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A Beginner's Look at Secured Homeowner Loans
Secured homeowner loans come in a variety of different types and amounts, and are intended for a wide variety of uses. These loans can be used for the same purposes as most personal loans… they can allow you to purchase a new car or other vehicle,...
A Guide to Cheap Loans Online
Looking for cheap loans online can sometimes be a taxing process… between not knowing exactly where to look and wondering what's required in order to get cheap loans online, you might find yourself wondering if you're not better off taking a higher...
Construction Loans- Good as an Interim Measure of Financing Construction Activity
Construction of your house is going on at a normal pace when the depleting finances threaten to disrupt the process. The derailment in the construction activity will significantly increase the cost of construction. If arranging finance within such a...
Guide to Secured Loans
Here is a useful guide to secured loans. A secured loan is a loan that a lender provides on the understanding that a property is secured against the loan. Secured loans are also commonly known as a homeowner loan, home loan or home owner loan. ...
Short term loans - expanding financial scope during crisis.
This world is so economically unsteady that you cannot always remain geared to face it. When you are faced with emergency financial situations, short term loans are ideally the best way to overcome them. Short term loans are debt instruments to...
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Interest Only Loans. Before you make a decision, read this information.
Interest only loan is the one that gives you the possibility of paying only interest as your monthly payment. In that way you will pay a very reduced amount of money as your monthly payment; compared to the amount of money you would be paying if you add the principal to your monthly payments. Interest only loans can be 30-year fixed-rate mortgages or adjustable rate mortgages. You may find interest only loans on the market, for the first three, five, seven or even ten years. Home prices are continuously raising, so many buyers are choosing the interest-only loans option to reduce their mortgage payments and gain more financial freedom.
You may find an excellent source of information about Interest Only Loans at: www.findhomeloansonline.com
The biggest advantage of an Interest only mortgage is that you will have a reduced monthly payment; in that way you will count with extra money for other purposes. But, on the other hand, the disadvantage of it is the fact that you will not be paying anything towards the principal balance of your loan. It's important to fully understand the risks, when you decide to buy a property with an Interest only Loan. For the lender, the big advantage is that all the lender's money will be busy earning interest and none will be unprofitable return of principal, which
the lender then has to lend to another borrower to keep earning interest.
During the interest only term your monthly payments are as low as they could possibly be, and you may qualify for a bigger property as well as for a bigger loan amount at the same time; and your whole monthly payment qualifies as tax deductible interest during the interest only period. If you are like most first-time home buyers, you will probably keep your property for a few years only, and then you will be moving up to a better home. Mortgage principal reduction then isn't important to you. An interest-only mortgage could be ideal for you.
It's important to understand that during the period of time you are holding an interest only loan, your property is building equity just as if you would be holding a fix rate mortgage. The type of loan you choose to buy your property will not affect the equity of your home.
About the Author
My name is Robert Moore, and on my over 10 years of experience working on the mortgage industry I have learned that the biggest mistake a borrower may make is to get a loan without getting enough knowledge of what is the best program on the market.
To learn more about Interest Only Loans, please visit:
www.findhomeloansonline.com
Copyright 2005 Robert Moore, All Rights Reserved.
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