Debt Consolidation Loans For Unemployed – Preparing For An End To Debts Unless it is a planned unemployment, in most cases it is difficult to predict how long the unemployment period will be stretched. Most people, who are overconfident of their ability to regain employment within a short time span, spend the savings of their ... Secured Loans For Unemployed – Tone Down The Bitterness Of Unemployment Can ones home be of any extra importance for the unemployed people? Watching the growing interest of loan providers towards unemployed people makes one think on these lines. The present outlook becomes all the more important, given the treatment that was ... The Facts About Second Mortgages Your home: It's probably your biggest asset. Having a home to back you up when you need a loan is one of the greatest advantages of home ownership. In recent years, there has been a major increase in the amount of people looking to use their homes as a ...
"How To Pay Off Your Home Loan 10 Years Sooner Without Spending One Penny In Extra Payments !"
How a Simple Plan with a Common, Yet Overlooked Home Loan Can Save You Hundreds of Thousands of Dollars Without Changing Your Budget By a Single Penny! Hello, Top Guns! You will laugh at the simplicity of this plan, and, at the same time, think what a great idea it is. It was a real light-bulb-going-off-in-my-head type of feeling for me. So here it is: "Replace Your Checking Account with A Home Equity Line Of Credit and You Will Save (Or Make) A Ton of Money." That is all you really need to know, but let me give you the how and why of it so you can understand. A Home Equity Line Of Credit (HELOC) has 2 unique features that no other home loan offers that make this possible. They are: 1. It is a Revolving Account-- Just like a checking account or a credit card. That means you can deposit money into it and take it out when you need it. That is why you get a debit card and checks when you open a HELOC. 2. Interest Compounds Daily Instead Of Monthly-- While this may sound like a negative, it is really a benefit. I will explain below. Say you just got paid at work. You go to the bank as you normally would to deposit your check, but you deposit it into your HELOC instead of your checking account. You go to the store to buy some groceries. You pay them with you debit card or checks, but you use the ones tied to your HELOC instead of your checking account. It is exactly how you do it now, except it is sourced from your HELOC, not your checking account. I know what you are thinking; "Well great Nick, but how the heck is it going to save me money?" Do you remember how I said the interest compounds daily? Go grab your bank statement from your checking account. Do you see were it tells you what your starting and ending balance is? You will also see something that says "Average Daily Balance." That means with all of the deposits and withdrawals, this is the average amount you had in the account. If you park this money into you HELOC it will lower the balance of your loan, thus lowering your payment. Because it compounds daily, it does not matter if you are constantly making deposits and withdrawals, you still benefit. Any amount you deposit into the HELOC above your basic interest goes 100% to lowering the principal balance. Let us work with some hard number so you can see it in action. Say you have a $150,000 HELOC at 8%. This would make your full payment $1,100, with $1,000 of that going toward interest. Therefore, a whopping $100 goes toward principal. You also have an average daily balance in your checking account is $10,000. You park the $10,000 into your HELOC, making the balance $140,000. That would lower the interest part of your payment to $933, a savings of $67. Therefore, of your $1,100 payment, $167 goes toward principal instead of $100. For some of you that might not sound like much, so let me put it in these terms: You will save $140,040 in interest on this $150,000 loan! You would have it paid off in 20 years instead of 30. That is 120 less payments times $1,167 per month. Imagine the drop in your stress level because of the lack of money worries! The funny part of it is the fact you can save actually more, A LOT MORE! I did not even talk about the tax strategies involved, or the way how this $140,040 savings can actually be a $509,000 gain! Does that sound interesting, if not almost unbelievable? I would tell you right now, but it is getting late and I am tired. You will have to call or email me for more info on this....... About the Author With Over $100,000,000 in Home Loans Funded per Year, Nick Krehnke, is truly an "Expert's Expert" in the area of Home Finance and Investing. He is also the author of "How to Retire Rich with Real Estate..by owning Just One Home" Get a Free Custom Report from his website at http://www.Home-Loans-By-Nick.com
Heloc News
Home equity lines targeted by identity thieves - ABC 15 News Home equity lines of credit are increasingly becoming targets of identity thieves, according to the FBI's annual mortgage fraud report. "Stolen customer identification is being used to compromise home equity line of credit (HELOC) accounts," the FBI ...
Economic uncertainty means banks may shut down credit lines - News-Press Q: Do you think banks will cut off all equity lines of credit? We have an established equity line set with a major bank. The bank also holds our mortgage. With the economic uncertainty and most of my income coming in the form of a commission, we may ...
A Question for the Finance Types - New York Times Blogs I’m wondering if any blog readers can explain something to me. Back in the old days, banks didn’t package and resell the mortgages they wrote. So when a homeowner got into trouble, they could go down and talk with the bank about working out some ...
ID Thieves Target Home Equity Lines - CNBC Have you checked your home equity line of credit lately? If not, you probably should. Even if you've never used a home equity line of credit, or HELOC, it's a good idea to check your three credit reports (Equifax, Experian and TransUnion) to make ...
SCREECHING TO A HALT - New York Post Last month, Chase froze my friend's credit line. Just like that, he lost access to the $70,000 he believed was still available to him on his $150,000 line. This was a sobering moment in a country where borrowed money has flowed like cheap wine at a ...
Is Your Home Equity Line of Credit Safe? - Street.Com Many lenders are freezing home equity lines of credit, or HELOCs, even those that remain unused. Declining home values and an uncertain economic outlook are making financial institutions tighten their purse strings. Related Articles Mattel, UGI, Yum ...
