unixpirate
Pitty Party
K_Jo said:Can you do that to pay for your boobs?
Interest-Only Loan?
- Thread starter CityGrl
- Start date
You are way too late. That is old news. Read the thread.unixpirate said:
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Sassygirl
Guest
workin hard said:
I think the fixed loan is best.
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Katie
Guest
We have a fixed rate loan and got a rate of 6.1%. Our mortgage guy gave us the numbers for every option that we could do. The fixed rate by far was the best, yes we could have gotten a lower rate with the adjustable rate, but the gamble was so high. We already have a good amount of equity of the house because we did put down 20% and avoided the PMI insurance.
kom526
They call me ... Sarcasmo
If you go with the interest only loan, try (with all your might) to pay a little extra every month. All of the money you pay over and above your regular monthly payment goes to the principal. I realize this is pretty much common knowledge but it does help in the long run.
itsbob
I bowl overhand
That depends on a LOT of variable.. the market, how long are you going to own the home, how much home can you afford.. Without knowing each individuals situation, there is no "best" option fit for everyone. Though in the end, you would want to end up with a conventional fixed loan, in the house of your dreams that you will never want to move out of.Sassygirl said:I think the fixed loan is best.
It's like leasing cars. Depending on your situation it could be the best thing in the world to do, or the worst. Totally depends on each individuals needs.
FastCarsSpeed
Come Play at BigWoodys
Just did and 80/20 interest only but I took cash out to build a garage on the house and made sure I dont have a prepayment penalty.. I will build almost 30% equity back in the house by mid summer so then its off to my Credit union for a conventional loan with no fees and a lower mortgage by fall.
As Bob has said the market down here has flattend a little but we surely will not see a dive as with the BRAC we are going to have more jobs coming here and need a whole lot more housing along with the fact that alot of people in VA are starting to get killed by the prices over there and are coming down here in droves.
As Bob has said the market down here has flattend a little but we surely will not see a dive as with the BRAC we are going to have more jobs coming here and need a whole lot more housing along with the fact that alot of people in VA are starting to get killed by the prices over there and are coming down here in droves.
ceo_pte
New Member
Alot of people do this, but I think it's risky... I've also heard of people doing interest only for full term mortgages.... The only thing that maintains the price of the homes are salaries... I know plenty of people that bought houses in the 300's, based on two professional incomes, and they are maxed out. Now the homes in Waldorf are selling for the 400's... I personally don't think families can take much more!
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Sassygirl
Guest
CityGrl said:
