Interest Only Home Loan – Is It Right For You?

Written by Carrie Reeder


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How much can you save with an interest only mortgage loan? For loan amounts under 500,000 you can usually save around 10% or more off of your mortgage payment. However, that number can vary depending on your individual situation.

An interest-only mortgage loan can be very beneficial because it can help you save money on your payment when there are other things that you would like to invest your money in. It also gives you flexibility when your income is sporadic and you need to make sure that you will always be able to make your payment on time.

To see a list of recommended interest only mortgage loan companies online, visit this page: http://www.abcloanguide.com/interestonly.shtml - Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and more about various types of loans.


Self Employed Mortgage Loan – Getting A Mortgage When You’re Self Employed

Written by Carrie Reeder


Continued from page 1

B. Do a stated income or no doc loan – These types of loans are done all ofrepparttar time, where you need no proof of income, you only state on a form what your income is, and you do not need to verify it. This can help if you are self employed and want to state your income as it is and not worry about havingrepparttar 148745 lender average out your income fromrepparttar 148746 last two years instead. Make sure you are accurate in stating your income, becauserepparttar 148747 lender may be able to obtain past taxes fromrepparttar 148748 IRS to confirm it. When you do a stated income loan, this will put more emphasis on your down payment or credit score. So, you will usually need one of these factors to be strong if you want to go this route. Most ofrepparttar 148749 time when you do a stated income or no doc loan, you will be charged a slightly higher interest rate because ofrepparttar 148750 extra riskrepparttar 148751 lenders carries.

C. Put together a profit & loss statement stating accurately stating your profits and expenses fromrepparttar 148752 last two years. This can be a time consuming project, but it can sometimes be used as income verification for a lender. It is more usable if you have had it signed or verified by your accountant.

There are many ways that lenders can work with you if you are self employed. There are many programs available to help you and if you have a down payment or decent credit, you are almost guaranteed to be able to get approved somewhere.

To see a list of recommended mortgage loan companies online, visit this page: www.abcloanguide.com/mortgageloans.shtml - Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and more about various types of loans.


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