I buy a house. rather than a 30 year fixed mortgage, a HELOC instead I received during the signing of escrow.
The term of the loan said: AMOUNT $ 84,000 HELOC, HELOC INTEREST RATE 9.375%; HELOC DRAW/20 TIP 10 YR Amort; INDEX 8.25% HELOC HELOC MARGIN 1.125%, max closure of draw – $ 83,916, the network, which currently covers the AMT $ 84; network, which currently covers RATE 8.625%; long-term network, currently covering 36 years; 0.00% broker reduced by 0.0%, 100% CLTV;. EST MONTHLY PAYMENT $ 656.25 my lender said I would meet the monthly payment of $ 656.25 in the life of the loan, I would not have money from my equity in the future. Is this true? if not, how high can my new interest rate will be and how often it fit? can someone explain the loan terms? It is a good deal? many Dank.Eigentlich is for second mortgages.