On March 25, 2025, Patricia Mihanda, with her co-host Anders Grove of Supreme Lending held an online workshop on the topic of “Beyond the Purchase: How to build long-term value with your home”. This was the first of the series of online classes that will be held in 2025 by JEB Homes.
The objective of this workshop is to inform homeowners on how to protect their investment to ensure it retains its value in the long term. Some key takeaways from the workshop include:
Here are a list of questions answered by Patricia and Anders:
Q: Should I apply for homestead once or every year?
A: Homeowners only need to apply once for the home that they are residing in.
Q: When is a good time to refinance?
A: Homebot will give you an idea of when to do it. It is a platform that helps you with personalized financial insights about your home.
Q: Do we have to pay the closing costs if we refinance?
A: Yes, there will be fees involved (eg. lenders fee, title fee, and escrow set-up).
Q: Will there be a down payment for refinancing?
A: No down payment is required.
Q: Can equity be used for other than buying a property?
A: Yes the money can be used for anything, such as starting a business, etc. And it is not taxable.
Q: Can buyers take HELOC to buy an investment property?
A: Yes, you can get HELOC on top of an FHA and use it for investment property.
Q: What credit score should I have to qualify for HELOC?
A: Most banks will need 780 as it falls under the conventional loan. Cash-out loans are easier to qualify for and can go as low as 620 depending on circumstances.
The online class was informative for all who attended and a resounding success. Please follow our social media for the next online class coming up for this year. You can also watch the recording of the online class below: