What is a Heloc explained by California Home Loan Expert Teresa Tims So Cal Mortgage Broker

What is a Heloc explained by California Home Loan Expert Teresa Tims So Cal Mortgage Broker. HELOC (Home Equity Line Of Credit Canada): Stats and facts for 2019

What is a Heloc explained by California Home Loan Expert Teresa Tims So Cal Mortgage Broker video duration 18 Minute(s) 13 Second(s), published by Teresa Tims on 25 03 2019 - 23:39:00.

Subscribe to get SoCal Real Estate and Mortgage Updates: http://bit.ly/2k3UXTn Watch My California Home Buyer BootCamp: http://bit.ly/2m53JkH I need some Knowing the difference between a Home Equity Loan and a Home Equity Line-of-Credit can be confusing
We want to help explain the difference so you can .

. . Reviewing some facts about Home Equity Lines Of Credit
A recent study by the Financial Consumer Agency of Canada (link below) revealed some pretty .

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I need some cash what’s the best way to get a 2nd Mortgage or Heloc watch this video to get all of these questions answered.

3:00 Vid start What is a Heloc?
7:00 Pitfalls of the Heloc 2nd's
8:00 How to compare Lenders
9:30 my own case study shopping for a 2nd
13:00 HOT TIP
12:30 Alternative to Heloc or 2nd Mortgage

Home Equity Line of Credit or HELOC

It’s called a heloc bc the value adjusts on how much you access at any giving time that way the payment is adjustable in nature
A 2nd Mortgage is a fixed loan just like the Heloc and works the same but does not adjust so you would get a 30k loan and get the cash all at once.

How do they work

Full credit qualifying loans
Usually they only take a couple weeks to apply and fund
Good idea is to find out if a Heloc vs 2nd Mortgage vs Cash Out Refi makes the most sense and we can help you with that. Call us at 909-920-3500

Are they Fixed or Adjustable
Which is better?
Rate
I am seeing 5-7% pretty regularly

Term
Typically 10-15-20 years but if a large loan amount could be 30year
Loan to Value
Max amount you can access IE “what’s the maximum Loan vs the appraised value.
Example: 100K appraised value 50K Existing Loan if 20% of the equity has to stay in the house then you can only get *0% of the value = 80k minus existing loan of 50K = 30k THAT’S WHAT YOU CAN GET A HELOC FOR
Where do you get one
I find that banks and credit unions are good sources

Ways to compare with lenders
Watch the video
Is it ok to run my credit 2-3 times
Yes!!!!
What are the pitfalls
Conservative value ie low appraisal

CASE Study
What it looked like when i shopped for a heloc on my Owner Occupied property in Rancho Cucamonga.
Current Value 725 Owe 500k so 80% value is 580 can access 80K
Union Bank 640K
B of A 710K
US Bank 675

ALTERNATIVES.
ME CALL ME AND LET ME EVALUATE AND HELP YOU EVEN IF I CAN’T OR DON’T DO HELOCS I CAN POINT YOU IN THE RIGHT DIRECTION

TDR MORTGAGE Can access u to 90% of your value with a combo loan IE 75/15/5 75% 1st 15% second or 80/10/10

1) Values are going down.
2) \