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NOTE: Here is a bonus video.

We have researched 400+ banks and credit unions when researching home equity lines of credit guidelines for our clients and the all in one loan has the best benefits that we have come across.

Another great benefit I found is Reliant bank specializes in processing this one specific loan so they know it better than most. They process every single day.

If you meet the guideline requirements, I highly recommend having a conversation me to see if this makes sense for you.

Lastly, If you do not meet these guidelines, do not get discouraged. We work with over 200+ banks and credit unions so I know there is a HELOC for you.

Requirements

– 700 credit score

– 10% in liquid assets

– 80% ltv

– no bankruptcy or foreclosure last 7 years

  • Available in the following states: Tennessee, Michigan, Wisconsin, Minnesota, Indiana, Illinois, Arizona, Alaska, California, Colorado, Florida, Iowa, Idaho, Missouri, Nevada, Utah, New Mexico, Oregon, Washington,

Common Misconceptions About Home Equity Lines of Credit

Some have heard of a HELOC before but not from a professional that knows them well like myself. Here are some misconceptions that I hear. See if you have these same misconceptions as well.

We only have 10% equity in our home, how are we going to use that to pay off our existing mortgage?

I only had 10% equity in my home. I called the bank and said, “Look, what I’m going to do is I’m going to refinance my existing mortgage into a home equity line of credit.”

You’re not having 2 loans at the same time, you’re just substituting one for the other. Sometimes you don’t need any equity at all. In fact, we found dozens of banks that do 100% financing. Primarily we like folks to have a little bit of equity. We’re not using that equity so the misconception comes in the name of the type of product that we’re talking about because it is called a home equity line of credit. In fact, that’s where a lot of bankers get confused too.

They’re also thinking no differently than you because nobody’s coached them or told them how this works. They’re thinking that you can only use it in a second lien position and use the equity that’s available above and beyond your mortgage.

Nothing could be further from the truth. You can actually refinance your mortgage into a home equity line of credit and that be your only loan.

Home Equity Loan VS Mortgage – What You Should Know

Home Equity Loan VS Mortgage. There is a big difference and you should know about each of them.

So when you buy a house, you get a mortgage. That’s what 99.3 percent of all Americans do. Now that’s a mortgage. Let’s talk about a Home Equity Loan. A Home Equity Loan is typically a second lien position. Basically, a second mortgage behind your first mortgage. Really, it’s just more debt, with the same problem of having the wrong product to use to pay off your home.

In fact, in Australia, 80 plus percent of citizens use a Home Equity Line of Credit instead of a mortgage. They call it a “Offset Account”. They also happen to be the highest population of second home ownership, probably because they can pay for two homes in half the time that it takes Americans to pay for one.

Again, we recommend using a Home Equity Line of Credit, treating like your savings and checking account, and you’ll accelerate the payoff of your home much faster, and actually, much easier, than paying off a mortgage.

Excel Spreadsheets

HELOC Calculator

Line Of Credit Calculator