|
|
|
A Methodical Approach to Best Secured Loans
I was always very sure of my analytical and decision making
skills, and was sure of my capability to unearth the best
secured loans. But the significantly larger number of decisions
that one has to make on personal loans had my...
Home Loans and Mortgages – Watch Out for Dangerous Subprime Loans
With the growing interest in real estate purchasing and speculation, more and more lenders are offering “nontraditional” types of mortgages. These include adjustable rate mortgages (ARM) of every shape and size, the more popular interest-only...
Tennessee Mortgage Loans
Whether you live in a big city such as Memphis, Nashville, Chattanooga, or Knoxville, or in smaller towns scattered throughout the state of Tennessee, there are some terrific housing developments being planned. If you ever have considered moving to...
The Traps And Pitfalls Of Payday Loans
Are you looking for some quick cash? Need to fix something or pay for something today, but you don’t get paid for a few more weeks? With many people living paycheck to paycheck, this type of problem is common. Unfortunately, we all don’t have a...
Vehicle Loans - Save Money On Your Next Loan
Everyone likes to save money. Auto loans can carry significant
financial burdens for many people. One way to save money is to
lower the financial burden these loans carry. The best way to
save money on your next auto loan is to improve your...
|
|
| |
|
|
|
|
|
|
Interest Only Home Mortgage Loans - Good Or Bad Idea?
Is an interest only home mortgage loan a good or bad idea for
financing a home? These loans have become very popular and are
one of the many different kinds of financing available for
property.
Opinions vary as to whether an interest only home mortgage loan
is a good idea for the average home owner, with valid points
being made on both sides. If you are in the market for a home
you need to consider all the finance options available to you,
together with your ability to repay them.
Here are some interest only mortgage loan pro and cons to look
at both sides of this kind of financing.
If you are employed full time, single and making a good salary
then an interest only home mortgage loan may not be the best
financing for you. That's because you could pay off your loan at
a lower rate of interest and in less time with a different kind
of loan program.
On the other hand, you could save a lot of money by only paying
the interest. It is possible that if you invested this in a safe
investment you would not only have enough to pay off the
principle on the mortgage, but would also gain a little capital
for yourself at the same time.
This of course is a gamble, because how many people will
actually invest the savings? However, if you have no other
financial responsibilities, it's one you might find attractive.
If you work in seasonal employment, like in the tourist
industry, you may find that paying an interest only monthly
mortgage payment allows you the freedom to pay a minimum amount
when you are in "off season".
But during the time you are working,
you can make accelerated
payments off the principle in addition to the interest.
The risk of paying an interest only mortgage loan repayment is
that the principle is not being repaid. Unless the price of
homes in your area rises, you don't build up any equity in your
home.
Paying the monthly mortgage payment on an interest only
mortgage can become like paying rent. You don't have the safety
net of being able to sell your home to raise cash if you are
faced with some emergency in your life.
As a young professional just starting out on your own, this
might not be an issue you need to consider. But if you are
married and have a family, you should seriously consider the
implications of not having the kind of mortgage that allows you
to build a financial safety net.
Home equity gives you a form of financial security that can
come in handy if you really need to use it. This should be a
consideration when deciding which home loan to choose.
A lower monthly mortgage payment will always look attractive on
paper, but consider all the implications carefully before taking
the option of an interest only mortgage loan as a way of
financing your home.
Copyright © 2005 Credit-Repair-Facts.com All Rights Reserved.
