier potential refinance. This is the way people get like 20+ property portfolios
We paid off our mortgage years ago. We are going to downsize and then sell our larger house in a couple years. Would a home equity loan or a traditional mortgage loan be better in this example?
I'm glad you found the video informative! Please let me know if you have any other questions as you navigate the home buying process. When you're ready, go ahead and schedule a call with our team to get started on your pre-qualification: www.winthehouseyoulove.com/call
Apologies for the remedial question, with that $90,000, is that the amount that you have to pay back to the bank or is that the cash that we gained from the house that you can use for the down payment for a new home? Thanks
I have an investor question for you.. I hope you could help me , Current mortgage payment is 1880 on duplex I only have to put up 480 $ a month to cover the mortgage with rents (house hacking) If I refinance I can pull $83k out of the home to put towards another investment But then that would bring my mortgage up to 2,472!! When I move out with my current mortgage payment the house will cash flow $1000+ a month, If I refinance it will only cash flow 500 a month Would it make sense to buy another asset By refinancing even though it will reduce the cash flow by 50% Kind of doesn't make sense to Purchase another house To make possibly 500 a month off of when I could make double with one- Or should I just hold off on the refinance and save to buy the next( wouldtake foreverto save 80k ) ?
Which would you recommend over the other when wanting to take the equity from your home to use towards closing costs and down payment on a new primary residence then sell the homeboy took equity out of ASAP. Cash out, home equity loan or heloc?
I live in Ontario Canada about an hour west of Toronto and the market is really good here. I own 2 properties both mortgages are up in May and looking to take 100k out of my rental and buy another. Tell you how good the market is my condo i bought April 2020 for 333k are now selling for 440k my rental 2017 paid 155k are now selling 320k
Great Video! Here’s an example, tell me yes or no! My property is worth 600k, I’ve paid down 160k, I owe 400k. Can I not take a home equity loan of 160k(80% of 200k equity?) Your response is greatly appreciated, thanks!!
I think it’s important to mention closing costs when discussing cash out refinancing. You are talking about a considerable amount of cash up front just to get back the money you need.
No cash out refi requires money out of pocket, but it will change your equity balance based on closing costs. Closing costs on refis are often minimal unless a buyer chooses to pay points to lower the rate.
This seems rather complicated. What if your first house is paid for and you need to quickly buy the one you are moving to. I don't need a refinance, I just need to access my equity first before selling.
Can a cash-out from an existing mortgage be used as a down payment for another primary residence? A new mortgage would be needed to close on another primary residence. The intent is to sell the original primary residence.
If I take a heloc on my primary residence, that requires primary residence.Can I buy( closing costs)a new primary residence with the money without defaulting...because I do plan to sell the first.
What happens in a recession/depression where the borrower is now unemployed and the housing market crashes 40/50% due to higher interest rates? Do banks account for this or are the banks banking on this scenario to ultimately get the property, sell it and start another cycle with new "home owners."?
It's totally up to you. :) HELOCs come with variable rates, meaning your monthly payment can go up or down over the loan's lifetime. Some lenders offer fixed-rate HELOCs, but these tend to have higher initial interest rates and sometimes an additional fee. Good luck!
Great video! Just a few questions: 1. Would you recommend doing this? Pulling out equity on a home for a down payment in a possible invent property 2. * might be a stupid question* Does taking out equity affect anything that has to do with the home other than raising the mortgage payment?
Thanks for a really informative video. I’ve paid down a decent amount of my mortgage. It still have about 40% owing. When I looked at the equity I could free up to put down on an investment property, it seemed like it may not stack up financially. Rental income would be quite a way off covering the mortgage and costs of the property, and would be on top of the loan I have already on my main home. Interest rates are very high in NZ currently. I guess it’s a question of whether longer term it will appreciate enough to make it worth it. Maybe. With the stress of that and being a single person, thinking focusing on paying down my own home mortgage and putting some into index funds may be a better way forward. Welcome any thoughts
When u use the cash out method and refinance your mortgage 30k higher than original. Does your monthly payments increase to or you just have to pay longer
I already have a duplex but I want to buy another duplex,triplex or 4 family. My house is worth about 75k and I owe 43k. I need to know how much cash I need to buy another rental property without stretching myself to thin monthly.
I have some Equity on my home can I use that for a investment property, and qualify for a traditional mortgage for the rest 75%. And how do I pay off the equity? Also my mortgage is locked at 2.65 %, with these rates you don’t think cash out refi would work for me right?
