South Carolina mortgage loans is committed to helping you find the right mortgage product for your needs in Camden. 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.
This mortgage rate quote form will take approximately 60 seconds to complete. Here's how our service works:
1. Complete our short form below
2. We will search hundreds of mortgage lenders and thousands of loan programs in our database
3. You will then receive quotes from up to 4 competitive lenders in your state
4. You choose the mortgage lender with the best rate and loan terms and save money!
-->
Our fast Mortgage application will help you find the perfect lender. It takes only one minute
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.
/p>
How Can Home Owners Pay Off A Mortgage 10 Years Sooner By, Of
All Things,Getting Rid Of Their Checking Account?
New Loan Features Can Save Home Owners Hundreds and
Thousands of Dollars Without Spending One Penny In Extra
Payments
Everyone is always looking to save money one way or
another. This is especially true with their biggest bill of all,
the house payment.
But is there a way to do this without having to cut back
on the things that they really like to do? For some homeowners
it is a reality and the savings are, quite frankly, nothing
short of amazing. The simplicity of this plan is laughable, and,
at the same time, a stroke of genius. Here it is: "Replace The
Checking Account with A Home Equity Line Of Credit and It Will
Save A Ton of Money."
That is pretty much it, but let's breaks it down a bit
more. A Home Equity Line Of Credit (HELOC) has 2 unique features
that no other home loan offers that make this possible. They
are:
1. It is a Revolving Account-- Just like a checking
account or a credit card. That means money can be deposited and
withdrawn when needed. That is why the lender issues a debit
card and checks when someone opens a HELOC.
2. Interest Compounds Daily Instead Of Monthly--
While this may sound like a negative, it is really a benefit.
Here is an example: Say you just got paid at work. Go to the
bank and deposit the check, but deposit it into the HELOC
instead of the checking account. Go to the store to buy some
groceries. Pay them with a debit card or checks, but use the one
from the HELOC instead of the checking account.
Here is how money is saved with this program:
Remember how the interest compounds daily? Go grab a bank
statement from the checking account. See where it says "Average
Daily Balance." That means with all of the deposits and
withdrawals, this is the average amount in the account.
Put this money into a HELOC it will lower the balance of
the loan, thus lowering the payment. Because it compounds daily,
it does not matter if deposits and withdrawals happen all of the
time. Any amount deposited into the HELOC above the basic
interest goes 100% to lowering the principal balance. Let's work
with some hard number and see it in action.
Take a $150,000 HELOC at 8%. This would make the full
payment $1,100, with $1,000 of that going toward interest. A
whopping $100 goes toward principal. The average daily balance
in the checking account is $10,000.
Deposit the $10,000 into a HELOC, making the balance
$140,000. That would lower the interest part of the payment from
$1,000 to $933, a savings of $67. Of the $1,100 payment, $167
goes toward principal instead of $100. That might not sound like
much, unless it is put in these terms:
This will save $132,000 in interest on a $150,000 loan
This would shave a full 10 years off the loan. It would be paid
off in 20 years instead of 30. That is 120 less payments of
$1,100 per month. A lot of savings for the average
homeowner.
Conclusion: After reviewing the facts features and claims
in regards to this loan program, I can honestly say it is one of
the only ways of saving a lot of money without having to scrape
money together and go on a stricter budget.
With Over $100,000,000 in Home Loans Funded per Year, Nick
Krehnke, is truly an "Expert's Expert" in the area of Home
Finance and Investing. He is also the author of "How to Retire
Rich with Real Estate, By Owning Just One Home"
Get a Free Custom Report from his website at www.Home-Loans-By-Nick.
com
About the author:
With Over $100,000,000 in Home Loans Funded per Year, Nick
Krehnke, is truly an
"Expert's Expert" in the area of Home Finance and Investing. He
is also the author of
"How to Retire Rich with Real Estate, By Owning Just One Home"
Get a Free Custom Report from his website at
www.Home-Loans-By-Nick.com