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Cheap debt consolidation loans - inexpensive way of winning financial freedom
The rising cost of living can force you sometimes to overburden your pocket with loans. It may solve financial issues for the time being but eventually then they are to be paid back. Paying the interest rate on each loan is highly expensive. But it...
Parent Loans or Student Loans – what is going to be best for my child?
Parent Loans or Student Loans – what is going to be best for my child? At least 20% of college students need some type of loan to help pay for their college education. Such a statistic can lead to students graduating with an unmanageable debt load....
Poor Credit Second Mortgage Loans
When bills start to pile up too high, it can be difficult to
keep up with payments. One option to solve the issue of having
too many bills is to seek a second mortgage loan. However, if
your credit is less than desirable to lenders for obtaining...
Secured Loans Guide
Secured loans are becoming increasingly popular due to their flexibility. Basically, a secured loan is one for which you provide some form of collateral in order to cover the amount borrowed in the loan. A secured loan is a loan on which you as the...
Taking the Edge Off of Military Motorcycle Loans
So you have decided you want a motorcycle and you know you need a loan. Being in the military you’re probably moving a lot and one of your main obstacles will be the accuracy of your personal information on your credit report. If your credit report...
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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
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