Yearly Archives: 2019

Have you been thinking about a HELOC, aka a home equity line of credit? With favorable 30 year refinance rates and California home loans offering many options for refinancing or using the equity in your home, you’ve got a lot of choices to meet your financial goals. Many people choose a HELOC to pay off high-interest credit card debt. This is just one use of a HELOC that can meet your financial needs.

Why choose a HELOC instead of a refinance or traditional second mortgage?

A home equity line of credit (HELOC) is different from a home equity loan or a home mortgage refinance. With a home equity line of credit, you get credit available for your use as needed. Once you use the credit you pay back the funds you use over time.

The minimum payments required usually interest only. So you can pay for home improvements, college tuition, or even a down payment on a vacation home. Then you have the flexibility and financial breathing room to pay the HELOC money back over time in different amounts. Your HELOC will have a variable and adjustable interest rate, similar to an adjustable-rate mortgage (ARM).

If you want a line of credit with interest rates that are usually much lower than unsecured credit cards, a HELOC may be the answer. HELOCs offer access to funds that you can borrow, use, and repay on a flexible schedule. Most people choose a HELOC because it offers flexibility and availability, along with lower monthly payments, and lower interest rates.

Is the interest on a HELOC tax-deductible?

If you use your HELOC to improve your home or make home repairs, yes it may be tax-deductible.  However, you need to check with a licensed CPA or tax attorney regarding your specific tax situation. If you use the HELOC for other purposes, it probably won’t be tax-deductible. You should consult a tax advisor before using a HELOC to determine what you can and cannot legally deduct on your taxes.

What financial situations aren’t right for a HELOC and which ones are?

A home equity line of credit is secured by the equity in your home. It’s a form of a second mortgage. If you’re struggling to pay your bills, a HELOC isn’t a smart financial choice.

If you’re financially stable and want flexibility with access to credit at lower interest rates, a HELOC can be a wise financial choice. One of the best reasons to work with an independent mortgage broker is their ability to compare different HELOC lenders and their terms and conditions for you. An Independent Mortgage Brokers can then advise you on your options. Typically your monthly payments will be a lot lower on HELOC drawn funds.  This is due to the required minimum monthly payments typically being interest only. You can use a HELOC to remodel your home, make improvements, or use the money flexibly to meet your other financial personal or business, and family goals.

Source

https://www.foxbusiness.com/personal-finance/heloc-interest-tax-deductible

The New Chapter: Your abode once echoed with the lively chatter of your kids, but as they’ve set out on their adventures, a question lingers: What’s next for you? From upscale dream homes to cozy nooks in prime locations, an array of options beckons, enriched by the guidance of skilled mortgage and real estate consultants.

Unleashing the Power of Your Equity: Owning a home is akin to nurturing a financial seed that has now blossomed. This equity doesn’t need to be fully channeled into your subsequent dwelling. Envision the prospects:

• Investment opportunities.
• Footing college expenses.
• Tweaking the down payment for the next property.

A seasoned realtor can demystify these possibilities, ensuring your equity works to your advantage.

A Tailored Mortgage Strategy with California Platinum Loans: Mortgages have evolved, notably post the 2008 crisis, and for the better. The menu of offerings is expansive:

• Conventional 30-year or 15-year mortgages.
• Alternate durations such as 20 or 25-year tenures.
• Adjustable-rate mortgages.
• Varied down payment structures.

Veterans can avail of the VA home mortgage, potentially sans any down payment. Debunking a common myth, this benefit can be claimed repeatedly.

Dive Deep with Expert Real Estate Professionals: While online property searches are popular, they barely scratch the surface. Engaging with realty specialists like LA County Home Listings.com and California Platinum Realty can revolutionize your search. Their understanding, paired with a comprehensive grasp of your preferences, curates a selection of homes that resonate with your aspirations.

Navigating the Transition: [Couple Reviewing their Finances] Your children’s departure marks both a poignant farewell and the promise of newfound adventures. In this journey, allying with real estate and mortgage sector experts isn’t just wise – it’s transformative. They don’t just ease the Transition but elevate it, paving the way for a fulfilling new chapter in your life.

The empty-nester phase, far from being an end, is a bridge to exciting new possibilities. With the right real estate and mortgage guidance, this can be a period of enriched experiences, wise financial moves, and the realization of long-held dreams. California Platinum Loans and its network of professionals stand ready to illuminate this path, ensuring every empty nester finds their perfect next nest.

 

The Realization: Delving into the intricacies of home loans introduces homebuyers to the criticality of prompt closing times. For most, a grasp of the process could be more evident at best. A mortgage maven’s guidance makes a buyer’s understanding and influence over the process more significant.

Demystifying ‘Closing’: Closing in real estate marks the culmination of a home sale process. It encompasses several crucial stages:

• A finalized home purchase agreement.
• Comprehensive home inspections.
• Adherence to seller commitments.
• Completion of lender appraisals.
• Addressing insurance prerequisites.
• Examination of title reports and escrow documents.
• Attaining loan approvals and meeting underwriter specifications.

Duration Dynamics: If a buyer boasts a pre-approval and relies on standard loan programs, the closing might span less than 30 days. However, certain loan types might necessitate a 35 to 45-day period. The silver lining? Teaming up with an adept mortgage professional and flaunting a pre-approval could expedite this to a brisk 15 to 21 days.

Speed’s Significance: Until a property deal throws obstacles in your path, the value of swift closing remains underestimated. Rapid closures morph into potent negotiation arsenals with sellers. Imagine standing out as an appealing buyer amidst fierce competition simply because your closure timeframes are shorter. This allure explains the preference for CASH BUYERS by most sellers and realty brokers.

A Symbol of Conviction: Sailing through the home acquisition journey with an experienced mortgage specialist empowers you to finalize offers with unwavering assurance. Engage from a formidable negotiating stance. Collaborate with an autonomous mortgage broker, facilitating lender comparisons and expedited closing. Say no more to prolonged waiting for loan funds and the myriad requirements. 

This is the approach at California Platinum Loans, where rapid loan closures are the norm. Such efficiency makes them a darling among realtors, putting mortgage-based offers on par with those from cash purchasers.

The real estate landscape of California rewards those who can close promptly. It’s not just about quick transactions; it’s about negotiating power, buyer appeal, and unshakable confidence. Enabling such advantages, California Platinum Loans is carving a niche with its unwavering commitment to rapidity.