Heloc Videos
newest 100 heloc videos / heloc widgets / media rss:

Over the years, a number of ways have been touted to pay off a mortgage early. Recently, we ve seen a number of solicitations for a new way to do it. The basic idea is to take out a Home Equity Line of Credit (HELOC) with your chosen bank. You use this account like your primary checking account. You will pay all of your bills out of this account and deposit all of your income into it. Any left over money goes to pay off your mortgage. The benefit is appealing you may pay off your 30-year mortgage in as little as 10 years. Of course, if you have any other debt (e.g. credit card debt or car loan), it s almost certain you should pay that off first. We re talking in generalities here; you and your financial planner can determine your best financial move based on your specific situation. The pluses We liked that the program we looked at included a great visual that showed you the exact month and year your mortgage would be paid off if you stuck with it. We also liked that you could easily see your money coming in and going out. Using intuition The example showed a rate of 6% on the first mortgage and an 8.6% rate on the HELOC. Intuitively, it didn t make sense to us to borrow at 8.6% to pay down a 6% loan. So we decided to do some calculations to see if our intuition was right. New vs. old We decided to compare this new way of paying down a mortgage to the oldest of the old ways including an additional amount with each regularly-scheduled payment. The example we looked at was for a couple who made $5,000 a month and had bills totaling $4,000 each month. They held a $200,000 mortgage, with a 30-year term, and an annual interest cost of 6%. The main driver with the old way or the new way was the $1,000 in discretionary money each month. The new program also accessed the HELOC in the first or second month, but once again that money is being paid back at 8.6% instead of 6%. Apples to oranges We found that the new program lived up to its promise you will pay less in interest over a 30-year period. The problem is that it s an apples-to-oranges comparison. Their basic assumption is that you will use ALL of the $1,000 in discretionary money each month to pay down your mortgage if you are on their program. If not, you won t use ANY of it that is, you won t pay down your mortgage OR invest it. Apples to apples So we decided to do our own comparison. We used the simple, old, do-it-yourself extra mortgage payments method we added the $1,000 of discretionary income to our monthly mortgage payment. The result? We paid off all of our debt (which consisted of only a first mortgage) eleven months faster than they paid off theirs (which included the first mortgage and the HELOC)! We found some of the assumptions about the timing of income and expenses questionable. With a more conservative approach, we would actually pay off all of our debt fourteen months faster using our old-fashioned strategy. As for total interest savings, we would save between $10,989 and $24,210, depending on the timing of income and expenses discussed in the previous paragraph. This takes into account the cost of their software as well as a small annual fee on the HELOC. Conclusions In a strictly financial sense, the old-fashioned way is your best bet. However, it s important to also consider the human side. That s where programs like this come into play some people would be more likely to pay off a mortgage early because they could track their progress so easily. Of course, you could set up one account yourself. With basic spreadsheet skills, you could set up a chart (or talk a friend into doing it for you) to show the effect of additional mortgage payments. The bottom line the old way is the better way if you re looking to save the most money. But if you re a little light on financial discipline, programs like this may be helpful. Get the tips and tools you need to be a BIGG success. Subscribe to the Bigg Success Weekly it s FREE! Next time, we ll discuss a resource that great athletes wouldn t do without and neither should you. Until then, here s to your bigg success! Subscribe to The Bigg Success Show in iTunes. Subscribe to the Bigg Success feed. Related posts 9 Questions to Answer Before You Make Extra Mortgage Payments (Image by svilen001)

Gas Price Update: 4.159 First, we talk about David s new iPhone, why he bought it and why financially it was a good choice for him. After that round of justifications, albeit rational ones, we delve into the current state of the economy. We talk about what the federal reserve has done, how consumer credit debt and [...]

