Hey everyone, here's a critical update on Coronavirus (COVID-19) impact on HELOCs. This past weekend, we've seen the Federal Reserve Rate go down to 0% in an effort to stimulate the economy and soften the damage that the fear has on the market. The Federal Government is looking to add more liquidity and pass legislation that would aid much of the people who were impacted negatively by the quarantine. How to Pay off Your Mortgage in 5-7 Years: https://www.youtube.com/watch?v=eGVn9iq1e6c HELOC Freezing During the Recession: https://www.youtube.com/watch?v=xaqcNUgc1T8 As of now (March 17th, 2020) the banks have not taken action to shut down existing HELOCs. I have not seen any freezing or cutting of HELOC limits. I personally believe that this won't happen unless there's a MAJOR economic apocalypse... But in case that happens, the first opinion I have is to reduce the HELOC usage limit down to 30% of the total limit. The second thing I would recommend is to reduce the overall LTV (Loan to Value) of the home to 70% or lower. Both measures will help protect your home and your finances when using this strategy. The bigger issue right now is that the banks have slowed down in processing HELOC applications due to the onslaught of people looking to refinance and take out loans because they think they're saving money on interest. We'll have a video made for this topic as well (Refinancing During the Coronavirus) Some banks and credit unions have completely shut down any new applications coming in because they simply don't have the manpower to deal with the volume of new applications. 😃 Thanks for Subscribing & Liking our Video! The Kwak Brothers are millennial real estate investors who have acquired over 82 Units of Rental Units and have raised over $20,000,000 of capital for their real estate deals. They are based out of the Chicago-land area and they are dedicated to helping hard-working people become financially free real estate investor! They specialize in owner financing acquisition and raising capital. They are the creator of the FORCE Strategy (Find the deal, Owner Finance It, Raise the Capital, Cashflow It, and Expand your Financial Freedom) 💻 GET OUR FREE COURSES, FORUM, AND EVENTS: https://www.cashflowcolony.com ⌨️ FREE 7 Day Trial To PropStream Real Estate Investing Software: http://reisoftware.thekwakbrothers.com 📊 GET OUR FREE HELOC STRATEGY CALCULATOR & EBOOK: https://bit.ly/2WZUPpm 📋 SIGN UP FOR OUR FREE OWNER FINANCING COURSE: https://freeownerfinancingcourse.com 💻 JOIN OUR FREE FACEBOOK MASTERMIND GROUP: https://www.facebook.com/groups/bestreigroup GET SOCIAL WITH US: 📣Facebook: https://www.facebook.com/thekwakbrothers/ 📣Instagram: https://www.instagram.com/thekwakbrothers/ 🔊 📧 Hire the Kwak Brothers to Speak: info@thekwakbrothers.com #coronavirus #economy #heloc ======================== ---DISCLAIMER--- The suggestions, advice, and/or opinions that are given by Sam Kwak (The Kwak Brothers) are simply opinions. There are no guarantees of set outcomes. Listeners, guests, and attendees are advised to always consult with attorneys, accountants, and other licensed professionals when doing a real estate investment transaction. Listeners, guests, and attendees are to hold Sam Kwak, Novo Elite, Inc. and the Kwak Brothers brand harmless from any liabilities and claims. Not all deals will guarantee any profit or benefits. Listeners, guests, and attendees are to view and listen to all materials and contents furnished by the Kwak Brothers as a perspective based upon experience.