, a calculation that takes into account your home value minus your existing mortgage and limits your loan to about 80% to 90% of that balance — if you qualify.
You'll want to find out upfront whether your lender charges a prepayment penalty, in case you want to pay back the loan ahead of schedule, and how much you'll be expected to pay in fees and closing costs. Different lenders have different fee structures — some have very low fees — so you'll want to compare your options.
Since your payment is based on how much you borrow and your interest rate is variable, however, your monthly payment amount may be hard to predict — and it could even fluctuate over time.
You must be in a position to deduct home equity interest for this to matter. Remember that the mortgage interest deduction is, and fewer people will do that this year since the standard deduction has been raised to $24,000 for married couples filing jointly and $12,000 for individuals.
great;) NEXT MORTGAGE LOANS ... banks have already shaken off the scams since 2008? 😏