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A Brief History of Loans
No one can say for certain where the history of loans began… it's likely that people have been practicing lending and borrowing for as long as there has been a concept of ownership. The history of loans can be documented at least several thousand...
Finding the Consolidation Loans that You Need
Consolidation loans can be very useful in a number of circumstances… they can be used to consolidate multiple loans at a single institution, to eliminate debts and combine them into a single monthly payment, and even refinance old loans into a...
Home Loans – Repair Your Credit Before You Buy
Before you take out a home loan or make any major purchase, you should be aware that any prospective lender will want to take a look at your credit report. Your credit report is a record of all of your past financial dealings, and any loans, credit...
Personal loans - how to make sure you get the best deal
If you are in need of obtaining additional money quickly, then your main choices are using a credit card or obtaining a personal loan from a bank, building society or from a specialist loan company. For short term borrowing credit cards can be...
Secured Loans Information
A secured loan is a personal loan which is generally offered to home owners. In a typical secured loan, the home is used as collateral against the loan, meaning that should you be unable to maintain the loan repayments, your home will be at risk. ...
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Balloon Home Loans - Be Careful
In this modern economy, lenders provide loans tailored to just
about any situation. Balloon loans are one such loan, but carry
a serious downside if you're not careful.
Balloon Loans
A balloon loan has nothing to do with hot air or floating around
the world in 80 days. Fail to plan very carefully when using one
of these loans, however, and your financial world will
definitely go down in flame like the Hindenburg.
A balloon loan is a mortgage with a fixed interest rate for a
set period of years. Unlike traditional fixed rate home loans,
the interest rates on balloon loans are nearly as low as those
found on adjustable rate mortgages. The problem with balloon
loans, however, is the term.
While balloon loans provide a low fixed interest rate for a set
period of years, those years are not in abundance. Instead of a
fifteen or thirty year repayment term, a balloon loan typically
has a term of seven to ten years, depending upon what the lender
was willing to give you. At the end of the term, you must repay
the balloon loan in full. Yes, in full. Let's take a look at how
this can play out.
In 2005, you find a home you love but can't qualify for a loan.
You are so engrossed with the loan that you eventually
locate a
lender willing to write you a balloon loan. The loan is for
$400,000 and has a 7 year term. At the end of the seven years,
you've paid the loan down by $50,000, but still owe $350,000.
Somehow and someway, you must come up with that $350,000 to pay
off the loan. If you don't, the lender will foreclose on the
home.
Every borrower that goes with a balloon loan fully intends to
refinance the property before the balloon blows. While this
makes sense, you have to keep in mind that refinancing is no
sure thing. Maybe you can, but maybe you can't. Also, we are
experiencing some of the lowest loan rates every seen. Chances
are very strong that in seven years, rates are going to be much
higher. Are you really going to be able to afford those rates?
Balloon home loans are all about seeing the future. In essence,
you are pulling out the tea leaves and betting on rates in 2012
or so. If you get it wrong, your financial life can become a
nightmare.
About the author:
Dan Lewis is with http://www.gwhomeloans.com - a San Diego
mortgage brokers providing San Diego home loans. Visit
http://www.gwhomeloans.com/services.html to learn more about
options on San Diego mortgages from a San Diego mortgage broker
company.
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