Category: Half Your Mortgage
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Is Using a HELOC Still Beneficial If My Home is Paid Off?
Is your home almost paid off? Wondering if using a HELOC will still benefit you? Why not let the numbers tell you what to do? Look at your mortgage amortization schedule… Add up how much is left for you to pay in interest and remaining principal. For this example, we’ll say $130,062 is left on the…
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Can You Sell a Home with a HELOC?
Thinking about selling your home? Wondering if having a HELOC will change those plans? The good news is…You can still sell your home if you have a HELOC. First-lien (or even second-lien). In many cases, selling property that has a home equity loan attached also shouldn’t create any issues. Typically, the HELOC is paid off at closing. This…
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Can I Use a HELOC in Retirement?
If you’re retired, you might be wondering if you can still get a HELOC…The good news is, yes, you can! Out of the many goals we aspire to teach at Private Wealth Academy, two have always been at the top of our list – to preserve wealth and eliminate debt. While many can obtain these goals relatively…
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Using a HELOC for Down Payment
Not a homeowner yet? Or looking to put a down payment on another property? Wondering if you can use a HELOC for down payment?Finding the funds to put a down payment on a home in today’s economy can be challenging to say the very least. For many, the size of the down payment required to…
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Cash Out Refinance vs HELOC
Wondering how a cash-out refinance compares to a first lien HELOC?As your mortgage matures, you’ll typically gain equity in your home. Home equity is your property’s value minus what you currently owe on your mortgage. For example, let’s say you purchased your home for $300,000, and after a few years of making payments, you’ve lowered…
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Personal Loan vs. HELOC
Wondering how a personal loan stacks up against a HELOC?It’s always good to know your options. When it comes to comparing a personal loan to a home equity line of credit – let’s go over the pros and cons of each… Personal Loan vs HELOC A First-Lien Home Equity Line of Credit (HELOC)A first lien HELOC is a…
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Using a HELOC for Debt Consolidation?
Have you been considering using a HELOC for Debt Consolidation? How much debt is your household carrying right now? If it’s A LOT (like $50,000 or more) – you’re not alone… Many households are carrying significant debt nowadays (between mortgages, personal loans, credit card balances, student loans, etc.) In fact, the average American has $90,460 worth of debt. If that…
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Don’t Start Investing HELOC Money Until You See THIS..
Wondering what you should be investing HELOC funds into?Yesterday we talked about how to use a HELOC for debt consolidation. While that can help you save a lot in interest, it’s not able to earn you more money. If you’re not using your home equity to pay off your home faster or reducing high interest…
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Using a Home Equity Line of Credit for REI
Looking to break into the real estate investing game? (Or take your current investments to the next level?)If you’re going to use a home equity line of credit for anything, put it into a sound investment. Unused equity is, after all, dead money that could be better utilized by working for you. Stagnant equity isn’t giving…
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How to Use The HELOC Strategy and Reduce Your Risk
Have you ever heard financial gurus like Dave Ramsey or Suzie Orman warn against using HELOCs?They’re not entirely wrong…A HELOC comes with flexibility that it can be tempting to use it as a piggy-bank. But we want to help you get the most benefit from your home equity line of credit and avoid it from…