Cost of Living

[xusnret]

Interest Only Fixed Rate (From NFCU Website)

Interest Only Fixed Rate and Adjustable Rate Mortgages, Including Jumbos
Delays repayment of principal for a fixed period, giving you the opportunity to use the savings for further investments.
Allows you to take advantage of future income growth to purchase a bigger home now.
May provide significant savings if you are planning to re-sell your home at the end of the interest only period.
Pay Interest Only for the first 10 years on a 30 year fixed rate loan program—click here for payment example–or;
Pay Interest Only for the first 3, 5, 7 or 10 years during the fixed rate period on Adjustable Rate Mortgages—click here for payment example.
At the end of the interest only period, the loan will amortize for the remaining term to include principal and interest. As a result, payments will increase.
An increase in interest rates (Interest Only Adjustable Rate Mortgages) can also lead to higher monthly payments in the future.

 

[Chain729]

Re: Interest Only Fixed Rate (From NFCU Website)

Originally posted by xusnret
Loan explanation...

Thanks.

On a side note, I don't like that idea, but its worth learning more about.

 

[itsbob]

Originally posted by BuddyLee
Sorry about your luck. While your paying away college loans I'll be raking in the money.

I think the $113 a month I pay on my 40K worth of student loans was WELL worth it... and doing so got to enjoy college a LOT more.. CLUE.. do the Federal Consolidation as SOON as you graduate.. payments dropped from +300 to 113, and the interst is LESS then 2%

 

[itsbob]

Originally posted by Chasey_Lane
Have you looked into interest only loans? You could EASILY purchase a 250K house and have a mortgage of less than $1000 per month.

Only problem is in three to 5 MAYBE 7 years you get the WHOLE payment.. and if you don't foresee a sizeable increase in your income in the next few years, these loans can be devastating.. You'd be looking at what about $1500 amonth just in principal and interest.. then tack on Taxes and Insurance.. you're over $2000

 

[nomoney]

I have an APR; (I've been in my house for almost 6 years.) and the interest has only gone as high as 6.5. (started at 4.5) and that's where it is now. I've been able to pay off a big chunk of my principal.

 

[Aimhigh2000]

Interest

I got a cool 5% on mine. Not bad. Payments are $850 a month. Thanks VA!