home equity line of credit | The Kwak Brothers

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Pay Off Your Loan Or Invest? Know What’s Better For You

Time and time again, I see people choosing to focus either a mortgage or an investment but not both at the same time. But which option is better to start with? In this article, I will show you how you can invest AND pay off your mortgage without the diminishing effects of either process. I want to show you that it’s possible to pay off your mortgage and invest simultaneously. More often than not, such a decision often depends on your financial situation. While many people believe that paying off money is best since it saves on your interest payments, others may want to invest their extra

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BREAKING! The Eviction Problem Just Got WORSE 😧

The eviction moratorium has completely expired and the US Supreme Court ruled against the CDC wanting to extend the moratorium. In addition to this, recently the Federal Unemployment Benefit also expired this week and the Biden Administration has no intention of bringing the unemployment benefit back as the economy is starting to open up.  https://www.youtube.com/watch?v=uaTUQruQjKQ In this video, I’m going to unpack what this all means and how real estate investors could potentially benefit from the eviction

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September 1, 2020

HELOC: SECRET To 0% Interest To Pay Off Mortgage!

HELOC: SECRET STRATEGY To Get 0% Interest To Pay Off Mortgage! 0% HELOC! In this video, I’m going to show you how to take any HELOC and turn it into a 0% if not, close to 0% interest when using it to pay off your mortgage. If you’re looking into using a HELOC to pay off your mortgage faster, well.. I’m going to show you how to turn your HELOC into 0% interest throughout this video. And if you didn’t know that you can use a HELOC to pay off your mortgage faster, well… You should check out a video where I explained the entire strategy where not only can you pay off your mortgage faster and potentially save a boatload of interest… but it can actually help you protect your income during the recession. I’ll leave that video link right here: https://youtu.be/3f-ebCjeH8o Okay so! I’m going to show you how to turn a HELOC into 0% interest. This is something that many of our clients of the Kwak Brothers are using and I want to give you a little taste of the action. For the premise of this tactic, we’re working with a 2nd lien HELOC for paying off your mortgage. The downside to doing this tactic is that it takes an incredible amount of work and energy to pay attention to what’s going on. Secondly, 2nd lien HELOCs are harder to get approved these days due to the pandemic that we’re dealing with but as the economy draws back to being somewhat normal, it should get easier. You can actually do the same tactic with a 1st lien HELOC where your HELOC is essentially the only loan on the property. Of course, for that… you need to be our client 😉 Btw, if you want to download our FREE Calculator on what it’s like to use a HELOC to pay off your mortgage faster – how much money and time you can potentially save using this method. Link: www.chopmymortgage.com
August 18, 2020

Cash Out Refinance VS HELOC: Which is BETTER for Real Estate Investing?

Cash Out Refinance VS Home Equity Line of Credit (HELOC) which one is better in the context of real estate investing? In this video, I am going to talk about the differences between cash out refinance and the home equity line of credit (HELOC), what are the pros and cons when it comes to using it for real estate investing, and what are some of the things you should watch out for when using a cash out refinance or HELOC. A brief summary of what both cash out refinance and a home equity line of credit involves taking the equity out from a real estate property and turning it into reusable cash, essentially borrowing from how much equity you own in a property. BUT cash out refinance and a HELOC are structured differently AND it affects the cost of borrowing! A cash out refinance, for example, for real estate investing purposes, benefits those in a high equity position in their property, meaning, upwards 80%-100% in order to have enough cash to use as investment capital. A cash out refinance works the same way as a regular mortgage. During the process of getting a cash out refinance, the bank requires a property appraisal so they can value the home properly. Just like getting a traditional mortgage, the bank looks at FICO scores and credit rating to determine your interest rate. And then typical costs associated with closing on a typical mortgage. Once all the documents are signed and good to go, the bank will cut you a check and send you on your way! A home equity line of credit is similar to a cash out refinance in the sense that you are borrowing from your property’s equity, but instead of refinancing, a HELOC is a line of credit, so its revolving debt as compared to a cash out refinance, where it’s installment debt. So it’s essentially a line of backed by your property’s equity. So one of the big differences between a cash out refinance and a HELOC is the way the debt is structured. A cash out refinance, being an installment debt, is a one-time use type of loan. So once you get that check from the bank, after being approved for a cash out refinance, you can only use it once. On the flip side with a HELOC, it’s a line of credit, so you can continue to use that line of credit since it is revolving debt. So when it comes to using either for real estate investing, the HELOC can be used again and again! So in conclusion, I choose getting a HELOC over a cash out refinance in regards to real estate investing, more flexibility, more opportunity for investing The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom)📧 Get Our 1:1 Real Estate Investing Coaching and Mentoring: https://52.54.205.26.104.nip.io/thekwakbrothers
June 29, 2020

Velocity Banking: HELOC to Pay off Your Mortgage FASTER (Step-By-Step)

Velocity Bank! Does it ACTUALLY help you pay off your mortgage faster using a HELOC? Can you use a HELOC to pay off your mortgage? In this video, we’re going to explain the Velocity Banking Strategy Step by Step. We’ll illustrate how does the Velocity Banking concept work, how it ACTUALLY saves you money and time, and at the end of the video, I’ll leave you with a FREE Velocity Banking Calculator to download: FREE VELOCITY BANKING HELOC CALCULATOR: http://chopmymortgage.com So how does the Velocity Banking Strategy actually works? Here in the Kwak Brothers, we call it the Accelerated Banking Strategy. To start off, this strategy does rely on having a line of credit – like a Home Equity Line of Credit (HELOC) This strategy WILL work with a 1st lien HELOC, 2nd lien HELOC, Personal Line of Credit (PLOC), and even some cases – credit cards. A HELOC has features that mortgages don’t and the BIG feature is the “Open-Ended” feature. So here’s the “traditional” version of the velocity banking strategy: (2nd Lien HELOC Version) You take a chunk of a HELOC and do a principal payment against the mortgage. Essentially, you did a balance transfer from the mortgage to the HELOC. From there, you’re going to put ALL of your income and savings into the HELOC. Remember, you can ALWAYS draw the money back out from the HELOC anytime you want. Think of the HELOC as your new savings account. This effect allows for the average daily balance to go down – thus you pay less interest. With the money you DIDN’T pay for interest – now goes to principal which pays down the HELOC faster than the mortgage. The next version of the Velocity Banking Strategy is using a 1st lien HELOC instead. With this version of the Velocity Banking strategy, you’re completely replacing your mortgage with a 1st lien HELOC. Once you replace your mortgage with a HELOC, you do a similar pattern with the 2nd lien HELOC Velocity Banking. You’ll dump all of your income into the HELOC to lower the average daily balance. Here’s a bit of a bonus tip that I DON’T regularly share on YouTube… I only share this with my students and coaching clients… You can also use a credit card to hold all expenses and operating expenses for 30 days while your income stays parked in the HELOC. This allows for the HELOC balance to stay low for a long time which means you’ll end up paying less interest. After the 30 day period, you’ll use the HELOC to completely pay off the credit card so that you don’t end up paying any interest on the credit.