Can you use HELOC proceeds for down payment of another primary residence, then roll that HELOC into a first on the new primary residence and leave the first’s terms on the original property in tact. Upgrading homes and planning rent my current primary residence
Really fast question, would ihave to refi for the helicopter? Or I'll be just approved for the equity I build exp.20.000, and got it kinda like a credit card but my mortgage stay the same?
![Lethal Company Music Video 🎵 "Follow The Orders" [VERSION A]](http://i.ytimg.com/vi/QeooZB4Z7RA/mqdefault.jpg)
One thing to pay attention to, if you have a mortgage on your current property with interest rate that is LOWER than the market interest rate , leave it alone. To pull out cash from your equity , the cash and your existing mortgage interest rate will be matching the current market interest rate, you'd be increasing the interest rate on your old mortgage . you'd be better off taking out a new mortgage for your prospect investment.
Since you borrow only what you need, the loan balance on a HELOC is almost always lower than the balance on a cash-out refi. That means lower monthly payments. And your existing mortgage payment, rate, and term won't be affected by the new HELOC. In addition, HELOC payments are based on the amount of credit in use.
What about a home equity loan, not a HELOC, & you're able to take the cash out that way? Where the first lien is let alone with it’s lower interest rate.
@@kathyannbryant3243that’s exactly what I’m thinking
These are the type of classes we need in our highschools..
For sure!
Totally
I totally agree with you! I'm a cashier at a high school and they don't even know how to count their money!🤦🤣
That will never happen unfortunately
Well it's on youtube
The quality of your content-succinct, accurate and right to the point-is so good. Also, your calming tone of voice about complex topics make your channel very pleasant. Thank you for sharing so much valuable information! This is quickly becoming my favorite channel!
Thank you so so much!!
I second that!!!
I watched your video during my first home purchase and now I am watching it for my second home. You have been excellent. Thank you.
Awesome! Thank you!
@@WinTheHouseYouLove me too
I don't even have an idea about mortgages but your voice is so calming like I'm watching an asmr. What a great video. What a great teacher.
Wow, thank you!
Always delivering golden knowledge and advice! I just turned 23, closing on my first house at the end of June and will be using that as my primary residence to cash out refinance and buy my first investment property in the future! Thank you for everything you do 🤝
This is right on time for me! My husband and I have a house appraised at around $285,000 to $300,000 range and only owe $63,000 and need our equity to do some upgrades but were told that a heloc wasn’t the smartest route by my mother but she wasn’t sure what other options were available and now I have our answer a cash out refinance and buy other properties or a property which we also wanted to do! Thank you,thank you for this information!!
I'm so glad to hear, Sarah!! You're welcome and thanks for watching!
When you do a cash out and your mortgage amount increases, do you get to keep the rate you already have?
@@Uskdr97 It's called Cash out REFINANCE, meaning you are refinancing your home, and that will be done at the current mortgage rates.
@@Uskdr97 refiancing right now would not be a good idea UNLESS you have a solid exit strategy, if you have a low rate then i wouldnt take the risk as a 2-4% is a great deal in this market.
You could also do a home equity loan through a credit union, take the equity & that way you’re not repaying interest only, as in the HELOC!
This is super informative and concise with a good quality recording. Thank you so much.
Glad you enjoyed it!
I usually have a hard time understanding new housing concepts and felt like I understood this with one watch, you taught it so well! Super helpful!
My guy, this video is awesome! I’m a new realtor in the San Francisco Bay Area.
I just had two nice ladies that asked me about the market. They have owned their current home for about 20 years… They aren’t thinking about buying or selling but I didn’t use the words to tell them that they could use their home equity to buy an investment property with the current home they own! What you said in this video is exactly what I should have told them… I’m going to contact them again and hopefully I get a second shot of redemption to potentially encourage them to invest in a rental property 🙌🏼 Thanks for sharing!
Awesome! Thanks for watching & best of luck!
@@WinTheHouseYouLove l already have 2 buyers under my belt! 🙌🏼 I had a vision of doing exactly what you’re doing with your channel and then I found you. This motivated me even more and made me realize what my channel and my marketing could be through RUclips 🙌🏼🤓
Feel free to reach out if you’re ever in the Bay Area. I’d love to stay in touch!
Good job , clear , calm and direct. Appreciate your efforts
Glad you liked it and thanks for watching!
Thank you that is awesome. How long must you wait before purchasing a second house? How much equity is good to purchase a second house?
