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All Forum Posts by: Michael Moheng

Michael Moheng has started 0 posts and replied 3 times.

Innovative Strategies

Post: Paying off a mortgage very quickly

Michael MohengPosted
  • Jacksonville, FL
  • Posts 3
  • Votes 2

From my understanding the way you save with a heloc is you save on interest charges by making a large lump payment on the principle of your mortgage while still paying your normal monthly payments. As for what to do in an emergency such as auto or house repairs you either save room on the heloc to cover say a 10k cushion or keep a side credit account specifically for that purpose that you can pay with the heloc after the crisis has been taken care of. 

The magic happens with this strategy by having room for emergencies while still leveraging your funds to clear all of your debt. 

2 Votes
New Member Introductions

Post: BRRR ?? On 2nd Property

Michael MohengPosted
  • Jacksonville, FL
  • Posts 3
  • Votes 2
Originally posted by @Gisela C.:

Hi Edison.
I am also interested on your same question but I am confused:what is the difference between a home equity loan and a HELOC?
And can you get both on the same property?
Thank you.

A HELOC is a line of credit you can keep using, and loan is one shot

0 Votes
Private Lending & Conventional Mortgage Advice

Post: This is my current situation, can I get a HELOC?

Michael MohengPosted
  • Jacksonville, FL
  • Posts 3
  • Votes 2

I'm new and doing research as well on this. From what I understand there are banks that will do HELOCs on rental property, I've seen people call out Wells Fargo for doing them. So you may still be able to get it.

0 Votes