Home Equity Line of Credit (HELCO) Loan Mortgage HELOC mortgages give a flexible rate of interest toward a borrower. The borrower gets a line of credit similar to a credit card. The borrower can borrow up to as much as the home equity limit specifies. Monthly payments vary according to the amount borrowed. The interest rate is usually floating tied to the Prime Rate. Repaid funds would be available for future use if necessary

A major advantage, other than a lower interest rate, is that the interest costs are tax deductible as opposed to a consumer loan. One can use the borrowed money to consolidate and pay off outstanding high interest debt, remodel a home, send kids to college ... .

In an economic period of high interest rates, if interest rates suddenly reverses and continue a downward trend, an this type of mortgage loan would adjust to the lower interest rates.

Basic Mortgage Loan Programs:
— Adjustable Rate Mortgages
— Fixed Rate Mortgages
— Home Equity Line of Credit (HELOC)
— Balloon Programs
— Credit Repair Loans

Using a mortgage rate calculator provides an invaluable aid for the borrower to assess his cost and see the overall picture of his financing responsibilities. They provide a great tool for those who want to investigate the advantages of paying back the principal faster, lowering monthly payments and/or consolidating debts.

Refinance Calculators
• What will my refinancing costs be?
• How much will my mortgage payments be?
• Am I better off refinancing?
• How much can I save in taxes?
Use the Mortgage Calculator Mortgage Payment Calculators

Using a financial calculator you can:

• Calculate how a change in interest rate will affect the monthly payment and the term length of the home equity loan.
• Calculate the monthly payment of a particular mortgage loan.
• Calculate how much you have to make to afford the mortgage loan on a particular home.
• Calculate if you should pay discount points when you get a mortgage loan
• Calculate how long it will take to recoup the costs of refinancing.
• Calculate how much interest on your mortgage loan you will be able to deduct from your taxes