Thanks for the kind words! I appreciate it! I'm glad to help!

Thank you very much! I appreciate it! Be sure to subscribe for more! Thanks for watching!

You are very welcome! Thanks for watching!

Thanks so much! I appreciate your watching!

Thank you!

Thank you so much! That means a lot to me! I'm so glad you enjoyed it! More is on the way!

@@MoveMeMark Sounds good! I'm here for it! Blessings!!

That's a great question. It really depends on your situation. A cash out refi is great if rates are low, and you'd like to have everything in one payment. They especially work well when you're able to get your entire mortgage interest rate to come down. A home equity loan can be better if your original mortgage has a lower interest rate. For example, if you have a mortgage rate of 3.5%, and a home equity loan would have an interest rate of 6%, you wouldn't want to refinance your entire mortgage, because you would be paying more over the life of the loan. You would want to keep the higher interest rate just on the money you're looking to take out in equity. Again, it depends on what your current interest rate looks like, and what you're trying to accomplish. Hope that helps!

That's a great question. It depends on if you have any sources of income coming in right now. Your best bet would be to speak with your bank (wherever you have your checking or savings accounts), ask them if they offer home equity loans or lines of credit, and see what it would take to qualify. It might be a little tougher for you than for someone who is still in the workforce, but the first step is to ask. I hope that helps. Good luck!

Great question. If I were you, I would go to the bank where I have my savings or checking account, and see what kind of home equity they might be able to offer me. Take some time to shop around so you know you're getting the best deal, and you're not hit with a bunch of fees you weren't expecting. Good luck!

Great question! As long as you own the home, you should be able to take out a home equity. If there are other people who also inherited a portion of the home, they would have to be involved in getting the loan. Reach out to whoever you bank with, like for your checking and savings, and ask them about getting a home equity. They may or may not require you to have an appraisal done on the home, depending on how much of a loan (or line of credit) you're looking to take out. Hope that helps!

That is a great question! No, it will not be the same rate. Anytime you're looking to establish a new loan, you'll be charged whatever prevailing rates are at that time. The good news is that you can still borrow against the equity in your home, but it will be at a higher rate. I hope that helps! Good luck!

@MoveMeMark And the bad news is that, if for some unforseen reason, I default on the loan they can foreclose on my house.

@@TheTallMan50 That is 100% correct! You just have to be sure you can make the payments! A home equity loan or line of credit can be a huge help, but you just have to use them wisely. Excellent point you made.

She can get a home equity loan or home equity line of credit. You may have seen in the video that a home equity loan comes as a lump sum with a fixed interest rate. You can borrow against a home equity line of credit, pay it back, and borrow against it again, but those come with rates that adjust. She should speak with her bank and see what they can offer her.

Your equity is the current value of your home, less any mortgages you have on the property. If your home has no equity, unfortunately you won't have any money to borrow against or access. Hope that helps.

Great question! It sounds like what Rocket is offering you is a cash-out refinance. That being said, that number is CRAZY! I just plugged some numbers into my mortgage calculator, and a loan of $50,000 at 8% interest for 30 years would only be $366.89! So I have no idea where they're coming up with more than double that! My suggestion would be to go to whatever bank you do your regular banking with, and see if they offer home equity loans or home equity lines of credit. Shop around! I'm sure you can find something for much less. One thing I'd like to point out is to be very careful with the term of whatever type of loan you take out. By that, I mean how long you have to pay it back. Since you're thinking about wrapping a car payment and a credit card into this debt consolidation, make sure your term isn't too long. If you have a 30 year term, you will be paying off the car long after you're no longer driving it! Just something to consider as you look at your options. Finally, I'm not a financial advisor, so if you need more assistance, you should consider checking one out! But I hope what I've offered here helps. Good luck!

That's a great question. I think it depends on a couple of factors. First, how long are you planning on staying in your home? If you're looking to sell soon, taking equity out now might not be a good idea. You could potentially be upside down on your mortgage if prices decline (I haven't seen prices come down as of yet, but each market is different), but you'll also not have that money available to put into your next home. Second, will anything affect your ability to make the monthly payments? Defaulting on a home equity loan or line of credit can bring about a foreclosure just like defaulting on your primary mortgage. If you're not planning on moving anytime soon, it could be a good option. Just know exactly what you're getting into before getting into it. Hope that helps! Thanks for watching!

That's a great question. You shouldn't have to spend thousands of dollars to access the equity in your home. Talk to the bank where you have your checking or savings account, and see if they offer home equity loans or lines of credit, and what kind of fees you would be expected to pay, if any. It shouldn't be as much as you're expecting. Hope that helps!

yes

Great question! Remember, equity is the value of your home, minus any mortgages you may have on it. So if your home is worth $300,000, and you have no mortgage on it, then you have $300,000 worth of equity! I hope that helps! Let me know if you have any other questions, and be sure to subscribe for more!

That's a good question. If you did that, you would really just be trading one debt for another. Remember, when you take out a home equity loan or line of credit, you're really borrowing against your home's value, so you would still owe the money. Hope that helps!

That's a great question. A home equity is separate from your mortgage, so you would have a mortgage payment, and you would also have a home equity payment. It is simply a loan against the value of your home. Now, remember, if you default on a home equity loan or line of credit, the lender can foreclose on you, so use them wisely! Hope that helps!

Yes, you would owe the money to the lender, but these are options if you need to get access to cash without selling.

Of course, you’ll pay interest on a loan. However, if you need money for something, these ideas can work great. It has to be used wisely though.

I have land does that work or how ?