Taylor-Brown Real Estate Talks

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     Before we discuss how we will accomplish the cancellation of interest, we must discuss a key component in accomplishing our goal of interest cancellation.

     This component is the advanced line of credit or home equity line of credit.  Why an advanced line of credit, you ask?  Well, with the advance line of credit, the lender must apply your payment to the loan balance on the day received.  Remember, with our mortgage, the closed end loan, the payment is applied, but it does not effect the mortgage in the month or day received but it effects the following months principal balance and calucated interest.

     If there is a payment several times a month on the open end loan the lender will have to recalculate interest several times in the month.  Consequently, the interest can be reduced daily (if we send in a payment daily) or several times a month.  This in turn forces the lender to recalucate your interest subsequently cancelling interest. 

      This type of account has another advantage you can take money out and put money in.  This feature is similar to your checking account.  With that being said, we are going to examine using the advanced line of credit as a checking account.    Stay tune when we pull this together.

Originally posted 2008-12-05 07:59:21. Republished by Blog Post Promoter

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