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All about Debt Consolidation loans
Debt consolidation loans can be the answer to a number of financial problems, but before you take the plunge, make sure you're well informed.
What is a debt consolidation loan?
Debt consolidation is when you arrange a single loan to cover a...
FHA Home Loan and FHA Home Loans
FHA home loans have basic requirements that must be met before qualifying for an FHA loan. FHA home loan requirements are standards that allow first time homebuyers the opportunities to meet mortgage qualifications. FHA home loans are easier to...
Home Loans For People With Adverse Credit History
Whether you are planning to purchase a home for the first time or refinance an existing mortgage, plan on comparing lending companies before you accept a financing offer if you have adverse credit history. Sub prime lenders specialize in offering...
How Payday Loans Can Help You in an Emergency
Everyone has unexpected bills that can leave us in quite a
financial squeeze. From that new tire you need for your car to
the dentist bill that left your mouth and your wallet in pain,
no one is free from surprise expenses. If you find...
UK Secured Loans,UK Unsecured Loans,Debt Consolidation Loan,Home Equity Loans,Homeowner Loans,Personal Loans,Loans in UK
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Different Types of Loans
A loan is an amount of money that one party gives to another.
The party that gives money is known as lender and the one that
receives money is known as borrower....
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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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