Which mortgage is best for me- 7 year interest only or 30 year fixed? First home (condo) - read details.? - year interest only mortgage
I am happy about buying my first house (apartment) and do not plan to live more than 7 years. I decided to buy because I'm sick and tired of throwing rent money away.
I reduced my choices to 30 years, the loan and interest is fixed, and only 7 years. The mortgage rate is only 7 years for $ 120 per month less than the specified 30 years, which is a lot of money for me.
I am aware also that he be able to make a larger amount of taxes would be removed goes to interest on mortgages, but most people advised me to go with the 30 years fixed.
Please help.
Thanks
Thursday, January 14, 2010
Year Interest Only Mortgage Which Mortgage Is Best For Me- 7 Year Interest Only Or 30 Year Fixed? First Home (condo) - Read Details.?
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3 comments:
Basically, if you go with the interest only, we always throw money every month because they have no scope to bring justice. I know you say that you can pay more on fairness, blah, blah, blah - but believe me - spend at other places.
Go with the 30 - in 7 years, thank you!
She raised the big question. If you do not plan to occupy the property, then I recommend an arm. Before 3 years, 5 years and 7 years available weapons. It was a very bad press lately about the weapons. But it is geared more towards borrowers who intend to stay in the building over a longer period. I commend the arm to your situation. Please contact me if you have any questions or concerns. I would be more than happy to help.
Antonia
Loan Consultant
Gordon Lending Corp.
Only interest should be illegal. If all you pay interest and nothing is off the main added value than ever ASRU. After twenty years, not a percentage of the house. Most interest only loans have a balloon payment at the end and guess what. The nominal value of the original loan. after deduction of interest that still do not buy the house.
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