All Forum Posts by: Arthur Voskanyan

@Roy N. Thank you Roy, for the detailed specifics to my question. Let me ask, in terms of the amount that you will get; is the same right? If I qualify for $300,000 for a HELOC then the same amount is given for the secured home equity? And of course it’s based on your LTV and how usually the 85% of your property’s value. The point is; whatever amount I can take out for my HELOC will be the same if I go with a home equity fixed rate loan? Is this correct? The amount I qualify for won’t depend on whether I choose a HELOC or a Fixed home equity loan? Thank you, Arthur Voskanyan

If HELOC’s have a interest rate that adjusts/fluctuates/variable based on market conditions, why would anyone take out a HELOC compared to a regular home equity loan? A home equity loan has a fixed rate, so you don’t have to worry about it going up on you in the middle of your term with a big balance? Also, how is the home equity loan disbursed to a borrower? Like is it just deposited into a separate account you can draw from and place to checkings, or is it like an issued credit card? Thank you in advance. Arthur Voskanyan

How are home equity loans issued? In what form? Is it a card? Are they deposited into a checkings? Is it a credit card, but I’m not referring to a HELOC just a fixed Home Equity loan? How is it paid out? Thank you guys Arthur Voskanyan

Are HELOC’s interest rate fixed? Or can it fluctuate? If it does fluctuate can it be significant? Can it go for example from 4.8% to 6%? Thank you. Arthur Voskanyan

Brent, So what type of purchases can I make with this loan? Can I buy a vehicle in full amount? Will vehicle accept it if it’s a form of a credit card that my line of credit is issued? I can use it as down payment on multiple properties? Arthur

Brent, But if I don’t pay that interest of $800/month, wouldn’t it add to my total principle and the next month it would be 4.8% off $200,800? The new balance with the $800 interest? Arthur

So, what about principle? Are most HELOC’s structured with principal and interest or just interest? Is that included in my monthly payment? Will that $800, I will pay every month until I pay down the principle? If I just leave the balance at $200,000 it will charge me the $800 over and over again every month? Arthur Voskanyan

$800/month because you divide it by 9,600/12?

The interest on a HELOC are paid on my present balances each month during my draw period? Or is my interest only starts kicking in after the draw period ends and whatever my balance is then? Thank guys in advance. For example: If my credit line is $400,000. And I spend $200,000 in 1 month. Whatever my interest is 4.8%, I will be charged $9,600 in interest I have to pay that month? Arthur Voskanyan

How often can you use a HELOC? If I take a loan out based on my equity, and let’s say it’s $100,000. As long as I lay that loan off I can then again re-use or re-takeout my equity loan right? Thank you guys in advance. Thank you, Arthur Voskanyan