About the author:
This article is supplied by http://www.credit-repair-facts.com
where you will find credit information, debt elimination
programs and informative articles that give you the knowledge to
correct your own credit and credit report. For more credit
related articles like these go to:
http://www.credit-repair-facts.com/articles_1.html
|
|
|
|
|
| Cheap Loans | car, personal & secured homeowner loans ... |
| Compare over 400 UK personal (unsecured) and secured homeowner loans, including car loans, to find the cheapest deals... |
| www.moneysupermarket.com |
|
| E-LOAN: Mortgage Refinance, Home Equity, Auto Loans, Savings ... |
| E-LOAN offers home mortgage, refinance, home equity loans, lines of credit, auto and motorcycle loans, savings accounts and CDs with great rates online. |
| www.eloan.com |
|
| Loan Center - Yahoo! Finance - News, Education, Daily Rates and ... |
| Loan Center - The Yahoo! Finance Loan Center provides useful tips, calculators, and rate data to help you choose an auto loan, mortgage, or personal loan ... |
| loans.yahoo.com |
|
| FREE LOANS QUOTE - the customers champion. Finding you the right ... |
| COMPARE! Let us get you a loans quote with minimal fuss. We're the UK specialists. |
| www.moneyweb.co.uk |
|
| Personal Any Purpose Loans : Loans.co.uk : Personal Loans UK |
| Offers consumer loans for any purpose in the United Kingdom. |
| www.loans.co.uk |
|
| FinAid | Student Loans |
| An education loan is a form of financial aid that must be repaid, with interest. ... The interest rate on the Stafford Loan for new loans first disbursed ... |
| www.finaid.org |
|
| GovLoans.gov - Find the Right Loan for You |
| GovLoans is a partnership of many Federal agencies and organizations with a shared vision - to provide improved, personalized access to government loan ... |
| www.govloans.gov |
|
| Loan - Wikipedia, the free encyclopedia |
| Bank loans and credit are one way to increase the money supply. ... Abuse in the granting of loans is known as predatory lending. ... |
| en.wikipedia.org |
|
| Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans |
| Online lender offers simplified residential loans and competitive mortgage rates. Headquarters in Livonia, MI. |
| www.quickenloans.com |
|
| Mortgage Loans - Compare Mortgage Rates - MSN Money |
| Get a mortgage loan that’s right for you. Compare mortgage loan rates of top lenders. |
| moneycentral.msn.com |
|
| The Student Loans Company Ltd. |
| Provides details of the Student Loans system which is part of the Government's financial support package for students. |
| www.slc.co.uk |
|
| Sallie Mae - Private Student Loans, Stafford, PLUS, Student Loan ... |
| Apply online for federal and private student loans, consolidate student loans; financial aid and scholarship information for college, graduate school and ... |
| www.salliemae.com |
|
| Loan Guaranty Service, Home Page (U.S. Department of Veterans Affairs) |
| This page provides content and information related to the Loan Guaranty Home Loan Program. |
| www.homeloans.va.gov |
|
| Fool.co.uk - Compare Loans - Personal Loans and Unsecured Loans |
| Compare over 200 UK loans including personal loans, secured loans, and unsecured loans. Search all loans and apply online. |
| www.fool.co.uk |
|
| LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance |
| Service network of lenders that enables consumers to compare rates, apply for and get approval for competitive auto loans online. |
| www.lendingtree.com |
|
| Direct Loan Home Page |
| The US Department of Education's lending arm for students in participating schools and student loan consolidation. |
| www.ed.gov |
|
| Personal, home equity loans for union members at Union Plus |
| Union Privilege offers Union Plus benefits -- including credit card, mortgage, loans, insurance, scholarships, health care savings and other discounts -- to ... |
| www.unionplus.org |
|
| Countrywide Financial - Home Loans - Equity Loan Mortgages ... |
| Countrywide Home Loans is the nations largest independent mortgage lender offering home equity, HELOC, refinance, mortgages, debt consolidation and other ... |
| my.countrywide.com |
|
| Secured Loans UK - Secured Personal Loans - accepted.co.uk |
| We search over 200 secured loan plans to find the best deal from our lenders - accepted.co.uk. |
| www.accepted.co.uk |
|
| UK Loans : Personal Loans, Secured Loans, Cheap Loan Quotes |
| The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
| www.ukpersonalloanstore.co.uk |
|
|