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http://blog.makezine.com... |
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Space Ghost | Is in Interest only mortgage a good or bad idea and why? |
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 |
 
SCCRealEstateUNCENSORED.com
 |
First of all THERE ARE NO bad or good loans. Essentially all loans are good, they are just not good for everyone and every situation.
Take for example an option arm, many might tell you that this is one of the worst loans ever. Even I opposse to them everyonce in a while (when it is not the right situation) BUT I have one of these option arm loans on investment properties because it evens out with the rent my tenants pay.
With that said, Interest only loan could become dangerous if you dont have a enough "equity" that you may need when you sell the property to pay for all the costs. Also this MAY not be your best choice if you are planning on staying on your property for a long time. BUT in other circumstances even if you are planning on staying for a long term it could be beneficial.
Like I said with so little information about your future goals, present and future financial stability, etc, etc, it is really hard to give you a specific answer to your situacion. All ANYbody can do here is give you the pros and cons of an IO loan which I think others have already done. NObody will be able to tell you whether it is for you or not without knowing more information about you and your situation.
Good luck. |
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cpd401
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bottom line ... probably not good ...
upside ... (i) you can get into a house with a relatively low monthly payment and (ii) you get the tax advantages of home ownership
downside ... you are not building any equity ... if you borrow $100,000 ... and make monthly payments for 5yrs ... in 5yrs, you still owe $100,000 ... as opposed to a loan with principal and interest payments (P&I) where some portion of your payment (albeit small at first) reduces the outstanding balance ... when you are making a P&I payment, eventually you can own the house "free and clear" ... with an IO (interest only) ... you will never be free of the mortgage.
The thing that concerns me about IO loans (and even some of the 3% down and 5% down programs) is that people who cannot afford a house get lured into it by low monthly payments ... and then the tax bills, home repairs or other expenses that were not planned for put them "behind the eight ball" ... and they risk losing their home.
If you do an IO ... go into it with your 'eyes open' to the risks and limitations that go with it. And try to make addition payments to begin to reduce the prin bal as soon as you can (and be sure there are no prepayment penalties involved). |
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teenriodoll
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You need to understand interest only loans. Essentially you are not paying down the mortgage but the monthly payment does not reduce the principal balance so at the end of the mortgage term, 5, 10, 20 years the balance owed is the same as when you bought the property.
This is beneficial to you because interest only loans give you the lowest possible payments. The negative is that the loan is not amortizing. So you should have a plan to refinance, or sell in the short term. Not a great loan for more than a couple of years. Investors use interest only loans for short terms and wealthy individuals use this when purchasing expensive properties. It depends on your strategy, income, reasons for purchasing the property to determine if Interest Only is good for you. Hope this helps.
Good Luck |
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ICHOOSETOTELLTHETRUTH
 |
Us investment property has listed laws in you state under Mortage Loans in tool box section click to Laws & Statues...then click on you state. From legal resources and more. |
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~Trey
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Hi Space Ghost,
Take what Teenriodoll and one observation said; both are very correct.
Good Luck,
~Trey |
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sexytrojan
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Good if you bought prior to the house appreciating AND you plan to sell before it depreciates.
Bad if you use this method to buy a house that you can barely afford the payments on, and you plan on keeping it. |
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Dan
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You have some great answers already but let me add my two cents if I may. Ask yourself a couple questions and it will determine whether its a good idea for you or not. How long do you intend to live there and how much can you afford for a mortgage payment? If you don't plan on owning it or living it the home for 5 years then interest only is a good option, as the home will appreciate and you'll make enough to pay the mortgage off, pay the Realtor and even possible put some cash in your pocket. If you are trying to get as much home as you can for as little monthly out of your pocket (basically robbing Peter to pay Paul theory) then yes interest only is a good option. Keep in mind that is an investors mentality and not a great idea if your not Real Estate savvy. I hope this helps you but if you have any questions or need any help please email me tadgeman@yahoo.com. |
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satarnag
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Currently there is a small gap between a fixed rate and a interest only rate. That said, I still like to pay as little as possible to a bank whenever possible.
Regards |
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Tamara
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In todays market, it's a very bad idea. With interest rates going up, many people have found that their mortgage payments have gone up significantly and can not afford to make them..Now there's a threat of loosing their home. |
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james
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Try this website
http://www.realtyhelpusa.com |
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