The Number on Page 3 of Your Mortgage Documents That Nobody Talks About

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Most people think the interest rate on their mortgage is the number that matters most.

It isn't. The number that actually tells you what your mortgage costs is on page three of your loan estimate. It's called the Total Interest Percentage. For most 30-year mortgages it sits between 60 and 90%. That's total interest over the life of the loan, not the annual rate.

When you understand that number, a 9% HELOC used correctly becomes cheaper over time than a 3% mortgage. Because the structure of a simple interest open-ended line of credit rewards you for keeping cash moving through it. The amortized mortgage does the opposite.

Banks have always operated this way. They take deposits at near zero, lend it back out at six to nine percent, and turn your liability into their asset. That's the model worth understanding.

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#moneytips
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