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Bad Credit Home Loans
There was a time that seems like decades ago when people with less than pristine credit were not able to get home loans. At that time people with bad credit were all but assured that their dreams of homeownership would never come to fruition....
Bridging Loans
A couple of years ago my wife and I were in the process of
selling our house. We were pretty sure we had found a buyer and
had agreed on a price acceptable to both them, and us but they
wouldn't be able to buy our house for about three months....
Business loans for startups. How to get approved.
Businesses have trouble securing finance at the best of times. Normally you have to have two years of solid financials before a money lender like a bank will even consider lending you money. Often you need to have a strong personal credit record to...
Home loans - discovering capital in your home
See what you do when you find the home of your dreams and not the money. You take home loans. Home loans are easily available and very appropriate for someone looking for home loans. Home loans have the most attractive conditions associated with...
The Best FHA Home Loans
FINDING THE BEST FHA HOME LOANS
For many, finding the best FHA home loan should not be a
problem. Although there's a number of different kinds of FHA
homes loans, in this article we'll talk about just 2 of them.
For most first time home...
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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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