Is there any way to have the HELOC with 0% APR for some period (1 year?) like it happy with many credit cards?
Thank you for this knowledge.
Very straight forward and like the math. Thanks helped me figure out a cash out value.
You're so welcome! Thanks for watching!
This was great! Very thorough and helpful. And your voice made it even sweeter! Melodious.
Thank you so much for watching!! :)
Great video. Could you make video for first time home seller?
Great idea, I will add this to my list of ideas. Thanks!
simple and to the point 👍🏽
Yay! Glad it was concise!
Kyle Seagraves → winthehouseyoulove.com
Thank you for sharing some knowledge, it really clarified important points for me.
Glad it was helpful!
Thank you for the simplicity
You're welcome!
What an amazing voice!!!
Thank you so much for watching!! :)
Thank you
My pleasure. Thanks for watching!
This is the best video out there on this topic by far! Thank you!!
Wow! Thanks for watching!
Problem with heloc loans is it is hard to get one if you own a business. I have a house worth around 200-250k and no mortgage but since I have low income “due to owning a business” I can’t qualify. How bizarre. But maybe I need to keep trying other banks…
Mmmmmm, interesting. 🤔 I was not aware of this.
How would one find out if we would even QUALIFY for a second mortgage on a second home, this video brought up that good point for me. Im about to start paperwork on a cash out option.
Usually, you need at least 20% equity in the home to begin looking at pulling out a second mortgage.
Start a conversation with a lender to see what options they have available or a gameplan to get you where you want to go.
Just the video I was looking for thanks for making it understandable
Glad it helped
No bridge loan?
I have one question Let said if you paid off your mortgage. Can you able to take 100% equity to buy another house?
Usually not. Varies from Bank to Bank. Loan to Value (LTV) around 80-85%. They leave themselves a cushion I guess.
I purchased my home in August 2021
Quick question 🤔 can I do Cash Out Refinance on a investment property?
We have no mortgage. What is the smart choice to purchase a second home in a warmer climate. We would love to be there for the summer and rent through a Home and Away or VRBO for times we are not there. Your thoughts?
It's great that you're considering a second home in a warmer climate. To make a smart choice, you should factor in your budget, the location, and potential rental income. It would be helpful to talk to a real estate agent familiar with the area.
You can definitely rent your second home on platforms like HomeAway or VRBO when you're not using it. That can be a nice way to earn some extra money to offset your expenses. 😄 You would use a Conventional loan to do this and a second home requires 10% down.
If you're ready to start on a pre-qualification, head over to www.winthehouseyoulove.com/lender or feel free to email me at kyle@winthehouseyoulove.com. Good luck and happy house hunting!
Thank you for making this clear.
Cashout refinance on 1st bought primary residence home , use the equity as down payment on another home as new primary residence, convert my 1st home that was refinance to a rental property.
What lending terms are required when trying to achieve this? Does the refinance loan require 20 percent down since the house is now intended to be rental ?
Tax & insurance implications on the converted primary to rental ?
The question is what rate of return do you want from the invested money? If the heloc is say 8% int, your rate of return on the invested capital needs to exceed that for it to make sense. Ive done it before and seldom makes sense in the end.
Excellent excellent video. Perfectly communicated breakdown. Thanks for taking the time. Grateful
Glad it was Helpful! thanks for watching. :)
Thank you. Great advice🙏
January 2021-I went to my bank to buy a second house as a rental property using the EQUITY. which is over $50,000 i have on my current house.
well. my 53/fifth third bank told me it will take 3 months for me to use the money from my house as a EQUITY.
and a bunch of other bull shit.
So no its not easy to use money from a current house you own.
another finance company told me that if i buy the house as a Rental Property the INTEREST ARE HIGHER. i said. dont my interest is based on my Credit Score ?
Well, technically you're using a loan secured against the equity. Which is why you still have to follow the rules of a loan.
Interest rate is based on your credit score plus tons of other things, like residency status. Investment properties have higher interest rates than primary residences.
This was really great. Thank you
thanks for using your time to share this knowledge with us for free
My pleasure!
I might need to sell and take all the cash out and purchase another home... i keep going back and forth on this, but thanks for the info.
Thank you so much for watching!! :)
This I did not know. I can pay off the rental from my primary with HELOC then use the rental cash for retirement, wow TY.
I have lots of home buying tricks, check out my video list. :) Thanks for watching!
