Preparing to apply for HELOC

QuestionsPreparing to apply for HELOC
asked 5 years ago

Good day all!

 

I am currently anticipating on applying for an HELOC either at the end of this year or the beginning of next year.

 

Background details: I own my home in full so I have no mortgage :smileyhappy: but I dont have a lengthy credit history. I currently have 6 open accounts all in great standing.

 

My questions to you guys are?

– What should be my credit score goal?

– How many accounts should I have open?

– Is there anything lenders look for specifically when applying for an HELOC?

– If any of you were denied, what was the reason, and have you reapplied?

 

– Reallt any advice that you could offer to make the process go smoother and ensure approval would be great.


How To Live Mortgage Free – Tiny House

High Carb Hannah replied 5 years ago

I’m going to start building a tiny house soon…

Eye on Health replied 5 years ago

I’ve gotten hooked on the tiny house idea myself but it does cost something
to do. I’ve been watching so many YouTube videos about it that I’m ready to
jump into it but it takes time with saving money and finding the right
location if anybody is interested you can look at the YouTube channel the
do it yourself world. The man in those videos is now building or has built
his tiny home and is still doing construction I find it very interesting.
It is an awesome way to live if you can handle it

VeganVeins replied 5 years ago

tiny houses are great 🙂 and there really are thousands of videos on
youtube to learn from, for example every single video on my side bar now is
about tiny houses!

Erin Is Healthy replied 5 years ago

People have been doing this for thousands of years. There are full
communities out here. As well Park Models are easily obtained. It is funny
how people have made it chic’, when in the past it was considered trashy.
Oh yes, the nomad modern day gypsies with a new urban twist. I say do it!

Lindy Loo replied 5 years ago

I like the way you say house lol Your cute! But I think I will stick to my
big house. Even though I am 1 person I need at least 6 bedrooms.

טלי לנדסברגר replied 5 years ago

Yes! I also found out about the tiny house recently and totally got hooked
on the idea. This is so cool definitely a dream of mine

ChrisGoneRaw replied 5 years ago

Ive always admired this concept as well. I live in a three story house with
my parents and its such a waste of resources and energy costs to run. When
They finally kick me out if look into this more fully bc i can definately
see it as a viable option

ChrisMFlorida replied 5 years ago

Who says you have to get a 300k house? There are plenty of smaller homes
(1000 sq ft or less) in major cities in the US that can be had for less
than 100k. That’s much easier to pay off in less than 30 years. 

Frederik Dortmund replied 5 years ago

This owning-a-house-thing is so pervasive in USA / Canada, they don’t even
realize that it’s also possible to live for rent the whole life.
Derek, do you save all your money as cash or do you invest it? Did you take
a look at financial literacy / education and are aware of the risk of the
dollar entering hyperinflation?

Unconventional Living replied 5 years ago

is there a practical way to live mortgage free that still maintains a high
quality of life?

Debrajoy Standfield replied 5 years ago

Totally makes the most sense!

MountainsOfFruit replied 5 years ago

Or get a van and rig it up like an rv inside

Kakyn Khok replied 5 years ago

You can always stay mortgage-free by renting.

mmconceicao replied 5 years ago

Such a great video, very informative. I agree with you a mortgage is a huge
commitment.

Chris Aiken replied 5 years ago

Do you still drive/ own a car?

Virginia Rux replied 5 years ago

Tiny was a good documentary. The thought of a house sounds like too much
responsibility and commitment as well. Like ur living for the house rather
than the house living for u. I liked hearing ur take on this subject, thank
you. :)

SlimLikeTim replied 5 years ago

Tiny houses are mad, its weird i’ve never heard of them before, I must be
out of the loop! Great video 

Frugi saurus replied 5 years ago

I love it, I also dream of unconventional housing. Till now I thought a
campervan/caravan or earthship would be the best. But this looks great too!
Don’t you have trouble finding a (cheap) place/garden to live in it? That
would cost the most where I live.

Le Tour de Plants replied 5 years ago

I like the tiny house movement, but the main challenge I see is finding a
place to park it.

Also in the U.S. there are millions of “mobile homes” that are a house
built on a trailer. A single wide mobile home can be as large as 600sf and
probably cheaper than building your own. These we mass produced beginning
in the 1950s/1960s. 

BikeMontreal replied 5 years ago

You still need to buy the land. Even a vacant lot in most cities will put
you back a couple hundred thousand dollars. This only really works in the
country where people call these houses cottages. 

Glo Mae replied 5 years ago

I feel the same way about tiny houses. To me, they are ideal to spend the
second half of my life in, but my husband thinks he would hate it. So, if
you dont have to take someone else into consideration, go for it!

MsSassyMT replied 5 years ago

I love the idea of a tiny house but I fear that I would begin to feel
claustrophobic if lived in one. 

Milena Lankovic replied 5 years ago

This has been my dream since childhood!!!

Laura Castillejos replied 5 years ago

I would love to have a tiny house some day <3

surfdetective replied 5 years ago

isnt that called a trailer? 

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