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Home Equity Can Create a Never-ending Money Cycle
What could you do with $10,000? Well, you can have it, now in a new home equity loan! Did you know that if you have been in your home for just one full year, you may already have the opportunity to take out huge dollars in equity from your home -- tens of thousands, even! Did you also know that you can get this money with no closing costs, use it any way you like, and, best of all, it will cost you as little as the price of your cable bill each month, and you can create an amazing money cycle that will give you an endless supply of cash.
Unlike conventional mortgages, home equity loans are paid back with interest-only payments, and have no taxes or insurance added, which make for extremely low payments. This means you can get tens of thousands of dollars for as little as $33 per month on your equity loan. Imagine having 10,000 dollars and paying this little to get it! What's more, if you use this equity properly, you can pay off debt, saving hundreds monthly. Then, in a few years, you can get a new home equity loan, with the new equity you have built in your home from simple appreciation in value.
A real-life home equity loan example. . .
Here's a great story about the power of equity. I had a client once, who was going to sell his beautiful home, which he loved, because he needed money for his daughter's college education. Little did he know that the money was right at his fingertips, locked away in the vault inside his home. All he needed was the right combination to get it out. When I showed him how he could get a $50,000 home equity loan for less than $180 per month, he was astonished. "I figured it would be like a whole new mortgage," he said. You know, around $500 per month, and I could never afford that, on top of my current mortgage payment."
The Money Cycle. . .
He was even more excited when I taught him how to pay that loan off later, using his house again, while taking even more money. This is what is called the Money Cycle. Your home equity loan can create this never-ending cycle. Imagine paying off a car, a credit card and another loan, all at high interest with combined payments of over $600 monthly. Your home equity loan payment is $180, saving you over $400 per month and $5,000 yearly. Now, instead of spending this extra cash, what if you go to your financial planner and have him invest the money for you? Suddenly, you're building wealth and creating cash flow. Now, in a few years, your home appreciates, and you either sell or refinance to a new loan, getting more cash and starting the cycle over again. Learn all about it in the wealth-building system, Winning the Mortgage Game.
Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at http://www.winningthemortgagegame.com and also learn how to gain financial independence through proper real estate investment strategies. Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at http://www.sportsnovels.com
MORE RESOURCES updated Sat. May / 27 / 2023
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CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau
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Analysis | It Will Pay to Wait to Refinance Your UK Mortgage The Washington Post
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