Quote:
Originally Posted by Z3guy
^ 2.7% is an awesome rate. I would take it. RBC for most good clients get prime +0.5%...which is 3.2%.
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sorry, bit of a mistake here, so the 2.7% on the 300K is a homeline credit, which is interest payments only. I can pretty much decide what to pay every month on top of the interest as principle, or just pay the interest for as long or as short a loan as I want. Haven't talked to a mortgage specialist yet but the rate might be lower or higher, probably slightly higher like you said.
Never done this type of credit loan nor am I that great with calculating mortgages. Anyone have experience in using this method rather than taking on another mortgage? My understanding is if you can manage paying off the principle well, then it's much more flexible than a mortgage? If I take the homeline credit method how much would the monthly payments be if lets say I want to take the 300k and pay off principle+interest in a 20 year period, and how much would if be if i want to pay just interest? Do I use the same mortgage calculators or is it different? thnx