Do
You Know the Pros and Cons of a Interest
Only Mortgage?
by Marie-Claire Ng
Has any lender ever told you the Interest Only Mortgage was
like a double-edged sword? It can help you achieve your dream
of owning a home more easily, but it
also can create a financial hardship for those
who don’t fully understand what’s involved.
Interest
Only Mortgage has become more popular to
new homebuyers for the following reasons:
- Since the monthly payment is low, the
savings can be used for personal spending,
paying off higher interest debts, buying
furniture for the new house, or even
investing.
- The interest paid to the Interest Only
Mortgage is still eligible for
tax write-off at the end of the year.
- Some Interest Only Mortgages
allow you to make a principal
payment during
the
interest only period. This helps
reduce your balance the following
month which
lowers your payment further.
However, Interest
Only Mortgage is not for everyone.
- Beware a potential prepayment penalty
for the first 1-3 years imposed by some
lenders.
- You have to play the “catch up game”
once you begin to pay the principal.
The amount is much more since you
didn’t pay
during the interest only payment
years.
- Think twice before committing
to an Interest Only Mortgage
if it’s the only
way for
you to afford a house.
Marie-Claire Ng may be contacted at dtt@mcvt-groups.com
. Click here to view more of their articles.
How to pay off mortgage in 10 years or
less and build lots of equity from your
home?
www.1a-refinance-home.com
Interest Only Mortgage Advice ClipsWeb Winners: Learn when to refinance mortgage - NWI.com
Mortgage ... online calculators that help you figure out pretty closely what sort of payments you'll be making with a new loan. http://go.philly.com/refin1 Running the numbers. There are more calculators and advice ...
You are not this situation’: Advice for long-term jobless - Joplin Globe
Here’s her advice: For saving money: —Continue to be frugal in order to build up a savings ... If making extra payments on a mortgage or other loans, go back to paying the required amount only. —Defer major ...
Identity theft thrives on automated online bank loan modification programs - Emailwire
IJR suggests anyone debating a loan modification secure the advice of a live person , reserve personal info until submitting to Bank, and do one's research on the website or company your considering to use.
Debt Free by 30 - Including the Mortgage - FOXBusiness
Some stories contain general “how I did X” advice; others are ... and we took out a mortgage for $55,000. We paid off that $55,000 in ten months (using some money we kept in our online savings account at closing,
Roseland-based group gives advice on starting a business - Chatham Courier
rent or mortgage and salaries. The next question is: Where will the money ... Turn to him or her for advice on all business needs. To find one online using the NJSCPA’s free, online Find-A-CPA service, go to www.
Get legal advice before signing quitclaim deed - CharlotteObserver.com
A third reason might be that your husband wanted to avoid having you on the title to the home and on the mortgage as well. Usually ... opportunity to make comments and hold conversations online. However, the ...
|
