Countrywide Home Loans Inc Milford Ct Article

Interest Only Home Loans - Are Interest Only Home Loans Worth It?
By Gressly Stevens

Are you working with a mortgage broker on an interest only home loan? Do you know which situations this loan is actually good for and which it is not good for? There is only one situation that you should ever consider this type of loan and you are about to discover it in this article.

First, the situations that you should never take out an interest only home loan in. If you have good income, have been working for the same company for 2 years or longer, and plan to live in your home for over 3 years, then you should avoid an interest only loan like it is the plague.

Another situation is when you are buying your first home and you plan to stay in it for 3 years or more. They might try to get you to do an interest only loan to keep your payment down, but this does you absolutely no good because you will never build equity and you will lose money on your own home.

So which situation is good for an interest only home loan?

There is only one situation that you should even think about an interest only home loan in. This is if you plan to stay in the home for less than 18 months. This is a very temporary situation and you would not build up much equity in 18 months anyway so you can afford to pay just the interest on the home.

This is usually a loan that is used for people that buy low, fix the home up, and sell high. They are only keeping the home for a short while so an interest only home loan works well for them.

Discover more about Interest Only Home Loans and get your free quote. Go here for more info:

Interest Only Home Loans, Click here

Recommended Products



____________________


mortgage image 1

mortgage image 2

Related Countrywide Home Loans Inc Milford Ct Videos


Countrywide Home Loans Inc Milford Ct News


U.S. Treasury Secretary says changes needed at Fannie, Freddie ... - Thunder Bay Chronicle-Journal

WASHINGTON - Treasury Secretary Henry Paulson says allowing mortgage giants Fannie Mae and Freddie Mac to return to their old operating ways is not an option. Paulson says Congress and the next administration must decide the proper role government ...

Read more...


British house prices fell by record amount in 2008 - WTOP Radio

LONDON (AP) - British house prices fell by their biggest annual amount in at least 56 years during 2008 as credit seized up and incentives to enter the market evaporated amid sliding home values, a leading mortgage lender said Tuesday. The Nationwide ...

Read more...


Congress digs into Madoff scandal today - The Washington Times

Congress gets its first crack today at the $50 billion financial fraud involving Wall Street investing legend Bernard Madoff , with Democrats vowing to use the scandal to spur an overhaul of the government's financial regulatory system. The House ...

Read more...


National Association of Realtors pending sales index drops - Atlanta Business Chronicle

The National Association of Realtors Pending Home Sales Index has dropped to a record low as the housing market continues to weigh on an already distressed economy. The index fell to 82.3 for the month of November. That’s down 4 percent from ...

Read more...


Chinese New Year at Bank of America - Marketwatch

NEW YORK (MarketWatch) - For most of 2008, Ken Lewis, Bank of America Corp.'s pragmatic chief executive, used the bank's relative strength to take advantage of troubled competitors, snapping up mortgage lender Countrywide and broker Merrill Lynch ...

Read more...


Mortgage applications down in latest survey - Forbes

Mortgage applications fell last week, reflecting a slight dip in refinancing after a surge last month as borrowers seized on lower interest rates. The Mortgage Bankers Association said Wednesday its weekly application index fell 8.2 percent for the ...

Read more...


REFILE-UPDATE 1-US mortgage demand dipped before Fed move-MBA - Reuters

NEW YORK, Jan 7 (Reuters) - Applications for U.S. residential mortgages slipped from a five-year high last week as homeowners delayed refinancing ahead of expected federal action to lower housing costs, an industry group said on Wednesday. The ...

Read more...


Countrywide Home Loans Inc Milford Ct Links

Find Mortgage Listings
Your Guide To Local Mortgages. Find Addresses and Phone Numbers.
www.FindLinks.com

Online Mortgage Rates
Rates on Mortgages, Home Equity Loans, CDs, Money Markets and Savings.
BankingMyWay.com

redOrbit.com -- Science, Health, Technology
redOrbit.com is a science, health, and technology news and information portal. Learn something new today!
redorbit.com

Learn to Refinance Mortgages
Learn How To Refinance Your Mortgage Effectively. Get More Info Here.
TradeBlogger.com

Find the Right Loan
Choose from over 100 Lenders
www.mikojo.com

Movies Forever
Movies news and articles. New movies catalogue. Comment your favourite movies.