Mortgage Company Reviews

Union Home Mortgage Review – How to Get Approved for a HELOC?

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Union Home Mortgage Review – Whats The Best?

Are you looking to apply for a HELOC (Home Equity Line of Credit) Here are some general tips on how to increase your approval rate and also understand how the banks/lenders will look at your application. If you are planning on using your HELOC to pay off your mortgage quickly, be sure to watch our strategy overview video!

HOW TO PAY OFF YOUR MORTGAGE IN 5 TO 7 YEARS : https://www.youtube.com/watch?v=eGVn9iq1e6c

Get our FREE HELOC Approval Help Kit: https://thekwakbrothers.com/heloc-rentals/

HELOC stands for Home Equity Line of Credit. This is a rather new concept in the last 30 years where you’re able to collateralize your home equity into a line of credit. Very similar to a credit card. This means you can pay back your line of credit and re-use it for future use. HELOC approval process can be slightly different than applying for a traditional 30 year mortgage…

Now just a friendly reminder that a mortgage is simply a financial document (instrument) that ties a Promissory note to a Security (real property). So technically, a HELOC uses a mortgage too!

Now the HELOC application process can vary depending on the bank because a HELOC is a Non-QM loan. (Non Qualifying Mortgage) loan. While the traditional 30 year mortgage is heavily regulated by the government, a HELOC has less regulation that banks need to follow. Which means that banks can customize their offers and options as far as what to include in the HELOC. So not ALL HELOCs are created equal and banks may look at different factors. So just because you get denied with one bank doesn’t mean that it’s foiled your chances to get a HELOC else where…

Most banks will require a minimum credit score of 680-700… There are, of course, exceptions to this rule.

You also have to remember that banks have LTV (Loan To Value) requirements. Meaning, they won’t issue HELOCs if you have TOO much debt. If you’re planning on using a HELOC for our strategy but don’t have enough equity, you can always use an alternative such as a PLOC, BLOC, or even credit cards.

The Kwak Brothers are millennial real estate investors who have acquired over 76 Units of Rental Units and have raised over $20,000,000 in capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping ordinary people become real estate investing champions and rockstars! They specialize in owner financing negotiations and multi-family rentals.

GET OUR FREE HELOC CALCULATOR:
https://debtfreeaccelerator.com

JOIN OUR FREE FACEBOOK MASTERMIND GROUP:
https://www.facebook.com/groups/bestreigroup

#heloc #helocapproval #thekwakbrothers

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—DISCLAIMER— The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.

Thanks for watching the Union Home Mortgage Review video!

Watch the Union Home Mortgage Review video on Youtube

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44 Comments

  1. The Kwak Brothers
    July 24, 2021 at 9:56 am

    What are some questions do you have for our Guest Banker??

  2. Alex Calo
    July 24, 2021 at 9:56 am

    I clicked on the link and said to myself i'm gonna listen to a bunch of Kwaks 🙂

  3. Leticia Urbach
    July 24, 2021 at 9:56 am

    Can you get approved if you are retired only?

  4. Dyanna
    July 24, 2021 at 9:56 am

    I have a credit score of 757, have a current mortgage (always pay on time), and a credit usage of under 2%. I just applied for a HELOC in hopes of securing 70K line based on 95k of my home’s equity. None of the 2 companies I applied online witg with even asked me for my w2’s or assets outside of my current home. I was declined for both of them:( what could I have done differently or any ideas on why I was immediately denied? Thanks.

  5. NC P
    July 24, 2021 at 9:56 am

    What if the property was inherited?

  6. Danielle Monahan
    July 24, 2021 at 9:56 am

    Can I hire someone to help me get approved for a HELOC? I mean, have them fill out the application correctly, find the loopholes, etc. I don’t have good credit and need to pay things off to improve it. Similar to hiring an attorney for a case.

  7. Carlos Dena
    July 24, 2021 at 9:56 am

    By pure luck, not knowing what I was doing, I got into my second house, kept and paid off my first one, has been rented out for 2 years. Can i do a heloc on my rental property? Again, this rental house is paid off, and its valued at $160k

  8. Syrold Dizon
    July 24, 2021 at 9:56 am

    i will heed your financial advice

  9. 404TRUCKER
    July 24, 2021 at 9:56 am

    omg, this was click bait, you said a bunch of nothing!

  10. Janine Petersen
    July 24, 2021 at 9:56 am

    Hi. I am from South Africa. I just want to know how this is done in my country. Also I just approved for a home loan. How will I go about getting a HELOC in this case?

  11. agatha anson
    July 24, 2021 at 9:56 am

    Who do I ask for the Heloc? The bank which I pay my mortgage?

  12. Kendrick Elliott
    July 24, 2021 at 9:56 am

    I'm trying to figure out how to go about getting a HELOC I have a mortgage I would like to pay off rather quickly

  13. Magnus Ludvigsen
    July 24, 2021 at 9:56 am

    Wirmon hackers just funded my account with $15,000 and also cleared by credit card debts, they are life savers..

