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kenny | I want to pay my mortgage without any interest? |
i really want to finish my mortgage within 10 years....
i really i need help on finding a loan program
that would help me pay my mortgage without interest..
can you please give any sites or info on programs that would help me??
thanks!! |
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Goonhilda
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There is no such thing as an interest free mortgage. You will not get an interest free loan to buy a house, or to refinance your existing mortgage. So don't go looking. They will laugh at you.
Your best bet, if you want to clear the debt in 10 years, is to look at some online mortgage calculators. You can look at the difference a small increase in payments will make to your overall payments. Increase your usual repayment. Even an extra $50 a week is another $2500 off the loan at the end of the year.
You will ALWAYS pay interest on a mortgage. The majority of the payments are interest. So if you pay more off the principal earlier (making extra payments, sooner rather than later) the amount outstanding will have less time to accrue extra interest. That can cut years off your homeloan.
I should know. I'm paying my homeloan out over 5 years, not 25. By doing so, I only pay about $30 000 in interest, instead of $171 000. |
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jelly tots
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that does not exist. No one is going to give you a loan without getting something out of it. It's completely unrealistic. |
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Terry
|
You always have to pay interest on a mortgage. |
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lopst
 |
Sure - in Fantasyland. You will have to pay interest unless you can pay cash. |
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TheOneOfLight
|
Money, like everything else, has a price attached to it. You can't ever get a loan without paying interest. Only way to do it, is to save first, and pay your mortgage in full the day you get it. |
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stan c
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If you have a 30 year mortgage, you'll pay about 70% in interest on the first 15 years. That's how they make their money. If you want to cut down on the interest, request an amortization from your mortgage co that will give you a break down between interest/principle |
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bdancer222
 |
You can pay your mortgage off faster by paying extra toward the principle. Even $10 a month will make a difference. Be sure to mark the extra money as principle only. |
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De Deuce
 |
Your question make NO sense. A mortgage is a loan against real property. As such a LOAN demands that interest be paid while you have benificial use of the money.
If you want to PAY OFF your loan earlier in order to SAVE on certain insterests expense then that is easy to do .
FIRST, make CERTAIN that your mortgage contract does not contain ANY fees, penalties, or prepayment penalties. If you have a GI insured mortgage or an VHA of FHA insures mortgage you should be OK.
Then, ONCE a month, OR as often as you can afford it, you should double up on your monthly mortgage payment. It is called Mortgage Prepayment and it works like this. ALL monies received by the mortgage company over and above that which is due for the period (monthly payment) is subtracted from the principal owed ON THE BACKEND of the mortgage.
Go to ANY web site that will make you a mortgage amortization table and input the particulars of your mortgage, date started, interest rate of loan, total number of payments to be made, etc and you will see ALL of your monthly payments due, the amount of that payment that will go to the interest on the loan and that amount that will to the principal of the loan. Each month that goes by reduces your liability on the loan. On day you have made ALL of the payments and you are out of the mortgage business.
BUT! With prepayment plans, any excess monies are applied to the END of the loan amortization schedule. As such you will be obligated to make LESS numbers of payments then the original schedual called for. How's THAT for getting out of debt faster.
Here's how it's done.
http://blog.lendingclub.com/2007/10/04/prepaying-your-mortgage/ |
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DUDE!!!
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well , when you find a loan institution that dosent charge intrest please please let me know who it is. |
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CaLiFoRnIa
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Try Primerica. They do loans, mortgages, life ins, riders, and securites. |
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