First Lien HELOC Explained Simply - Is it DEAD in 2024?

In this video, go over the basics of a First Lien HELOC and explain the pros and the cons of a first position lien HELOC. I also compare a First lien and a Second lien Home Equity Line of Credit. Lastly, I share with you how YOU should decide whether or not it is a good idea to apply for and obtain a first lien HELOC.

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[johnna-lt]

Comparing an amortized loan to a simple interest loan, well, there's no comparison. One benefits only the bank (conventional) and one the borrower. Do your homework people, as the VanntasticFinances channel person often says: "it's math, people, it's just math". She does a great job of showing the math.

[erickc]

hi, my house is paifd off but i am thinking of buying a new home and relocate and rent out my current home. I live in florida and i wont be able to afford a 10k homeowners insurance on top of the 1st lien heloc Do i need to have homeowners insurance to get a 1st lien pos. heloc ??

[DSRTSLA]

I have an open HELOC right now. I haven't drawn any money yet but I have the ability to withdraw and make it a fixed rate right off the bat at 8.5% today and variable is at 9.24%

[levingstan]

I am watching this video when the interest rate for conventional is 7.25

[nikiajones]

I was approved for a interest only 2nd lien heloc, but plan on paying off my home with the 1st payment. Can the heloc be switched to a 1st lien? Is there any benefit of doing so?

[danielleloveslou]

I honestly just want to pay off some debt. Im at a 3.5% on my mortgage, payments are only $550 and im considering a heloc. Thanks for the info

[seaquest]

i am considering getting a heloc for debt consolidation. i have a 48% dti ( inlcudes loans under my name for kids cars, and credit score of 690. home equity is 57%. spouse has higher credit score and lower dti. should spouse be primary on getting the heloc? should we get 1st lien heloc?

[nicodemus]

Hell no, get rid of that mortgage, that’s not very smart pay on a mortgage for 17 years before you start paying on the principal smh 🤦‍♂️

Pay off all your bills in the heloc and put your whole check in the heloc do velocity banking, every time you deposit your check it’s a payment, which that payment you always have access to.

Bad advice….