#81 Monday Morning Mortgage Tip: Emmy Lebert with Dakotaland FCU

Posted by Shane Andersen on Wednesday, April 17th, 2019 at 8:16am.

Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I sat down with Emmy Lebert from Dakotaland FCU. Today, Emmy talked about the different types of verifications needed throughout the process of buying a home, and why each one is important.  You can reach Emmy at 605.697.5922 or emmyl@dakotalandfcu.com  Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com

 

Lines of Equity 

 

- All right, well here we go. Poof, here it is. Sorry for the delay guys, technical difficulty, we didn't have any connection here for a minute. But here we are a few minutes late. So thanks for joining us and if you are on the video, please give us a thumbs up or a like or a love, just let us know you're here. It is a little past 8:15 Monday morning. We are here for our Monday morning mortgage tip with Emmy from Dakotaland and with that being said, I'll just let you take it on over.

- All right. After all the snow melts and everybody has been wanting to get out and do spring cleaning and do some maybe home improvements to their home, we have a bunch of different options available to you. If you have an equity in your home you can look at doing a home equity line of credit that would be that revolving line of credit that you can pay back and then reuse again. That is a five year term. You can look at doing a second mortgage too if maybe you wanna keep those payments a little lower. We can amortize those out for 180 months. We also have home improvement notes that sit as a second mortgage here too, or we even have a consumer construction note that you can look at to do kind of a smaller loan to value type of things. Otherwise, you can always look at putting a car as collateral and taking some equity out of a vehicle too. We've had a lot of people inquiring about building garages already. After the snow nobody wants to scoop off their car anymore. We've also had people wanting concrete work and things like that done too. Or if you've had damage due to ice dams or anything like that, you can look at any of those options as well.

- So when they do an equity line, that still gets recorded on their property, correct?

- Yep a home equity line of credit still sits as a second mortgage as well.

- So if you were ever to sell your home, obviously you gotta pay off your first mortgage and your second one.

- Yep. You always pay off your first and then the rest of your money will go to your second and whatever you have leftover will go back to you as your proceeds.

- Now do you know, is interest tax deductible on those equity lines?

- It is, yes. Yep, it definitely is.

- So if you are maybe looking, if you got student loans or something like that, it would be good to use the equity you built in your house to pay off those student loans, 'cause more than likely, you're not probably getting a tax break on those, but you would be able to now because the interest, potentially, always check with your tax advisor, we're not accountants by any means, but check with your tax advisor on that and see how that works for you. I know in the past I've bought cars using my equity lines. 'Cause you can't write off the interest on a car loan, but if you buy it through your equity line you can write it off.

- Yep. Basically once you have that home equity line of credit that money is there for you to use to your discretion.

- 'Cause like you said you have a revolving one so, as you use it you pay it off, it's available for you again.

- And then if you don't pay it off at the end of that five years we can look at refinancing it into another line of credit or even just putting it into your first mortgage at that time.

- Perfect. All right, do you need more information on those equity lines or how to get started with that? Give Emmy here a call. Her information is on the top, on the bottom, on the sides, wherever your device loads you can see that. And as always, if you know of anybody else that would benefit from this video, please tag or share that with them as well. But yeah she's here to answer any of your questions. And if you do have questions for her that you'd like answered on the next episode, let us know that as well. Thanks for watching everybody. That is today's Monday morning mortgage tip. We'll be back next Monday, hopefully brighter and sunnier and less sickness and be ready to go for you guys. So have a great week, we'll talk to you later.

- Happy Monday.

- Happy Easter too.

Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

 

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