How to use your EQUITY to buy another home (step-by-step)

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0:00 How to buy another home using your home’s equity step by step
0:22 How it works
2:22 Pros & Cons
3:37 What increases equity?
4:31 How much do we have?
7:27 Financing options
11:11 Example HELOC
14:10 Your next property
15:17 How to get a loan from equity

— DISCLAIMER —
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.

[joselima]

DUDE. This video is AMAZING. So friggin straight forward and no rambling and extra garbage. Thank you!

[ki]

Thank you! Good video. The visuals, slower explanation, and the detail…good job

[christiankennedy]

This is the best video I have seen on how to leverage your current equity to buy another home or investment property. Straight forward, easy to follow, and extremely understandable. Walked away feeling more knowledgable on potential nexts to consider when expanding our real estate portfolio. Thank you!

[sashasavings]

great explanation! very thanks for keeping it simply and not complicated.

[KellyKels]

Thank you for this info. I just decided to move back in with my mom for a year to get my finances in tip top while I rent out my first home and hopefully earn a little extra cash before applying for a HELOC. My plan was to take out a HELOC loan either to use for the next house or as a safety net in case I need to make any emergency repairs or cover the mortgage between tenants. I read that if my new property will be my primary residence, the 20% down may not be required, is that correct? If I can still do 3.5% then that gives me hope I can swing only using a portion of the HELOC, depending on the value of my next home, and still being able to keep some as that safety net.

[judithalleynenwafor]

Very informative. You were clear in your explanations and examples. Thank you!

[nicolasbogado]

Great Video . Great Info. Learned some new today. Thank you !!!

[CS-hggk]

This helped so much. Finally someone explained it step by step. I have enough equity to move primary residences with a HELOC. Thank you.

[lola]

Omg thank you so much I understand so much better

[sergesbp]

Perfectly explained 👌
Very easy to understand and great examples.. will be calling soon

[leighaortiz]

I feel like you made this video just for me 😊 right up my alley.

[speakout]

So i brought land then built a house. Do the same guidelines apply if i was to use the equity to buy maybe 2 investment properties straight up? Or are the rules different when using equity to potentially buy investment properties?

[anthonypalmer]

5% down payment is crazy to me, I guess I need to look harder in my area. 5% down vs. 20% down makes a huge difference in whether the deal will work or not. Great video around the general concept. Thanks.

[nav]

Thank you so freakin much for explaining this. Very informative and loved the details your gave.

[darylroddy]

Great explanation! Serious question though, why would I use your company or any other 3rd party company to get a loan of equity when I can just go directly to my mortgage bank that owns the loan and ask?

[sonchristian]

With a home equity loan the current loan won’t be touched in terms of rates. But what will the equity loan rate be based on? Is it based on the current market?

[nhmtmgr]

Can you provide estimate of interest rate for HELOCs and other methods mentioned? thanks

[lovlycu]

GREAT BC IM WORKING ON MY FICO TO BE OVER 740 BY OCT-DEC TIMEFRAME, WANT TO SELL & THEN BUY IN ANOTHER STATE & I COULDNT FIGURE OUT HOW I WAS GOING TO DO THAT. JUST NEED TO KNOW IF THERE IS A PRE PAYMENT PENALTY ON HELOC

[dmvdude]

Good video however what’s the interest rate that you pay on the money you pulled out for your HELOC? Also where are you getting another Loan for 400k and putting 5percent down (20k) nowadays?

[mostmost]

This is exactly the video I need. Plan to move in 2 years. My home has about 100K in equity ( so they say, fingers crossed). Right now my dti is high. Doing gig jobs to lower that debt to qualify for a heloc to knock out more debt before buying another home. Maybe. I need advice.