refinance | 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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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
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July 10, 2020

Mortgage Rates Are PLUMMETING! Should You Refinance Your Mortgage? (WARNING)

Mortgage Rates Are PLUMMETING! Should You Refinance Your Mortgage? It’s one of the biggest headlines right now when it comes to the housing market. Mortgage interest rates are continuing to drop to a historically low rate. This opens up the idea of refinancing your mortgage to get a lower interest rate. How to Pay Off Your Mortgage In 5-7 Years https://youtu.be/3f-ebCjeH8o Sounds good right? Sure! BUT in this video, I am going to EXPOSE all the hidden costs of refinancing your mortgage and how mortgages work to keep paying the bank interest instead of paying off the principal. A low number on your mortgage rates look good on the outside, but when you dive deep into the ACTUAL cost of that mortgage rates, it WILL shock you with how much you actually pay! Lower mortgage rates DO NOT automatically mean you’ll be saving money. With mortgage rates continually dropping to a historical record low, many homeowners are looking to refinance their mortgage. I am advising AGAINST refinancing at the time regardless of the record low mortgage rates. Here is why: Your mortgage is on an amortization schedule, meaning that on a 30-year mortgage, the majority of your monthly payments for the first 7-10 years, will be going towards the interest owed on your mortgage. So, if your mortgage payment is $1000, $800 of that payment goes towards interest, while the remaining $200 goes towards the principal on your mortgage. Within 7-10 years of paying this mortgage, eventually, most of your monthly payment will go towards the principal and then less will go towards interest. Here’s the catch though with refinancing for lower mortgage rates.. When you refinance to lower mortgage rates the amortization schedule RESTARTS to DAY ONE! This means the majority of your monthly payment will go BACK towards INTEREST and less will go towards the principal balance! Not to mention all the extra fees; closing costs, administrative fees, appraisal fees, underwriting fees, title fees…….all for refinancing to lower mortgage rates…… This is almost criminal……..so it’s almost like the mortgage rates DON’T MATTER when it comes to actually pay off your mortgage! BUT never fear, here at The Kwak Brothers, we specialize in paying off your mortgage QUICKLY! Here is a link to a video we created SHOWING you how to ACTUALLY pay off your mortgage within 5-7 years, WITHOUT refinancing to lower mortgage rates!
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