Money-Guy 7-17-2008 Our banking system's clearly under a lot of stress at the moment. Coming off a decade of aggressive mortgage lending, the system's troubles have been compounded by a sputtering economy and retreating stock market. As an investor, you need to be smart about insulating yourself from the system's problems. While I don't want to [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Author: keithcarberry Added: Fri, 09 May 2008 13:49:35 -0800 Duration: 598www.ReNewsYouCanUse.com Brokers taking on a younger look.. Is Online Video Waiting for Its Close Up?...When a HELOC freezes over... What to do if the bank tries to put your credit line on ice

Author: keithcarberry Added: Fri, 09 May 2008 13:49:35 -0800 Duration: 598www.ReNewsYouCanUse.com Brokers taking on a younger look.. Is Online Video Waiting for Its Close Up?...When a HELOC freezes over... What to do if the bank tries to put your credit line on ice

FAP778: 206 Full Tuition Scholarships, HELOC Listen now: Student Financial Aid News + It s tax day - reminders on Dunkin Donuts and your stimulus check + Inside Higher Ed: A few weeks after Harvard University announced a plan to reduce the debt or family contributions needed to attend its medical school, Yale University followed suit. Yale’s plan will eliminated the required family contribution for those with family incomes of up to $100,000. + Local Boston newspaper BostonNOW goes out of business Scholarship Update + Marshall University + 206 John Marshall Scholarships are awarded each year. The John Marshall Scholarship includes a tuition waiver to cover tuition and fees and a $1,250 stipend. (WV residents receiving the WV PROMISE Scholarship will receive only an $1,850 stipend in addition to their PROMISE Scholarship.) Selection criteria for John Marshall Scholarships are: high school seniors with an ACT composite score of 30 or SAT score of 1320 or higher and a 3.5 GPA. Awards are not competitive. John Marshall Scholarships are automatic if admittance and test scores/high school grades are received by the deadline. + About $24,000 + Details at our free college scholarship search site Mail Bag + Lynne wrote back: Thank you so much for putting my question on your website. The only thing is the money in the *equity credit line* does not become a resource unless it is used, or put in a bank account which I do not plan to do or take advantage of. ( I dont want to get into more debt than I already have). The *equity loan* will go out of my assets right away to pay down my high interest credit cards. Which is just swapping one debt for a lower interest debt. Therefore will it should count for the FAFSA. Lynne + Norvell wrote in: I have a question where can I go to get scholarship money for a vocational school specifically broadcasting Computer Grafics? + Google it up! + Get our free Scholarship Search Secrets eBook + Try combinations of keywords + You can even do the FileType restrictor + Most scholarship applications that are printable are DOC or PDF files + Google: broadcast scholarship application filetype:pdf Did you enjoy today s show? If so, please consider subscribing for free to get it delivered to you. Subscribing for free means you don t have to remember to download it every day. + + + Direct MP3 file download: Click here to download the MP3 Reminders + + Financial Aid Podcast Show Notes at FinancialAidPodcast.com. + Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook + Open an FDIC-insured savings account today! + Private student loans available at any time - visit AlternativeStudentLoan.com + Student credit card information at StudentPlatinum.com + FAFSA form tutorials and free help at FAFSAonline.com + Grad student? Get graduate financial aid information at the GradLoans.com blog! + Stafford federal student loans at StaffordLoan.com + The Financial Aid Podcast is a publication of the Student Loan Network. I want to hear from you! Email me at financialaidpodcast gmail com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208. Technorati Tags: financial aid financialaidpodcast ShareThis

