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loan to value (LVR) or $80,000 in cash in exchange for a lien on title placed by the lender of the equity loan. Many lending florida loan mortgage sarasota require the borrower to repay only an interest component of the loan each month (calculated daily, and compounded to the loan once each month). The borrower can apply any surplus funds to the outstanding loan principal at any time, reducing the amount of interest calculated from that florida loan mortgage sarasota onwards. Some loan products also allow the possibility to redraw cash up to the original LVR, potentially perpetuating the life of the loan beyond the original loan term. The rate of interest applied to equity loans is much lower than florida loan mortgage sarasota applied to unsecured loans, such as credit card debt. "A professor used to tell me, `you can pay me know or pay me later`," McMurry says. "If you`re talking to a credit card company, the payment later`s going to be a heck of a lot more, perhaps than you think it`s going to be." Experts agree florida loan mortgage sarasota need to make sure the numbers work in your favor rather than stack up against you. Loan modification. These programs basically lower the rate on your existing loan without changing the length of the loan. Loan modifications aren’t available to most borrowers, since their loans have already been sold on the secondary market and can’t be changed. But it never hurts florida loan mortgage sarasota ask your current lender if such a program is available. Streamlining. Some lenders offer a quick refinancing for current customers. You typically pay a slightly higher rate for the convenience and speed. Reduced paperwork. Most so-called “low-doc” or “no-doc” loans charge you a higher interest rate in exchange for requiring less documentation. Some lenders, however, have fast-track programs that eliminate some steps -- such as florida loan mortgage sarasota and asset verification -- for customers with excellent credit. This speeds up the process without florida loan mortgage sarasota in a higher interest rate. 4. Use the Internet Most people use the Internet to shop for rates but pick up the phone once they’re ready to apply. Starting your application on the Web,