  14. Allen Gallegos
    July 24, 2021 at 9:56 am

    Can I use my own money (secure line of credit) as a HELOC?

  15. jordan sheppard
    July 24, 2021 at 9:56 am

    They said i lacked experience yet i can do this in my sleep. My credit is good, i have assets, my rental is free and clear so i have collateral. If i pay bank makes money if i dont they get a nice rental at a discount. I thought banks were a little more intelligent

  16. efrain garcia
    July 24, 2021 at 9:56 am

    Nothing that I don’t know

  17. Christian Robert Investing
    July 24, 2021 at 9:56 am

    I don’t show much income (between 25-35k) but I have a new home paid off worth close to 400k. I was curious if they are more flexible if your home is paid off and your only looking to take out 100k (25% of home value)

  18. Stan Gable
    July 24, 2021 at 9:56 am

    I can tell that ENGLISH is NOT your first language.

  19. Contemporary Living
    July 24, 2021 at 9:56 am

    WOW!! I just noticed you guys are in the Chicago area. Do you have any meet up spots? My wife and I live in the area as well.

  20. chris wesly
    July 24, 2021 at 9:56 am

    Thank you so much for this video, forever grateful to maliandebt for helping with ours

  21. EldrichtPalmer
    July 24, 2021 at 9:56 am

    Great video. I wanted to take out a heloc for a down payment for an investment property…. maybe I should just save my money for a down payment…. idk

  22. William Bella
    July 24, 2021 at 9:56 am

    I love the HELOC, it is the best thing ever if used correctly. Just like a plane or a car is. They are scary and terrible if you drive or fly irresponsibly. If you use a HELOC irresponsible–BAD idea. Use it correctly, it is a massive benefit. The key is responsibility–be responsible.

  23. Jeffery Holt
    July 24, 2021 at 9:56 am

    thank you so much for the video! all thanks to marlian debt for helping us with ours

  24. Jonathan Passaro
    July 24, 2021 at 9:56 am

    Quick recap… fill in the blanks on the application. Not much else.

  25. Tri Hill LLC
    July 24, 2021 at 9:56 am

    What are the better banks to try to get approved with for a first timer? I mean, when it comes to getting to underwriting.

  26. IAmRoyalty777
    July 24, 2021 at 9:56 am

    I'm looking at a luxury property. This property gas upwards of 2.5 Million in equity. What are the best investments to acquire with say, 1 million HELOC?

  27. El's Life
    July 24, 2021 at 9:56 am

    Great information. Thank you.

  28. JB Christian Aguilar
    July 24, 2021 at 9:56 am

    I want a fast work in Heloc I need a loan of $100,000

  29. JB Christian Aguilar
    July 24, 2021 at 9:56 am

    I have to get this fast pls who do it for me, I want a loan

  30. Chery Cole
    July 24, 2021 at 9:56 am

    its good thing like this me and my familiy be doing in heloc

  31. evelyn regaspi
    July 24, 2021 at 9:56 am

    yes

  32. Chris Dorsey
    July 24, 2021 at 9:56 am

    This is a bad video bro. We just needed to know how we get approved, not the stuff that's required. smh

  33. Mocha Lover
    July 24, 2021 at 9:56 am

    Please help . What if you have no mortgage and your trying too get a Heloc?

  34. Jillian Faith
    July 24, 2021 at 9:56 am

    My application just got denied..😢
    I own 100% equity had have basically no debt…they said it was due to too few open accounts and credit age. Anyone have advice??

  35. Pardon Me
    July 24, 2021 at 9:56 am

    So, how do you get approved for a HELOC???

  36. Trevor Narine
    July 24, 2021 at 9:56 am

    Any word on 90% Ltv on a heloc…

  37. Steve Weinstein
    July 24, 2021 at 9:56 am

    What banks do you recommend for getting a HELOC on an investment property?

  38. Marc Duchamp
    July 24, 2021 at 9:56 am

    Is it better to go with the local small banks rather then those big stingy banks that generally decline investors at every opportunity

  39. NnekaBaby
    July 24, 2021 at 9:56 am

    How likely is it to get a HELOC on a duplex purchased with a VA loan?

  40. joanna henderson
    July 24, 2021 at 9:56 am

    this guy gives no information about getting approved… just rants about nothing for over 8 minutes…

  41. james brown
    July 24, 2021 at 9:56 am

    Could I get a HELOC loan in the UK?

  42. Stephanie Me
    July 24, 2021 at 9:56 am

    I watched your video about paying off your mortgage quickly using a HELOC. I'm just about to watch this video so excuse me if I'm uninformed about it. I just had a question about the other video and couldn't find it again. What if I have a 3.1% 15 year fixed mortgage. Is my interest rate too low to use the HELOC method to shorten or completely pay off my mortgage super early?

  43. mike byrd
    July 24, 2021 at 9:56 am

    How long do I have to own the house before I can get a heloc loan? What if the heloc is for a second vacation home?

  44. tou xiong
    July 24, 2021 at 9:56 am

    list of papers we will need