How a Home Equity Line of Credit Works! (HELOC EXPLAINED & How To Get a HELOC)

Published on January 17, 2023

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It’s very common as your home value increases you might want to tap into your equity. But should you? Let’s take a closer look at how a home equity line of credit works to see if it’s right for you!

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πŸ“’ Show Notes πŸ“’
What you’ll learn:
1. How a HELOC works & how to use a HELOC! (HELOC = Home Equity Line of Credit)
2. Are equity loans a good idea? | Plus more HELOC Information
3. What are the disadvantages of a home equity line of credit? | How to get a HELOC

NOTE: To adjust video speed for your listening/ viewing pleasure, please use the settings icon on the bottom right of your screen. It looks like a gear. =)

Timeline:
1. 0:58 – What you’ll learn about a home equity line of credit in this video!

  1. 1:21 – What is a Home Equity Line of Credit (HELOC)?

  2. 2:44 – How a HELOC works! HELOC explained in an easy to understand way!

  3. 4:06 – How does a HELOC affect your credit score?

  4. 4:50 – Common reasons why people get a HELOC!

  5. 6:50 – Common reasons NOT to get a HELOC and what are the disadvantages of a home equity line of credit!

  6. 8:50 – How to get the best interest rate on your HELOC!

  7. 9:16 – HELOC vs Home Equity Loan!

Thank you for watching! =)

Enjoy an amazing day!
-Your Trusted Real Estate Advisor, Andrew Finney

Contact info:
Andrew Finney
USMC Combat Veteran/ Trusted Real Estate Advisor
License #S.0173260
Email: Andrew@AndrewFinneyTeam.com
https://www.andrewfinneyteam.com/

King Realty Group
6955 N. Durango Dr. Suite 1004
Las Vegas, NV 89149

Designations-
Certified Residential Specialist (CRS)
Accredited Buyer’s Representative (ABR)
Sellers Representative Specialist (SRS)

Certifications-
Military Relocation Professional (MRP)

Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with King Realty Group (KRG) in Las Vegas, NV. Andrew’s videos are his own and do not necessarily represent the views and/ or opinions of KRG. The purpose of Andrew’s videos is to educate you and help you make sense of the real estate process. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services, you are advised to reach out to the appropriate professional for further counsel about your own unique situation. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or any other and may be outdated or inaccurate; it is your responsibility to verify all information for yourself. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that is free from error. Linked items may create a financial benefit for Andrew Finney Team. Any use of other media is by fair-use or license only.

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What Is Considered Revolving Debt

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p style=”text-align: left;”>What Is Considered Revolving Debt, How a Home Equity Line of Credit Works! (HELOC EXPLAINED & How To Get a HELOC).

Debt Free: A Much Better Way Of Living

This need to not be, but yet this is a truth for almost every American household. So you have to do something immediately to get rid of your debt. Your account can be turned over to debt collection agency also.

How a Home Equity Line of Credit Works! (HELOC EXPLAINED & How To Get a HELOC), Watch interesting replays relevant with What Is Considered Revolving Debt.

Can Financial Obligation Settlement Help Settle Guaranteed Debts?

Never ever let the unpaid loan balance exceed the initial loan quantity. Examine the reasons why you use your charge card. Nevertheless, to arrange your money, set yourself a standard spending plan.

As I compose this, we are going into this year’s World Series. It always seems there is a team coming into the World Series that was down last year, or was basically broke but hard work and faith with vision got them to the top. I will need to confess the recession entirely distressed the plans of lots of people who do not deserve something like that. Often many were not so distant from retirement, their ideal tasks lost and lost some dreams. However as with teams, effort and vision into the not to near future is the secret.

Secured Debt debt consolidation loan can be taken providing any of your assets. The asset can be your cars and truck, home, residential or commercial property documents and much more. The quantity you select can be utilized to consolidate your debts that might be your charge card financial obligations, individual debts, company financial obligations and a lot more.

Now that you understand the how you entered into financial obligation, why you wish to go out and what you will do once you are out. Here are nine-steps for leaving consumer financial obligation and avoiding permanently.

On the other hand there are substantial advantages to being Debt Free. Being debt-free enables you to take risks in life that you simply couldn’t take being strained by financial obligation. It is easier to begin a brand-new career, introduce your own service or take a lower paying more satisfying job if you aren’t saddled with financial obligation. When you are one income from personal bankruptcy it is much simpler to live by your principles.

Kinds of credit accounts open – Charge card are called Revolving Debt. I suppose it’s because of those minimum payments that are due without any real strategy for benefit. The debt simply keeps revolving month after month. The more revolving financial obligation you have the lower your rating will be. However, all of these charge card may not be reported precisely. Something as basic as an inaccurate credit limit could be injuring you. Chances are you can challenge these products while fixing your credit and increase your score. Credit repair can help tidy up these errors.

Here is a simple example of the impact that interest has on the cost of an item. The actual expense of the purchase is $110 if you acquire an item for $100 on credit with a 10% interest rate over one year. For that reason, you have simply increased the price of the item you acquired by 10%. The result is that you pay excessive for the convenience of not spending for it today.

The very first loan kind is called a safe debt loan. What is secured financial obligation? Guaranteed financial obligation is “that classification of financial obligation in which a creditor is approved a portion with the pack of rights to specified home” (Safe financial obligation, n.d.). So if you participated in a safe debt loan and likewise you defaulted within the mortgage, the bank would repossess the lorries. This is determined as shortage judgment. Obviously, you also had the alternative of an using a surety, co-signer, who will take control of the payments for anybody who is unable to. Purchases that will need a secure financial obligation loan may include a boat, car, home, 2nd on a house, land, and so on.

However you must keep in mind that even here there is no replacement for difficult work. Acquiring more financial obligation to pay off another is often not a wise option to make. Credit cards are a sure method to monetary worries.

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