Wisconsin mortgage loans is committed to helping you find the right mortgage product for your needs in Manitowoc. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
With mortgage rates hovering around 20-year lows, competition in
the mortgage industry is fierce. It seems like every day a new
mortgage loan strategy comes out that is suppose to be the best
thing since sliced bread. Whether it's a mortgage with no
closing costs or an interest only mortgage, everyone is claiming
they can save you a ton of money. Now someone has come out with
something called Mortgage Cycling. Mortgage Cycling could save
you thousands of dollars or it could cost you your home.
Mortgage cycling is a program that advertises itself as a method
to payoff your mortgage in 10 years or less without making
biweekly mortgage payments or changing your current mortgage.
Does mortgage cycling work as advertised? The answer is
unequivocally yes – with a few caveats. I'm going to let you in
on the secret to mortgage cycling.
Mortgage cycling is based on making huge lump sum principal
payments every 6-10 months. What this means is mortgage cycling
works well for those who have at least a few hundred dollars in
extra cash at the end of each month. The problem is most people
don't have that kind of cash available.
For most people, Mortgage Cycling relies on using a Home Equity
Line of Credit to make huge lump sum payments against their
original mortgage principal balance. When you take out a home
equity line of credit, you pay for many of the same expenses as
when you financed your original mortgage such as an application
fee, title search, appraisal, attorney fees, and points. You
also may find most loans have large one-time upfront fees,
others have closing costs, and some have continuing costs, such
as annual fees. Home Equity Line of Credit interest rates are
also higher than a typical mortgage loan interest rate.
While Mortgage Cycling does have some additional costs for most
people, that is not what makes this mortgage reduction strategy
risky. If you use a Home Equity Line of Credit and money gets
tight, you could lose your home. Home equity lines of credit
require you to use your home as collateral for the loan. This
may put your home at risk if you are late or cannot make your
monthly payments. And if you sell your home, most lines of
credit require you to pay off your credit line at that time.
Prepaying your mortgage is smart. You can save tens of thousands
of dollars in mortgage interest. For most people, mortgage
cycling is risky way to payoff a mortgage. Be sure and look at
your all of your alternatives before choosing Mortgage Cycling
as a mortgage reduction strategy.
Copyright 2004 My Big Fat Mortgage. You may freely reprint this
information on your website provided the following caption
remains intact.
“This information courtesy of http://www.mybigfatmortgage.net ”
About the author:
George Burks works with small business and homeowners to reduce
mortgage interest expense via http://www.mybigfatmortgage.net