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@Calgary

I had a discussion with mortgage lender to change my mortgage from LOC to regular types, such as 3 or 5 year fixed because the rate seems 0.5% lower.

ado(共产主义接班人)
本文发表在 rolia.net 枫下论坛During our conversation, I learned that I would be better off to stay with LOC.

First, the lender can only allow me to pay half of what I am capable to pay monthly. She calculated that based on my debt to credit ratio which was way out of date. Some credit payments I made months ago still did not show up on her system. And my future increase of earnings was not recognized. I would have to pay a lot more on interest if my amortized monthly payment is that low.

Secondly, she did allow me to pay up to 15% of the principle annually. But the lump sum payment would not change the initial amortization! Let's say my principle is $100,000 at 6% annual interest, my monthly payment as baygirl calculated $860/month. And during the course of my mortgage term, I made lump sum payment of $50,000. My monthly payment will remain at $860. In other word, the bank will still charge me interest for the $50,000 I have already paid for the rest of the term! Over 25 years period, I will pay over $40,000 interest for the money I do not owe!

Whereas with LOC, as soon as I paid, the principle will reduce instantly and so will the interest.

The bank just wants to lock me in as longer and as much as possible. My carrying cost of a mortgage is calculated on not only the principle and interest, but the length of time. LOC gives me such freedom to shorten the term. After that comparison, I abandoned my attemp to lock in and stayed with my LOC.

I don't care what knowledge or packages you have, but do wish to listen to your wisdom that convinces me otherwise.更多精彩文章及讨论，请光临枫下论坛 rolia.net
(#1364005@0)
Last Updated: 2003-9-10
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Replies, comments and Discussions:

  • 枫下家园 / 理财投资税务 / 讨论一下:line of credit的算法和一般的贷款算法一样吗？比如10000块借一年，利率6%，那么每个月应该还多少呢？ -qianxingren(紫川猪); 2003-9-8 (#1361544@0)
    • 上 -qianxingren(紫川猪); 2003-9-8 (#1361589@0)
    • line of credit和信用卡差不多，每个月有个最低还钱额，剩下的你可以随时还清，也可以继续借钱 -caba(barbie~~夏天来了); 2003-9-8 (#1361605@0)
      • 比如说一般的房子贷款和LOC的利率都是6%，那么最后利息能差多少呢？ -qianxingren(紫川猪); 2003-9-8 (#1361626@0)
        • 你想用LINE OF CREDIT来还房屋贷款？ -caba(barbie~~夏天来了); 2003-9-8 (#1361847@0)
    • 一样，每月还８６０。６６ -baygirl(冰淇凌); 2003-9-8 (#1361627@0)
      • 银行的朋友说好像是有区别的，不过我也没听懂。 -qianxingren(紫川猪); 2003-9-8 (#1361680@0)
        • 印象中好象LOC省点钱,同样利率的话. -xiaopang(xiaopang); 2003-9-9 (#1363198@0)
        • 能马上想到的区别是：ＬＯＣ可以明天一次性还清，而按揭你这么做要准备付罚款，ＬＯＣ因为还款比较少限制，自然相对借款成本就低。说得比较业余，你还是呼吁专家们跳出来解释吧。 -baygirl(冰淇凌); 2003-9-9 (#1363207@0)
    • 皇银是每月自动扣利息,本金随便你. -zvwong(www); 2003-9-8 (#1361645@0)
    • Don't use Line of Credit, the rate is much higher than the mortgage! -laofa(老乏); 2003-9-9 (#1362211@0)
      • 不一定。Secured Line of Credit是mortgage的一种方式。利率不见得高多少。好处是不受约束。你可以没钱的时候少还，有钱的时候多还，还了再借也不必申请。如果想三，五年之内还清房贷，LOC是不错的选择。 -ado(共产主义接班人); 2003-9-9 (#1362395@0)
        • 你尽想好事吧?secured LOC 可是需要你用净资产作抵押的.且不说你在付mortgage时,可供抵押的净资产没有多少,就是你用LOC付mortgage,LOC的利息你不是一样要付?除非是银行员工,LOC的利息一般最多也就是prime. -yangn(Raymond); 2003-9-9 (#1363232@0)
          • Do you understand what "SECURED" LOC means? This is not what I think. It is what I am using! -ado(共产主义接班人); 2003-9-10 (#1363816@0)
            • 不好意思，不要以为你在用你就懂。我知道有些银行以secured方式贷给你一些不需要抵押的LOC，但无论是贷款额还是利息和真正的secured LOC 都是不能相比的。很巧的是，本人non secured和secured LOC都有。所以 -yangn(Raymond); 2003-9-10 {37} (#1363898@0)
              不论怎样好像本人似乎还能说2句。嘿嘿。
              • I had a discussion with mortgage lender to change my mortgage from LOC to regular types, such as 3 or 5 year fixed because the rate seems 0.5% lower. -ado(共产主义接班人); 2003-9-10 {1568} (#1364005@0)
                本文发表在 rolia.net 枫下论坛During our conversation, I learned that I would be better off to stay with LOC.

