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Additional Details
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candy | Home equity mortgage? Zero down, pay only interests for 25 -35 years, worth or not? |
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will_o_the_west
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Most other answerers forgot something important: real estate prices usually go up over time. Remember that the title stays in your name. So the increase in equity -- the difference between your purchase price and eventual selling price -- will be all yours. (The opposite is also true: you can wind up losing a lot if your house value goes down.)
One legit reason for caution with interest-only loans is that banks differ in how they calculate principal when it's time to settle up. So be crystal clear about what'll happen when you sell.
The other good reason to be careful is that interest rates could go way higher than they are now. Those scary 12% mortgages happened just a couple of decades ago; they can happen again. Will you be able to cover your monthly payments when rates go higher? |
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Jon H
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As a mortgage broker from alberta, canada I can only give you a canadian point of view. Every one needs somewhere to live, rent is an expense and a mortgage is an investment. On average people move every 3 - 5 years because of changing lifestyles. If you have good credit, good job but no down payment why not buy a home with 100% financing, after your initial term is up you will probably be looking to move to another property anyway, but now with equity that you have gained from living in your own home. In canada we have the interest only mortgages for the first 5 - 10 years, you are basically defering the payments. But you do increase you cash flow for the first few years, which if your smart you can invest the extra cash and make lump sum payments. Work with a professional mortgage broker who is ethical and they will show you all the availble options so you can make an informed decision. |
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Poncho Rio
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If you do interest only, you should plan to use the money you are not putting into the house by investing in the market.
I don't see how you would be 'locked in' as you should be able to sell whenever you want.
In reality you are basically renting (and investing in the house) unless you plan to stay there for 30 years to pay it off. Once you pay it off, then you own it.
As for zero down, don't forget you will incure additional costs at closing which I believe is around 2% of the home's sell price. You could be looking at $2000 - $3000 lost right off the bat. I believe the penalty applies to loans with down payments less than 20% of closing price.
Good luck.
Very few people go with this option and most would say it is a bad deal no matter how you look at it. If you are trying to get a house on a shoe-string budget (which is where realtors get people), then it is high risk already since you would be good to have $5000 - $10000 handy in case there are problems. I was out $8000 on my first home for sewage problems that insurance don't cover. That is about the worst case senario but there are lots of things that can go wrong that you won't know about until you've lived there for 6 mo or longer. |
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Floyd B
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Zero down only works in a time of rising values.
You buy for say $200,000 & say you sell a year or two later for $250,000.
Its a big gamble & as often as it might work You could get burned badly if the market goes down & you could only get say $180,000 or less for it.
You would owe the difference of what you owed & what you sold for & wouldn't have a place to call home.
This is happening in todays market place. |
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Hawkeye77
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Yes if you invest your savings in more real estate. Your house will appreciate and you will probably get a new loan anyway. Leverage..........is king |
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Kevin H
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This ones simple to solve, imagine paying 359 monthly payments of 1,000.00 per month = $359,000.00 plus your up front costs in year one. Then having one last payment equal to your original loan amount, due in full, in 30 day's. I cannot see that as worth it at all, except to perhaps the bank. That's why banks push these and people should avoid them. Someday people will hopefully learn that usually whatever lenders advertise the most, is what they profit from the most. |
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desertflower
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Wouldn't this arrangement be ok if you had an ideal location, city, state where housing will always increase... CA NV and others as mentioned by another answerer. This would give the family a good house, equity rising, so that the owner could afford living there and be able to give family a location that works for them.
Another situation... the owner plans to sell soon, but cannot afford a higher monthly payment. |
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Drew
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No just rent if that is all you can get. with interest only you never own the home and relay just a long term renter with a tax ducting that has to fix every thing, and can not move for any reason with out selling. |
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Lisa A
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Why would you ever do that? That's not owning. That's renting, except you have all of the risks and repair bills too. |
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Northwest Womps
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Don't bite....you'll pay through the nose on interest and loose
ownership of your home for 25-35 years. What if you
want to sell, or move...you're locked in. Don't bite. |
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KATHEYCARCRASHER
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If it's an "interest only" yes and no.
You save a few bucks monthly and get a few more back tax time next year- but----
your not building equity up and that could be a bummer |
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Jen
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that's renting with with all the risks of home ownership.who is offering that insane loan? |
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kate
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You NEVER end up owning the house, you never pay principal (only interest),
the lender always owns the house , even when you are old . . . you can't keep up with the interest payments (because they go on FOREVER because you never paid the principal)
Soooo, you get the house re-possessed when you are old and now you are homeless.
Ya, that will be worth it, huh ? |
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