✅Are you looking to apply for a HELOC (Home Equity Line of Credit) Here are some general tips on how to increase your approval rate and also understand how the banks/lenders will look at your application. If you are planning on using your HELOC to pay off your mortgage quickly, be sure to watch our strategy overview video!
HOW TO PAY OFF YOUR MORTGAGE IN 5 TO 7 YEARS : https://www.youtube.com/watch?v=eGVn9iq1e6c
Get our FREE HELOC Approval Help Kit: https://thekwakbrothers.com/heloc-rentals/
HELOC stands for Home Equity Line of Credit. This is a rather new concept in the last 30 years where you’re able to collateralize your home equity into a line of credit. Very similar to a credit card. This means you can pay back your line of credit and re-use it for future use. HELOC approval process can be slightly different than applying for a traditional 30 year mortgage…
Now just a friendly reminder that a mortgage is simply a financial document (instrument) that ties a Promissory note to a Security (real property). So technically, a HELOC uses a mortgage too!
Now the HELOC application process can vary depending on the bank because a HELOC is a Non-QM loan. (Non Qualifying Mortgage) loan. While the traditional 30 year mortgage is heavily regulated by the government, a HELOC has less regulation that banks need to follow. Which means that banks can customize their offers and options as far as what to include in the HELOC. So not ALL HELOCs are created equal and banks may look at different factors. So just because you get denied with one bank doesn’t mean that it’s foiled your chances to get a HELOC else where…
Most banks will require a minimum credit score of 680-700… There are, of course, exceptions to this rule.
You also have to remember that banks have LTV (Loan To Value) requirements. Meaning, they won’t issue HELOCs if you have TOO much debt. If you’re planning on using a HELOC for our strategy but don’t have enough equity, you can always use an alternative such as a PLOC, BLOC, or even credit cards.
The Kwak Brothers are millennial real estate investors who have acquired over 76 Units of Rental Units and have raised over $20,000,000 in capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping ordinary people become real estate investing champions and rockstars! They specialize in owner financing negotiations and multi-family rentals.
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—DISCLAIMER— The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.
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