Getting loans.. (WAY off topic)

[Todd....!!]

Pat,

Your in Canada right?

Isn't it normal for mortgage payments to be paid every two weeks instead
of monthly as they usually are here in the states?

This is what I've heard...

I'm plannin on payin on my house's $690/mo payment TWICE a month instead
of once a month... every 1st n 15th of the month I'll pay $690/2 or $350
(The extra $10 goes towards the priciple and will reduce the number of
years it takes to pay the loan back)

Just by doin the bi-monthly payments alone, the 30 year loan is reduced
to 22 yrs... the extra $10/mo will make it less than 20 yrs, if I
remember correctly...

Lemme know kay?

LATER!

Todd....!!
http://www.c-com.net/~atc347/toddlnk.htm

Pat Ford wrote:
> 
> Previously, you (Todd....!!) wrote:
> > If ya calulate the interest on a $1,000 loan with an APR of, what, 10%
> > MAX.
> >
> > Multiply $1,000 by 10%, this equals $100, then divide the $100 by 12
> > months in a year, this gives ya about $10/mo interest MAX.
> 
> I think you may be forgetting that this is compounded interest
> 
> using the rule of 72 the time required for the interest to double
> is 7.2 years which is around $11.58
> 
> >
> > The entire loan only lasts about 6 weeks so thats about $15 MAX for
> > interest, however, since the loan is a SECURED loan SECURED with CASH
> > MONEY in THEIR BANK, the interest rate should be less than a normal
> > unsecured loans' interest would be... so the interest lost would be
> > minimal...
> 
> once you remove that deposit from the bank the loan is no longer a
> secured loan. most banks ask that a deposit use as collatural be
> "hypothicated"(sp??) which means it's still yours but you can't have
> it. ( I bought a house while unemployed, the house was $120K, we
> had $70k, and the bank made us deposit $10k and hypothicate the 10K
> as security for mortgage payments) weird but true
> 
> >
> > THEN we must look at the BIG picture, we're building a repore with a
> > bank which in the end will allow us to borrow money thru unsecured
> > loans, which will allow us to purchase propertis that we would otherwise
> > be unable to purchase....
> 
> banks up here have NO LOYALTY you are a cash cow once your milked off to
> the slaughterhouse
> 
> >
> > The siz week loan period is to get within the visible loan length range
> > where the banks and other lending institution will notice the loans...
> >
> > Any shorter length than 6 weeks will go unnoticed by most banks...
> >
> > Then the SUPER big picture is to be able to fund a f.i.'d twin turbo
> > 451/440 project for the Superbee.... which is why I'm here learning as
> > much as I can before doin any buying or investing in parts.....
> >
> > Take it easy!,
> >
> > Sincerely,
> >
> > Todd....!!
> > http://www.c-com.net/~atc347/toddlnk.htm
> >
> > William T Wilson wrote:
> > >
> > > On Thu, 27 May 1999, Stegbauer, Michael wrote:
> > >
> > > > > Will be goin out and gettin loans using this $3,000 as my collateral in
> > > > > several banks in series, i.e. deposit the $3000 in one bank, get a loan
> > > > > using it as collateral, take the loan money from the first bank, deposit
> > > > > it into another bank, get a loan on that money etc....
> > >
> > > A stunt like this will cost you a fortune in interest.  However, it's
> > > mathematically sound.  Basic economics class will demonstrate that exactly
> > > the same phenomenon is already at work and makes the banking system go.
> > >
> > > It is marginally useful for building credit references, but otherwise,
> > > won't do you much good.  The credit bureaus know how much money you have
> > > loaned out total, and they know how many loans you have, too.  And, of
> > > course, you have to pay the interest on the total amount you have
> > > borrowed whether it is in small or large lumps.
> >
> >
> 
> --
> Pat Ford                           email: pford at qnx.com
> QNX Software Systems, Ltd.           WWW: http://www.qnx.com
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