Do You Know the Pros and Cons of Interest Only Mortgage?Written by Marie-Claire Ng
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· The interest paid to Interest Only Mortgage is still eligible for tax write-off at end of year. · Some Interest Only Mortgages allow you to make a principal payment during interest only period. This helps reduce your balance following month which lowers your payment further.However, Interest Only Mortgage is not for everyone. · Beware a potential prepayment penalty for first 1-3 years imposed by some lenders. · You have to play “catch up game” once you begin to pay principal. The amount is much more since you didn’t pay during interest only payment years. · Think twice before committing to an Interest Only Mortgage if it’s only way for you to afford a house.
How to pay off your mortgage in 10 years or less and build lots of equity from your home? www.1a-refinance-home.com
| | You don’t need 10% or 20% down to get a home loanWritten by Syd Johnson
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Zero down and low down payments options Now, many lenders including banks, credit unions and mortgage companies will work with their customers to offer low down payment deals. In addition, you can also do a zero down mortgage. In this case, entire loan amount will be financed so your monthly payments will be higher than it would have been with a down payment. Also, your home mortgage lender might charge you a slightly higher interest for taking on risk of approving a client without a down payment. One of these methods will sure work for your so don’t hesitate to get preapproved for your home loan today.
This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com Syd Johnson Editor
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