Amazing video. Thank you
im 18 and just trying to understand all this so i can eventually do this
Look up the Brrrr strategy. I'm 25, started bought my first house at 19. Hit a mill net worth this year. Super doable, I didn't know anything when I started and didn't have content like this to reference. These are excellent tools
@@JOIHIINI olrighty man will do thx. also congrats on that shit too man
@@shredbacca I only started following this strategy the past year, before it I would essentially wait for my houses to go up in value organically, whereas Brrrring houses forces the equity gain amd increase the rent/income for an earlier potential refinance. This is the way people get like 20+ property portfolios
We paid off our mortgage years ago. We are going to downsize and then sell our larger house in a couple years. Would a home equity loan or a traditional mortgage loan be better in this example?
Thanks for the info - useful well explained
Very very informative! Thank you very much.
I'm glad you found the video informative! Please let me know if you have any other questions as you navigate the home buying process.
When you're ready, go ahead and schedule a call with our team to get started on your pre-qualification: www.winthehouseyoulove.com/call
Thank you for a great video and sharing your knowledge!!
My pleasure! And also, thanks for watching. :)
Apologies for the remedial question, with that $90,000, is that the amount that you have to pay back to the bank or is that the cash that we gained from the house that you can use for the down payment for a new home? Thanks
what if I own my property free and clear? what are my options then ?
Hi! Yes you could use the available equity on you second purchase. You can also ask your lender/ agent about the details.
You should do a follow up video.
When do you start paying on the principal on the HELOC?
I have an investor question for you..
I hope you could help me , Current mortgage payment is 1880 on duplex I only have to put up 480 $ a month to cover the mortgage with rents (house hacking)
If I refinance I can pull $83k out of the home to put towards another investment But then that would bring my mortgage up to 2,472!!
When I move out with my current mortgage payment the house will cash flow $1000+ a month,
If I refinance it will only cash flow 500 a month
Would it make sense to buy another asset By refinancing even though it will reduce the cash flow by 50% Kind of doesn't make sense to Purchase another house To make possibly 500 a month off of when I could make double with one- Or should I just hold off on the refinance and save to buy the next( wouldtake foreverto save 80k ) ?
Am I the only one who thought they saw Tom Hiddleston at first? 😊 Great info👍 thank you!
Yes! Thank you!
Which would you recommend over the other when wanting to take the equity from your home to use towards closing costs and down payment on a new primary residence then sell the homeboy took equity out of ASAP. Cash out, home equity loan or heloc?
HELOC is likely the best
I like this channel, keep up the good work
Thanks, will do!
Thanks buddy. Exactly what I was missing
Thank you so much for watching!! :)
What if you fully own the home? No mortgage? Can you use your house you own for the same thing if it doesn’t have that mortgage?
have you found an answer same situation
Short answer is yes
What do you think about a home equity loan instead of a HELOC
Great video..simple explanation. Thanks
Glad you liked it. Thanks for watching. :)
I was beyond excited you came up when I searched this! 💪🏽
I'm glad to hear, thanks for watching!
I live in Ontario Canada about an hour west of Toronto and the market is really good here. I own 2 properties both mortgages are up in May and looking to take 100k out of my rental and buy another. Tell you how good the market is my condo i bought April 2020 for 333k are now selling for 440k my rental 2017 paid 155k are now selling 320k
Awesome!!
Great Video! Here’s an example, tell me yes or no! My property is worth 600k, I’ve paid down 160k, I owe 400k. Can I not take a home equity loan of 160k(80% of 200k equity?) Your response is greatly appreciated, thanks!!
Thank you so much for sharing your knowledge.
My pleasure!
Can you do another video on how to share your tablet screen on a video call or a video like you did on this video please? This is a great tool!
Awesome video. Very informative.
Glad it was helpful!
Thanks dawg, good explanation.
Thanks! Glad it was helpful!
This was super helpful thank you man
Glad you think so. Thanks for watching. :)
Can I use Heloc if my house is in a living trust?
Do you have to so income to pay for both mortgages?
I think it’s important to mention closing costs when discussing cash out refinancing. You are talking about a considerable amount of cash up front just to get back the money you need.
No cash out refi requires money out of pocket, but it will change your equity balance based on closing costs. Closing costs on refis are often minimal unless a buyer chooses to pay points to lower the rate.
@@WinTheHouseYouLove
Appreciate the clarification. I’m happy to hear that there is a difference.
Great video.
Very well explain.
