A blog about the ‘secrets of the elite’…
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Can You Refinance a HELOC?
Wondering if a HELOC can be refinanced?That’s a great question. After all, financial situations can change over time. The ability to withdraw funds from your HELOC ends after the draw period (typically 10-15 years). As you near the end of the draw period, that’s the time to start assess if you need to refinance the loan. The…
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Did You Know THIS About Home Equity?!
How much home equity do you have right now? Are you in your home because you enjoy it? Or because you enjoy your current mortgage rate? More and more people aren’t making homeownership decisions based on where they live or even their home’s features… A record number of homeowners are “suffering” from what the Urban…
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Is a HELOC Line of Credit Allowed in Every State?
So you’ve been looking into HELOC line of credit and loans… Curious if HELOCs are the same in every state? Great question! The HELOC is an excellent financial tool and beloved by many as an efficient leverage point for so many different purposes. When it comes to purchasing real estate or investing, you may decide…
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Can I Use This HELOC Strategy to Pay Off Home(s) in Other Countries?
Looking for a HELOC strategy to pay off home(s) in less than 10 years? Wondering if home equity lines of credit (HELOCs) are available in other countries like Canada or Mexico? Good question.Yes – HELOCs are available in the US, Canada and other countries. So what’s the HELOC strategy to pay off home(s) in Canada?…
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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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