If her cash flow is 1000$/month. That means she could put 12000$/year on her 144k mortgage. Over 8.16 years that's less than 100k in payments on her mortgage. How is it possible to repay a 144000$ mortgage when 12000$x8 years is only 96000$
Excuse my ignorance but if she's taking out $180k to pay off the house...how long will it take for her to payback that $180k? I can't wrap my brain around this. Thanks
I believe as a line of credit, she has the borrowing potential up to 180k but the balance owed is only what she's used so far, her mortgage balance of 144k.
It seems insane to me to put your daily expenses on a line of credit. You'll pay interest on your groceries and gas and that's insane.
I watched a video comparing numbers on a first position and second position Heloc and the 2nd position chunking method was less expensive
I would chunk the mortgage Payment so you could have more money in case of emergencies,
Same. Having an emergency fund is essential, even if it means drawing out the mortgage a couple more years.
If her cash flow is 1000$/month. That means she could put 12000$/year on her 144k mortgage.
Over 8.16 years that's less than 100k in payments on her mortgage.
How is it possible to repay a 144000$ mortgage when 12000$x8 years is only 96000$
Excuse my ignorance but if she's taking out $180k to pay off the house...how long will it take for her to payback that $180k? I can't wrap my brain around this. Thanks
I think her loan to value is 180k but only needed 144k as that's what is remaining on her mortgage.
I believe as a line of credit, she has the borrowing potential up to 180k but the balance owed is only what she's used so far, her mortgage balance of 144k.
Who are the best heloc lenders?
Home equity line of credit
what does helock mean