Thank you
Thank you so much!
wow very helpfull video thanks for all infos.
Glad it was helpful! Thanks for watching. :)
Ok say I cash out on a 100k home and use that to down payment 2nd home could I repeat the process ok the 2nd home to get a 3rd?
This seems rather complicated. What if your first house is paid for and you need to quickly buy the one you are moving to. I don't need a refinance, I just need to access my equity first before selling.
You could look into a bridge loan or pull out a HELOC
@@WinTheHouseYouLove We did. There was no problem getting either one.
Thanks for the info!
Thank you so much for watching!! :)
What if you do a home equity loan, & take out cash without including the first lien?
Thankyou , very informative
Glad you think so. Thanks for watching. :)
Is there a limit on cash outs? Let’s say you own a multi family unit. Can you pull out every other year to buy a new property?
Can a cash-out from an existing mortgage be used as a down payment for another primary residence? A new mortgage would be needed to close on another primary residence. The intent is to sell the original primary residence.
I'm really bad with these. Thank you for explaining it very simply.
Happy to help!
If I take a heloc on my primary residence, that requires primary residence.Can I buy( closing costs)a new primary residence with the money without defaulting...because I do plan to sell the first.
What happens in a recession/depression where the borrower is now unemployed and the housing market crashes 40/50% due to higher interest rates? Do banks account for this or are the banks banking on this scenario to ultimately get the property, sell it and start another cycle with new "home owners."?
Can I deduct the interest payments if I take heloc to buy an investment property?
What if u already payed off ur first home. Want to buy another and move into it before selling first one?
This was amazing! Thank you!
You are amazing too! Thanks for watching. :)
Hi, value of my property got increased a lot in 2021-2022, how fast I can apply for HELOC after a purchase?
Do i have to pay of the equity i take out? Also, does my payment go up after i pull my equity? I live in california.
It's totally up to you. :) HELOCs come with variable rates, meaning your monthly payment can go up or down over the loan's lifetime. Some lenders offer fixed-rate HELOCs, but these tend to have higher initial interest rates and sometimes an additional fee. Good luck!
That's was very helpful thank you so much
Glad it was helpful!
Great video!
Just a few questions:
1. Would you recommend doing this? Pulling out equity on a home for a down payment in a possible invent property
2. * might be a stupid question* Does taking out equity affect anything that has to do with the home other than raising the mortgage payment?
Thanks!
1. That's a very common strategy that works well
2. Nope
Awesome. So now I understand. My next question would be, does it financially make sense to get a HELOC to upgrade to a second primary residence???
I think it would be worth comparing a HELOC vs a cash-out
Great info. What is it he probability of cash out options, and refinancing that in a year or two? Are mortgage companies actually willing to do that?
Hello, i have a question, can i used my equity to invest in an other business? 2. Can we have the equity in cash?
Excellent breakdown. Thank you
Thank you so much for watching!! :)
Thanks for a really informative video.
I’ve paid down a decent amount of my mortgage. It still have about 40% owing. When I looked at the equity I could free up to put down on an investment property, it seemed like it may not stack up financially. Rental income would be quite a way off covering the mortgage and costs of the property, and would be on top of the loan I have already on my main home. Interest rates are very high in NZ currently.
I guess it’s a question of whether longer term it will appreciate enough to make it worth it. Maybe. With the stress of that and being a single person, thinking focusing on paying down my own home mortgage and putting some into index funds may be a better way forward. Welcome any thoughts
When u use the cash out method and refinance your mortgage 30k higher than original. Does your monthly payments increase to or you just have to pay longer
Great video! Does this rule apply to investment properties as well?
Thank you so much for watching!! :) I'm not sure which rule you're mentioning
I already have a duplex but I want to buy another duplex,triplex or 4 family. My house is worth about 75k and I owe 43k. I need to know how much cash I need to buy another rental property without stretching myself to thin monthly.
I have some
Equity on my home can I use that for a investment property, and qualify for a traditional mortgage for the rest 75%. And how do I pay off the equity? Also my mortgage is locked at 2.65 %, with these rates you don’t think cash out refi would work for me right?
Can you use HELOC proceeds for down payment of another primary residence, then roll that HELOC into a first on the new primary residence and leave the first’s terms on the original property in tact. Upgrading homes and planning rent my current primary residence
I am wondering this.
Really fast question, would ihave to refi for the helicopter? Or I'll be just approved for the equity I build exp.20.000, and got it kinda like a credit card but my mortgage stay the same?