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on the loan.
At the end of the first year,Ugg Ultra Short Boots, you will have paid the bank over $2,100.You will, however, still owe $50,000. This is because your monthlypayment is an interest-only payment. This is where some people can get introuble with home equity lines of credit. If you use all the equity in yourhome and never pay down the balance, then decide to sell your house, youwon’t make anything on the sale,Canada Goose Parka, because you’ll owe it all to the bank.
It is also important to understand the terms on a home equity line ofcredit (HELOC). When talking to mortgage professionals about homeequity lines of credit, be sure you understand the terms, as lenders vary onwhat they’ll offer. Like conventional mortgages, which have terms of 30years, 15 years, 10 years, etc., home equity lines also have various terms, butnot all lenders offer them. Don’t let this confuse you. Just find yourtrustworthy mortgage broker,cheap UGGCardy Boots, and tell him or her exactly what you want.
Unlike mortgage payments, which include complicated yearly amortization of the principal loan amount, interest-only payments are calculated very easily. You cando it in two simple steps. To find out your payment, first learn what rate of interest you’ll be charged. If you are using 80 percent or less of the equity available and youhave an A credit rating, you’ll be able to get the best rate available, which isthe prime rate.
Now, let’s assume you have $40,000 in equity in your house, but youonly need $20,000 (taking less than 100% of the equity is important). Youtake $20,000 and multiply it by 4.25%, which gives you 850. This is whatyou’ll pay each year to borrow $20,000. Next, divide the 850 by 12 for amonthly, interest-only payment. Your payment for your $20,000 homeequity line of credit is $70.83.
This is a very powerful loan. Imagine paying less than 71 dollars for the ability to control $20,000. Some people pay more for cable TV or their monthly cell phone bill. Some people even take the equity in their home and invest it elsewhere. You’re probably figuring out how much equity you have right now, and what you can do with that money!
To learn how you can turn your equity into a never-ending money cycle thatwill fill your bank account year after year, read Winning the Mortgage Game.Whatever you decide, open the cash vault inside your home, and make useof your equity today.
Mark Barnes is author of the wealth-building system, Winning the Mortgage Game and other investment real estate books. He is also a suspense novelist, and his new novel, The League, will thrill both suspense and sports fans. Learn about Mark's wealth-building system and get his free home loan course at http://www.winningthemortgagegame.com. Learn more about The League and read an excerpt at http://www.sportsnovels.com