- Joined
- Dec 16, 2007
- Messages
- 14
Which is better and why?
scenario: mtg=200k and pymt=5k (accelerated payments, to payout house earlier) amort=25y
mtg is presently in the form of a line of credit (loc) (interest only pymts)
the loc may be used from time to time, so if it was changed to an open mtg, a loc would have to be placed on the house
a)get an open mtg at prime-0.6 (4.15)
b)keep home equity loc (heloc) at prime (4.75)
scenario: mtg=200k and pymt=5k (accelerated payments, to payout house earlier) amort=25y
mtg is presently in the form of a line of credit (loc) (interest only pymts)
the loc may be used from time to time, so if it was changed to an open mtg, a loc would have to be placed on the house
a)get an open mtg at prime-0.6 (4.15)
b)keep home equity loc (heloc) at prime (4.75)