FAP777: Birthday, Sallie Mae Student Loan Consolidation, HELOC Listen now: Student Financial Aid News + Happy Student Loan Network anniversary Monique Leonard! + The Financial Aid Podcast celebrates 3 years on the air! + Hat tips to Mitch Joel, Erik Diana, and pretty much my entire address book for this story: + Chronicle: Sallie Mae (ticker: SLM) announced today in a letter to colleges that it would no longer offer student loan consolidation under the federally guaranteed loan program. Students typically consolidate their loans after they graduate, combining loans from each of their years in college into a single loan to make it easier to manage when paying back the money. Until recent months, consolidations had been regarded as a highly profitable activity for loan companies because consolidation usually occurs as students enter years of repayment. + Lenders responsible for more than 16 percent of all student loans last year have left FFEL + In addition to announcing the termination of its consolidation-loan business, Sallie Mae told colleges that it would no longer pay for students the federally mandated origination fee on government-backed loans. With the large number of lenders exiting the program, Mr. Andrews and Mr. Feierstein wrote, Sallie Mae cannot justify subsidizing some students at the expense of others who may be unable to get funds for college. + What does this mean for you? If you re graduating this summer, you ll have fewer student loan consolidation options - but wait until after July 1 anyway. Scholarship Update + Spring Break Photo Scholarship Contest + Whether you take a trip every year to the beach or hit the slopes in the snowy mountains - everyone makes plans for Spring Break. Send us a photo of your fun filled vacation or write a blog telling us about how you spent your break. If you have a video, upload it to the campaign and we ll see if you made the most out of the best week in spring! No purchase necessary. No purchase necessary. Open to anyone who is a resident of the 50 United States, District of Columbia or Canada (excluding Quebec), has access to the Internet, and is 13 or older at the time of entry. + Deadline June 30 + Details at our free college scholarship search site Mail Bag + Lynne writes in: My daughter has financial aid in her private college. I am trying to get an equity loan and they are offering me a line of credit as well. If I get the loan I need it to lower my credit card interest rates and there fore consolidate them at a lower rate. If I take the line of credit also for A rainy day will the financial aid people want me to use that money for college tuition. I never asked for the line the bank is trying to just give it to me as I have more equity on my home than I am asking a loan for. Please help me. I don t want to jeopardize my daughters financial aid for a rainy day that might never happen. Thank you Lynne + Any money you have is calculated on the FAFSA in checking or savings + It will count against you as a resource + In a rapidly falling real estate market - like the entire United States and a good chunk of Europe - the last thing you want to do is borrow equity if you re anywhere close to the current assessed value of your house. If the market declines even a little when you re at 100% loan to value, you suddenly become upside down, which means you owe more on your house than it s worth + If you need a parent loan option, consider a PLUS loan, which is a federally guaranteed loan for parents of undergraduate students. Fixed 8.5% interest rate and the whole host of federal loan benefits, including no collateral. + Also, in recent news, banks have been outright canceling home equity loans and lines of credit arbitrarily, so if you re counting on it, it may not be there for you Did you enjoy today s show? If so, please consider subscribing for free to get it delivered to you. Subscribing for free means you don t have to remember to download it every day. + + + Direct MP3 file download: Click here to download the MP3 Reminders + + Financial Aid Podcast Show Notes at FinancialAidPodcast.com. + Free scholarship search secrets eBook at StudentScholarshipSearch.com/ebook + Open an FDIC-insured savings account today! + Private student loans available at any time - visit AlternativeStudentLoan.com + Student credit card information at StudentPlatinum.com + FAFSA form tutorials and free help at FAFSAonline.com + Grad student? Get graduate financial aid information at the GradLoans.com blog! + Stafford federal student loans at StaffordLoan.com + The Financial Aid Podcast is a publication of the Student Loan Network. I want to hear from you! Email me at financialaidpodcast gmail com, visit http://www.FinancialAidPodcast.com, or call 206-350-1208. Technorati Tags: financial aid financialaidpodcast ShareThis

www.fdipays.com offers the only autopilot system designed to act like a personal GPS system for your financial future. Financial Destination Inc exclusive Equity Trax system is helping thousands gain control over their debt portfolio.

Disspells the most frequently heard misconceptions about Mortgage Acceleration and shows the truth about debt, your mortgage, your cash flow, and what part "software" really plays in the whole Mortgage Acceleration arena. Hosted by Norm Bour of the Real Estate and Finance show with Norm and Mike.

http://www.MortgageGoAwayEarly.com Use a Mortgage checking Account to pay off your home loan in 8-12 years and become debt free. Achieve the American Dream of true home ownership. 800-801-4159