Current Home Mortgage Interest Rates California 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 Current Home Mortgage Interest Rates California Videos


Current Home Mortgage Interest Rates California News


U.S. Treasury Secretary says changes needed at Fannie, Freddie ... - Canada East

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 post record drop - Gulf Daily News

LONDON: House prices in Britain last year fell by their biggest annual amount in at least 56 years, as credit seized up and possible buyers stayed out of the market, a leading mortgage lender said. The Nationwide building society yesterday said house ...

Read more...


Britain set for record-low interest rates - Times of Oman

LONDON: The Bank of England will Thursday slash interest rates for a third month running, bringing them to their lowest ever levels as Britain readies to join a growing list of nations officially in recession, analysts said. British interest rates ...

Read more...


National Association of Realtors pending sales index drops - Houston Business Journal

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...


SEC Role Under Scrutiny in Madoff Scandal - Law.com

Two more months of mortgage payments and retiree Allan Goldstein says he'll be broke, just another victim in what may be the biggest Ponzi scheme in history. Goldstein, 76, was among the thousands of investors who trusted Wall Street figure Bernard ...

Read more...


US set for further mortgage rates fall - Financial Times

US mortgage activity slipped last week, however mortgage rates for home owners are on track to fall much further as the Federal Reserve implements its plan to buy securities. The latest weekly data from the Mortgage Bankers Association on Wednesday ...

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...


Current Home Mortgage Interest Rates California 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 Videos
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

Free videos! The most popular on the web.
Watch the webs leading videos on Mevio.com
mevio.com

Free Ringtones
The technology behind ringtones is not that simple and has prevented a lot of illegal downloads.