How a Home Equity Loan Works!

Curious about how a home equity loan works? In this video, we'll break down the process for you, compare it to a HELOC, and discuss the pros and cons.
#homequityloan #homeequity #personalfinance

You're building up equity in your home as you pay down your mortgage each month and the real estate market appreciates. At some point, you may want to tap into your home equity. Let's review how a home equity loan works and what is a home equity loan exactly to see if it's right for you!

Find out more about your Home Equity Loan & Mortgage Refinance Options 👇

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📒 Show Notes 📒
What you'll learn:
1. Home equity loan explained!
2. Second mortgage vs home equity loan!
3. Should I get a home equity loan?

NOTE: To adjust video speed for your listening/ viewing pleasure, please use the settings icon on the bottom right of your screen. It looks like a gear. =)

Timeline:
0:00 - Intro
1:30 - How a home equity loan works!
2:01 - Home equity loan vs HELOC!
3:47 - How do you pay back a home equity loan?
5:11 - Pros and cons of a home equity loan!
7:51 - How to get a home equity loan!
8:38 - How to get a home equity loan with bad credit!
10:11 - It comes down to your Loan-to-Value (LTV) ratio!
11:21 - Beware of red flags!
12:56 - Home equity loan alternatives!

Thank you for watching! =)

Enjoy an amazing day!
Andrew Finney
#AndrewFinney
AndrewFinneyTeam

Disclaimers/ Credits:
At the time of production, Andrew Finney, S.0173260, is a real estate salesperson with King Realty Group (KRG) in Las Vegas, NV. Andrew's videos are his own and do not necessarily represent the views and/ or opinions of KRG. The purpose of Andrew's videos is to educate you and help you make sense of the real estate process. I am not a CPA, attorney, insurance, contractor, lender, or financial advisor. If you have questions about home loans, real estate, taxes, financial advice, real estate law, insurance, professional trades, or any other services, you are advised to reach out to the appropriate professional for further counsel about your own unique situation. The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or any other and may be outdated or inaccurate; it is your responsibility to verify all information for yourself. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that is free from error. Linked items may create a financial benefit for Andrew Finney Team. Any use of other media is by fair-use or license only.

Awesome Music Courtesy of:
Song: Syn Cole - Feel Good [NCS Release]
Music provided by NoCopyRightSounds.

[AndrewFinney]

Question: What did you learn from this video that you didn't know before?

🆓 FREEBIE 🆓
📘 Download the FREE Home Buying Process 101 Infographic

🔍 Get Connected with a TOP Real Estate Agent Near You 🔍
---- Or, if you're planning on buying or selling your home in the Las Vegas, NV region, let's
Realtor Near Me Finder

💰 Reach your financial goals with ScoreMaster, the average credit score increases by +61 points in 20 days*

[ivanacuesta]

Thank you so much for the clear and detailed info. Now I know that I don’t need a home equity loan.

[JoeTakagi]

One of the cons is that you can lose your home... Doesn't this also apply to not paying your regular mortgage? Like isn't this always a risk if you don't pay?

[Tech]

Great job in making sure that people understand the risks! I was amazed at how you kept saying” make sure you know you can do this, we dnt want you to get hurt!”
Great video !

[TheRealNativeSun]

People cry about a home equity loan and fears of losing there home but you’ll purchase a 50k car loan paying 800 a month. I’d rather invest and pay that type of money into a dwelling. Keep the car you get once it’s paid off. They depreciate more than a home. They only go up in value.

[MrRjster]

Awesome explanation. Most videos just shame people looking into a home equity loan. You explained the pros and cons in a way where it didn’t feel like you were talking down to people. Appreciate all the info!

[marioramos]

Wow Andrew. I felt the sincerity and honesty coming from you. Thank you for explaining this like you would to someone you care about.

[yayarivera]

Thank you for all your I started watching them when I started my first home buying process and it has help me tremendously! Please keep up the good work and thank you for your service! 👍🏼👍🏼👍🏼

[WangTmg]

From my risk tolerance, I would not want to get a home equity loan on my primary residence. If I had a rental property I could risk it. With a looming recession, this seems to be a great risk on unforeseeable future.

[JeffreyEpsteinJr.]

Thanks for all the work you do on these videos! Getting a real estate license to start investing, wish me luck from Tennessee !

[ryanfrenchBW]

Thank you Andrew. I was hesitant to start with, but now you convinced me not to put my house in jeopardy.

[Lilmiket]

Damn what a wealth of info. Some of this I knew but so much of it I didn't. Have to read through hundreds of pages to get this info. Thanks so much!

[boedolla]

I own my home that’s wroth around 275, 000.
What’s the best option for me? I need cash to make some adjustments to my home.

[daxpatton]

This was very informative and honest. Thank you so much, Andrew. It's I needed this video.

[sikchopper]

My home is paid off, taxes are good my credit is slightly above 750 . I want to take a loan for home improvements. What’s the best way to go about it?

[frankzamperini]

Thank you! Very informative and helpful.

[ddssddga]

Thank you for the info. I'm thinking about doing an equity loan. My house needs a roof and airconditioner. Plus I wanna consolidate some high Interest CC debt.

[balancedchakra]

Thank you I am a new signing agent have my first home equity loan signing tomorrow like watching this video. You are very informative 👍

[wmit]

Great Video!!!! Thank you for the insight.

[agnesjodes]

thanks for the video! it's very helpful. Home equity loan and Heloc, which one protects my assets better against inflation?