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blaaksheep | Interest only mortgage? |
i am new to mortgages and with my current job etc. i am only able to afford an interest only mortage on the house i am looking to buy, my question is after the term is complete and i am required to pay the full principal for the properety could i take out another interest only mortage ? |
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Tim
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There are different types of interest only loans. Some have a ballon payment (the balance) due at the end.
I have a 10 year interest only, at the end of the term if switches to an adjustable rate loan. We plan to sell in a couple of years so an interest only makes sense for us. |
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wish I were
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I would either wait til you have more money or find a cheaper house to buy. An intrest only mortgage is only good for the lender, not you at all! |
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jargent100
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This is a bad idea all around.
Especially in today's market, if you can only afford an interest only mortgage then you shouldn't be buying the house.
No good lender will give you a 2nd interest-only mortgage on the home. |
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dusmul78
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just make sure there is no penalty for an early pay off, that way you can refinance in a few years when your financial situation is better. |
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BoyRacer
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You would most likely be too old for a mortgage, its risky. Its ok short term but as soon as your finances pick up get a repayment type. Or try to set up a ISA style savings account for the end payment. Be very careful as if it goes on for years you are only paying interest and your equity will suffer if you need to move. Watch for early settlement charges as if you do change your mind down the line you could be stung for thousands. |
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rs19uk
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....it really annoys me when people answer questions and dont really know what they are on about, and never give a source for the information provided!!!
You can do an interest only mortgage and do a fixed rate for 2 or 3 years, then remortgage or just switch to a repayment mortgage when is affordable for you. Also you could start paying into an isa which would still be cheaper than a repayment mortgage. |
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Mark S
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Yes you could, but why would you want to?
Don't you plan on selling it sometime? If you keep refi'ing to interest only you NEVER gain equity. You give free money to the lender. Maybe you should consider something smaller if you can only do interest only. Go smaller, have a fixed rate or a long ARM 5,7,10 yrs fixed then adjusts, this way you are making principal payments.
Doing what you suggests benefits the Bank and the Bank only. This is the type of loan lenders would salivate over if they knew that the owner wants to refi 10 yrs later in another interest only.
Give me a grand a month, I'll invest it on my own behalf- giving myself the interest. We'll do this for ten years and I will give you back every penny that you gave me for those ten years, if you promise to do the same for the next ten years. This is what you are offering the bank. |
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Joseph P
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Interest-only loans give you flexibility, but you need to be disciplined. You don't mention how long the term is - 5,7 and 10 years are common. After the initial interest-only period, your payment becomes a standard principle and interest payment. Financial liquidity is good so I suggest setting up a savings/investment account that you pay into each month. Don't spend the difference between the I.O. payment and the P+I payment. Also, make sure there is no prepay penalty. As long as you have good credit, job, etc. you can refi into another I.O. loan if you want after the first loan's I.O period is over. However - you will be paying closing costs again. |
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mia170107
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yes depending on a few factors e.g age. however a good broker could start u on I.O and gradually transfer to repay. I suggest you see a qualified broker or if you would like some more help email me on quotes@mukconnections.co.uk |
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Catwhiskers
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you would have to have the money to pay back the full amount at the end of the term or your house would be repossessed.
You wouldnt be able to take on another interest only mortgage until you had totally paid off your existing mortgage. |
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ticketoride04
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yes you could do that forever, but you're defeating the purpose of buying RE and soon owning unless you're rolling over.
you cannot have 100% int only loans unless private, there must be some equitiable intrest buildup in a loan, be it only 1%. |
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xenobyte72
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Your house will most likely be worth a lot more when the time comes to settle up the mortgage. At that time, you might not need such a large house, so you could sell it. Pay off the mortgage and buy a small house/apartment with the money. |
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Marko
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You might be able to - but the problem is that you have to re-apply and re-qualify for a loan at that time, and if you don't qualify (e.g., what if you just lost your job, or just bought a new car?) then you're just out of luck.
Most interest-only loans have a fixed rate only for the initial interest-only period, and then change to an adjustable rate and amortize the remaining principal over the remaining years left in the loan.
A really good alternative is a 30-year fixed loan with a 10-year interest only period. The rate remains fixed at the start rate. For example, on a $100M loan, an interest-only payment would be $542/month. You can, of course, pay more than this amount if you want to start paying down the principal. But if after 10 years you hadn't paid down any principal, the entire $100M would then be amortized over the following 20 years at the same 6.5%, with payments of $745/month. This compares to $632/month for a straight 30-year loan. The best part is that you'll be able to lock in now on rates that are still relatively low, and you won't have to worry about re-qualifying later. |
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neogriff
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It would be very unlikely as the terms of an interest only mortgage are that the purchase price of the property is paid in full at the end of the mortgaged period. Bearing in mind that the average length of a mortgage is around 25 years, then you would be unlikely to get another mortgage at the end of the first one anyway as you would be quite a bit closer to pensionable age and therefore be a much higher risk to the lender. |
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My name's MUD
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You should have an interest only mortgage for around 5 years, after that, you should start to pay some capital too, rpayment and interest.
Going interest free is fine, but do try to have some savings too if possible and then you will be able to pay a little extra into it later or have some security to fall back on.
The house MAY increase in value and hopefully your wages will increase too over that time. |
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CLAYTON K
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Go To CKLendings.com and have top nocth companies compete to give you the deal you want on mortgages and it's free . |
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