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let's talk about line of credit in place of traditional mo

let's talk about line of credit in place of traditional mo# Living

l*p2011-11-17 08:11

1 楼

If my mortgage 196K, I will apply line of credit or 30 years mortgage ,
which is good for less intereste or other related fee payment? any big risk
for line of credit?
anyone comment would be appreciated:)

l*p2011-11-17 08:11

2 楼

n*92011-11-17 08:11

3 楼

fixed rate vs variable. with such low rate we are having now for fixed rate
loan, 30yrs fixed makes more sense unless you plan to repay everything
within next 2 to 3 yrs.

risk

【在 l********p 的大作中提到】

: If my mortgage 196K, I will apply line of credit or 30 years mortgage ,
: which is good for less intereste or other related fee payment? any big risk
: for line of credit?
: anyone comment would be appreciated:)

l*p2011-11-17 08:11

4 楼

look like use line of credit loan from Bank has more attractive points
1: no application fee
2: no closing cost.
3: $100 annaul severice fee
4: less interest payment compared to 30 years fixed,
5: use this loan pay off mortgage quickly.
the big risk is the loan rate will go up when economy get better.
any more comment? thanks

rate

【在 n*******9 的大作中提到】

: fixed rate vs variable. with such low rate we are having now for fixed rate
: loan, 30yrs fixed makes more sense unless you plan to repay everything
: within next 2 to 3 yrs.
:
: risk

n*92011-11-17 08:11

5 楼

if you do a so called "no cost" refi, you pay nothing on those fees. as for
your #4 and 5, you need to compare apple to apple. what kind of rate can you
get now, next year and 3 yrs later? do you know that?

【在 l********p 的大作中提到】

: look like use line of credit loan from Bank has more attractive points
: 1: no application fee
: 2: no closing cost.
: 3: $100 annaul severice fee
: 4: less interest payment compared to 30 years fixed,
: 5: use this loan pay off mortgage quickly.
: the big risk is the loan rate will go up when economy get better.
: any more comment? thanks
:
: rate

k*o2011-11-17 08:11

6 楼

I agree.
Home line of credit is most likely variable rate, whereas 30 year is fixed.

for
you

【在 n*******9 的大作中提到】

: if you do a so called "no cost" refi, you pay nothing on those fees. as for
: your #4 and 5, you need to compare apple to apple. what kind of rate can you
: get now, next year and 3 yrs later? do you know that?

h*22011-11-17 08:11

7 楼

the KEY is the big risk you mentioned... do you want to bet interest rate
stay low for the next 30 yrs?
rule of thumb--go w/ Line (HELOC) for small and short term loans and its
flexibility. you pay interest on whatever bal you owe.
HELOC rates are not low any more. back in '05, you can get prime- vs prime+
nowadays

【在 l********p 的大作中提到】

l*p2011-11-17 08:11

8 楼

what is formula(equation) for HELOC and how to calculate HELOC and 30 fixed rate?
please give a example?
I still do not understand these two product clearly, just recently heard
HELOC.
thank you always,

prime+

【在 h****2 的大作中提到】

: the KEY is the big risk you mentioned... do you want to bet interest rate
: stay low for the next 30 yrs?
: rule of thumb--go w/ Line (HELOC) for small and short term loans and its
: flexibility. you pay interest on whatever bal you owe.
: HELOC rates are not low any more. back in '05, you can get prime- vs prime+
: nowadays