If you apply for and are granted a home equity loan for $10,000 at 7% APR for 15 years, you will receive a check or a deposit to your bank account of $10 Jason Kipnis Womens Jersey ,000. That is the full amount of the loan that you can ever draw on that particular application. Depending on the terms agreed upon, you may have one to several months before you have to begin repaying the loan. You'll pay a fixed amount every month until the full amount of the loan and the interest charge is paid off. You'll know from the very start how much you'll be repaying.
Home Equity Line of Credit
A home equity line of credit - a HELOC - is much more like a credit card. When you apply for and are granted a home equity line of credit, the bank establishes a 'line of credit' - which functions just the way that a 'credit limit' does on your credit card. You may receive special checks or a plastic card with which to access your line of credit - but you don't receive the full amount at one time.
In fact, you don't have to take any of it immediately. You can draw on the line of credit at any time Hanley Ramirez Womens Jersey , up to the full amount of the line of credit throughout the agreed-upon life of the loan. Suppose that you're doing some home repairs. You can use your home equity line of credit to pay for $2,000 worth of roofing tiles. That leaves you $8,000 in your line of credit. Three weeks later, you can use your line of credit to pay for $4 Edwin Encarnacion Womens Jersey ,500 worth of windows - and still have $3,500 left that you can borrow against.
If you then start paying back on your home equity line of credit, that money becomes available to you again. If you pay back $1,000 of what you've borrowed Joe Carter Womens Jersey , you now have $4,500 on your line of credit.
A home equity line of credit has two 'phases' - there is the draw period, during which time you can draw against the credit limit as long as you stay below the limit. During that time, you can elect to only pay the interest that accrues - or you can make payments on the principal to free it up. Once the draw period is over Ricky Vaughn Jersey , you go into the repayment period. During the repayment period, you can't draw against the line of credit any longer, and must make full repayment.
It pays to be specific. I believe that statement is true. If it is true, why do so many salespeople pepper their sales presentations with phrases of generalities? There are two primary reasons. One is habit and the other is instinct.
So many people in and out of sales speak in generalities. It's really hard to pin them down for the details. If speaking in generalities comes so naturally to so many people - it has to be instinctive. In sales it's tempting to impress new and prospective customers. One of the ways salespeople do this is with their product and service presentations.
These presentations often include references to the following:
=> How many products are in your product line? => How many years your company has been in business? => How many customers you have worked with. => How much of your business is repeat business? => How much of a discount you're planning to offer to get the business? => How much your product improves productivity? => How much your product reduces the cost of doing something?
When the time is right to begin talking about your products you'd be a fool not talk about these things. But for some inexplicable reason salespeople usually follow a similar path. Let's review this list and see how salespeople tend to use all of the above during a sales presentation.
=> We have over 20 Satchel Paige Jersey ,000 products in our product line. => Our Company has been in business more than 30 years. => Our customer database includes more than 30,000 customers. => Last year more than 50% of our business came from existing customers. => Because of the quantity you're buying I'm delighted to offer you a 20% discount. => Our product will improve your department's productivity at least 20%. => Our product will reduce the operating costs for this project by more than 10%.
Do you notice what all these statements have in common? All of the numbers cited end in a zero. Zeros seldom add credibility. In fact, they detract from it. Salespeople tend to feel more secure when they're not pinned down by the specifics. Generalities make you feel good, but they don't make you sound good.
It takes a great deal of self-discipline and determination to speak with any degree of specificity. Here's an example that has repeated itself many ever I conduct an on-site sales training program (usually one-half day) I always provide the decision-maker Jim Thome Jersey , because he's usually the one who introduces me, with a prepared introduction. It's exactly what I want him to say and it also takes the pressure off him to improvise something at the last minute.
The last three lines of my introduction are: -- He has worked with 458 different organizations. -- Last year 68% of his business was repeat business. -- Jim Meisenheimer, Inc. has achieved 16 consecutive years of increased sales and profitability.
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