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The advantage of an interest only loan is that for a predetermined period of time you only have to pay the interest portion of your loan along with taxes and insurance. You do not have to pay on the principle of the loan. This option is best for people who expect to be making more money when the predetermined period is over. The more important question is what are the disadvantages of an interest only loan? Basically you can run across a few problems. The first one is that you are not paying down the principal of the home. That means the amount you bought your house for is still the amount you owe on it after the predetermined period is over. Second, you have to be prepared for the increased monthly payment after the interest only period is over. As mentioned above this type of loan is best for those individuals who expect to be making more money after the interst only period and also for those individuals who can take the difference they would have been paying monthly if the loan were conventional and invest it for the predetermined period.
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Can a home equity loan on one house be transferred to a new loan for a new house?
No
How do you do a bridge loan when there is no mortgage on one house?
How do you do bridge loan when there is no mortage on one house?
What are the advantages of jumbo home mortgages?
A jumbo home mortgage loan is one that is over the standard loan limits set by government sponsored lenders such as Freddie Mac. The biggest advantage to this type of loan is the borrower is allowed to borrow more and is able to purchase a more expensive house.
Where can one find a house loan calculator?
House loan calculators can generally be found on the websites of the companies that you want to get a house loan from, for example Bank of America or Chase.
If you default on a loan in UK can they take your house?
This will likely depend upon the type of loan you took out and whether or not your house was placed as collateral on the loan.
What is an advantage of a shorter-term loan?
less interest paid...
What is the advantage and disadvantage of Loan Capital?
it will produce more interest
Are there any loan companies that will give you a loan for another house if you have not been paying the mortgage on your current house?
No.
Advantages and disadvantages of commercial loan?
Main advantage = money to work with. Main disadvantage = high interest rates. (If there is a low interest loan available, this may tip the advantage in your favor.)
What is house loan?
Housing loan is actually different from mortgage loan. It is a loan that is taken to purchase or construct a house. It may appear the same, but mortgage loan includes loan that is granted again security of a property. It is money borrowed from a licensed money lender or a financial institution primarily a bank. This consist an adjustable or fixed interest rate and payment terms.
Can a husband let the wife take over the loan of a house without her having rights to own the house?
If the loan by the Bank than it will be on your name. Do not pay loan if someone else as name to the loan.
When do home foreclosures happen?
Home forclosures happen when a person who has taken out a loan for the purchase of a house has defaulted on this loan. The house has become the collateral for the business providing the loan.
