 Financially, is it better to pay off my car or buy a condo/townhome? |
| I have a year of car payments left. My apartment lease is up in May. I can pay the car off soon, or keep those savings for a downpayment on a condo/townhome. I'd essentially just delay paying ... |
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 How Do I get out of an apartment Lease? |
| I signed for a lease last night and I went back in the area today and seen it was a really bad neighbor hood. Since I have not moved in yet, and not even gotten the keys, can I get my deposit back, ... |
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 What does a Realtor really do? |
| My husband and I recently put an offer in on a house. The realtor that we used is really rubbing me the wrong way! The market here is VERY slow and he is overly desperate for the commission which I ... |
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 Is it a good time to buy a house? |
| I am in NJ. It looks like house prices have come down a little (nothing drastic). Meanwhile interest rates are not going down. Should I postpone buying a house? How can someone keep track of how ... |
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 Can my rent be raised if I am in a lease.? |
If the owner of the shopping center sells his property can the new owner raise my rent or make me leave to tear the building down?
Additional Details
The building hasnt been sold yet but ... |
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 I am moving out for the first time in 3 weeks time, im nervious as im frightened ill go into debt |
| i feel i can afford to move out but im worried i wont afford bills n stuff. my friend is moving in with me. any hints or tips to stop me worrying on how to manage my money and bills better??answers ... |
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 I am on a 3 year rental deal just and wish to buy, can any percentage of the rent be used as my deposit? |
| i wish to purchase the property which i have just started renting, can any percentage of the rent be put towards my deposit from my ... |
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 Why do lower income neighborhoods have crappy lookin lawns? |
the grass is dead in the summer. weeds grow up the sides of the house and over the sidewalk.
Not all houses, but most of them.
Don't they have pride in their property?... |
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 Mortgage help for a first time home buyer? |
| I am looking to get out of renting, and my lease is up in almost 3 months. (end of Dec). Question 1. When should I start looking for a mortgage, to be preapproved or prequalified? Question 2: what ... |
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 Where to adverise my services in Real Estate and Mortgage? |
Want to advertise and marketing my services as a Realtor and a Mortgage Broker in Florida. Anyone knows what is the best way and for free? I just started in the business.
Thank ... |
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 How can i rent an apartment without having a source of income? |
I am a college student, and I was thinking that renting an apartment would be cheaper, than staying in a dorm.
I've reviewed my finances and I have enough for 3 months rent up front.<... |
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 Undisclosed mold? |
| I live in Ohio. I bought an appartment building about a year ago, aparently the previous owner had a tennant evition. The tennant retailiated by plugging all of the drains and turning on the water ... |
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 Should I sell my house asap???? |
| The value of my house went from 360k to 280k in less than a year. I'm 70k short of losing all the equity. I'm afraid, by next year I will probably lose the down payment I put when I first ... |
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 How can I legally terminate a lease? |
I really don't have any problems at my current apartment, but I would like to move from off-campus housing onto on-campus housing at my university.
Serious answers only, and please ... |
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 Is the process of eviction still the same if there is only a verbal agreement? |
| I need to know if the eviction process is still the same if there is no written agreement instead only a verbal agreement and the tenant refuses to move out. If not what should be done about getting ... |
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thatgirl | What are some things i should be wary of, in a 10yr fixed intrest only, loan? |
i am looking at purchase of redondo prop, at 830k, and can live there up to the 10 yr point if nesc. what are the good aspects? the bad? who can i get the best, legitimate rate to compare from? my credit is excellent. thanks |
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it is me
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rockinout
 |
The good is you will have use of the property. However, if you have excellent credit, why put yourself in the position of having no equity in your property? There is really no difference in an interest only mortgage and paying rent...you never have any equity established in the property! You should avoid this if at all possible because who knows where the market will be in 10 years and if you have no equity in your property, you will come out in the hole most likely! |
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carbordan
 |
Hi,
Credit only loans usually are good for the banks and not you.
Generally your interest payments are cheaper but it takes longer to pay off the loan.
For interest only loans, depending where you live, usually the loan allows you to make extra payments of up to $......... Also if you pay your loan off earlier, you will be liable for breaking the loan which can incur a hefty penalty.
Why not try a fixed rate up to 5 years and then reasses itafter that. As you probably know, rates go up and down. If you fix it for 10 years and the rate goes down and down then you are the one loosing out.
Shop around when rates and loans are concerned. Dont just go to the normal bank you are with or lender. Have a coupld of appointments and check out the best loan for yourself.
All the best and congrats on your purchase. |
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TakesSomePersistence
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Look out for early pay off penalties, or other similar fine print. Plus, in 10 years, do you have to refinance? Will you be able to? Even if interest rates are 10 percent? Is the purchase price frozen over the 10 years? |
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stu w
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PENFED is my choice when financing properties, (2/2 arms were the bomb).
Weary of
property value drops due to a terrorist strike in the next ten years (40% chance)
City purchases the condo because it was taken in immenant domain.
You get hurt and need to sell the condo fast, market is slack and you lose some cash by having to liquidate quickly.
You get fired because the economy tanks at the end of the year, you are out of work and need cash, but have no equity to pull out of the property.
I am sure you will much better answers. |
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Gonealot R
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If your credit is so good why are you looking at a interest only loan.. At the end of the 10 years you'll still owe the base amount, not good . |
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AngelwingsFL
 |
Interest-only mortgage loans are like regular home loans but instead of paying monthly principal and interest on the loan, only the interest is paid for the first five or ten years, usually the term of the loan. Interest-only mortgages provide a popular way for homeowners and investors to take advantage of a cheaper and more affordable mortgage option. By only paying the interest on this mortgage loan, the homeowner or investor can invest, what would be their principal payment, in stocks, savings, or a small business.
The bet is the investment will outperform a standard mortgage loan for the first 5 to 10 years. And after the 10 years is up, the interest-only mortgage loan holder will have the money to refinance or pay of the mortgage in a lump sum.
So, why should the prospective home buyer or investor sink his discretionary income into the principal of a standard mortgage loan when he can instead use that principal as a better investment hedge against paying higher mortgage rates, enhancing personal wealth?
http://www.mortgagenewsdaily.com/wiki/Interest_Only_Mortgage_Loans.asp |
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