I buy a house. rather than a 30 year fixed mortgage, a HELOC instead I received during the signing of escrow.

Deal Score0

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.

5 Comments
  1. Reply
    Digger
    May 16, 2011 at 5:01 am

    Ask an accountant mate,I don’t think we are too qualified to answer your question on here.

  2. Reply
    wonder
    May 16, 2011 at 5:20 am

    Always get what you want. I think that this loan is not for you, you’re already feeling unsure and uncomfortable with this loan. You’re not getting the loan you want. It’s obvious that your lender didn’t discuss with you the changes on the loan before signing. Ask your lender why he or she didn’t discuss this with you before hand. Always is stick with the original plan, always get a fixed rate, never give in to an adjustable rate. No prepay penalty, No balloon payment. Did you just sign your loan docs? You have 3 days to cancel the loan from the day you signed the loan docs.
    Good luck!

  3. Reply
    pearlmel
    May 16, 2011 at 5:29 am

    this loan is a second position loan it has a 10 yr term in ten years heloc loans dont adjust they just have higher rates! i would suggest you try to pay this heloc down as much as you can this is a 10yr loan maning what every you havent paid will have to be paid in ten years typically you refinance

    interesting how they did the heloc the rate isnt that bad so id go for it but make sure you have a fixed rate first mortgage.

    mortgage banker

  4. Reply
    burt p
    May 16, 2011 at 5:36 am

    hello, interesting how they did the heloc the rate isnt that bad so id go for it but make sure you have a fixed rate first mortgage.
    To get your doubts cleared regarding mortgages and to get more relavent information I found the best options Here
    http://all-mortgage-calculators.blogspot.com/2007/06/mortgage-calculator.html
    good luck!

  5. Reply
    Percy
    May 16, 2011 at 6:20 am

    Hi,

    Checkout http://homefunding.consumerplanet.info for some useful info and tips on the matter. Good luck!

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