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CTyankee (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 04:55 PM Original message |
Anybody out there have an "interest only" mortgage? |
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billyskank (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 04:58 PM Response to Original message |
1. Is that like an "endowment mortgage?" |
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CTyankee (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 05:05 PM Response to Reply #1 |
2. No, it's a straight up mortgage. |
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billyskank (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 05:13 PM Response to Reply #2 |
3. So how is the capital sum repayed? |
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CTyankee (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 05:29 PM Response to Reply #3 |
5. You repay what you owe on the mortgage out of the money you |
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nini (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 05:24 PM Response to Original message |
4. Consider the cost of switching loans though |
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CTyankee (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 05:36 PM Response to Reply #4 |
6. Yes, you mean the fees? |
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nini (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 08:24 PM Response to Reply #6 |
7. yes..the costs can easily be 5,000 or higher |
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flvegan (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 08:46 PM Response to Original message |
8. Couple things... |
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CTyankee (1000+ posts) Send PM | Profile | Ignore | Sun Dec-17-06 02:02 PM Response to Reply #8 |
12. I thought about the reverse mortgage but does it carry any tax benefit |
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Gormy Cuss (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 09:06 PM Response to Original message |
9. What is your current term? |
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hfojvt (1000+ posts) Send PM | Profile | Ignore | Sat Dec-16-06 10:00 PM Response to Original message |
10. I've never tried it |
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CTyankee (1000+ posts) Send PM | Profile | Ignore | Sun Dec-17-06 01:55 PM Response to Reply #10 |
11. I am considering an ARM for 5 years but my current rate is 5.5 and |
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ComerPerro (1000+ posts) Send PM | Profile | Ignore | Sun Dec-17-06 02:13 PM Response to Original message |
13. in your situation, it could work as long as you budget and follow your plan |
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DU AdBot (1000+ posts) | Tue Apr 30th 2024, 04:37 PM Response to Original message |
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