                First, the lender can only allow me to pay half of what I am capable to pay monthly. She calculated that based on my debt to credit ratio which was way out of date. Some credit payments I made months ago still did not show up on her system. And my future increase of earnings was not recognized. I would have to pay a lot more on interest if my amortized monthly payment is that low.

                Secondly, she did allow me to pay up to 15% of the principle annually. But the lump sum payment would not change the initial amortization! Let's say my principle is $100,000 at 6% annual interest, my monthly payment as baygirl calculated $860/month. And during the course of my mortgage term, I made lump sum payment of $50,000. My monthly payment will remain at $860. In other word, the bank will still charge me interest for the $50,000 I have already paid for the rest of the term! Over 25 years period, I will pay over $40,000 interest for the money I do not owe!

                Whereas with LOC, as soon as I paid, the principle will reduce instantly and so will the interest.

                The bank just wants to lock me in as longer and as much as possible. My carrying cost of a mortgage is calculated on not only the principle and interest, but the length of time. LOC gives me such freedom to shorten the term. After that comparison, I abandoned my attemp to lock in and stayed with my LOC.

                I don't care what knowledge or packages you have, but do wish to listen to your wisdom that convinces me otherwise.更多精彩文章及讨论，请光临枫下论坛 rolia.net
                • 据俺所知，对绝大多数合同来说，如果你每个月多付的部分以及lump sum付的钱，都直接降低本金。你可以继续每个月付860， 但本金和利息的比例已经不一样了。这一点在你付了lump sum payment 后银行给的收据上有写。 -dundas888(登达寺); 2003-9-10 {152} (#1364031@0)
                  例外总是有的，但不是普遍现象。

                  所谓“the bank will still charge me interest for the $50,000 I have already paid for the rest of the term!”是不对的。
                • 再多说2句。 -yangn(Raymond); 2003-9-10 {443} (#1364051@0)
                  1。LOC 的好处诚如你说的是可以随时还款，而且随时反映在你的balance上，但无论是LOC还是MORTGAGE计息方法是一样的。只是后者需要一段时间才结算。
                  2。你的愤怒是不应该的。在你付了$50000以后，虽然你每个月付款数没有变化，可是其中principle和利息的比例却是变了，你可以去银行的网站和直接去银行查，你可以看到你的principle已经减少$50000了，虽然每个月你还是付那么多，可是你pay off的时间大大提前了。我可以负责的告诉你，任何银行都不会赚你那已经付的$50000的利息。
                • "the bank will still charge me interest for the $50,000 I have already paid for the rest of the term! ..., I will pay over $40,000 interest for the money I do not owe! " are you sure? that is terrible! -alice06(3颗); 2003-9-10 (#1364070@0)
                • 有关mortgage and interest calculation, the lady who talked to you must trick you. She lied on the real interest you would pay after you make a lump sum payment. -niuniu_van(鸢尾草); 2003-9-10 {312} (#1364486@0)
                  The ratio will be definitely changed, although your amortized monthly payment will not be changed until you renew your mortgage, your principle payment will be increased and your interest payment will be decreased. In fact, your mortgage interest decreases every month even you don't make any lump sum payment.
        • 我想讨论的并不是哪个利率低，而是说同样利率的情况下，那个利息更高一点？或者说成本更高？ -qianxingren(紫川猪); 2003-9-9 (#1363306@0)
          • Better to give me your phone number. I will give you a call and explain this to you with more detail. -laofa(老乏); 2003-9-9 (#1363462@0)
        • You will be right if you can get the same rate. But in the real world, I don't think you are right. -laofa(老乏); 2003-9-9 (#1363458@0)

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