More and more potential buyers are placing their financial fortunes in the hands of interest-only home loans. What are the long-term consequences of such a decision? And what could be a better alternative?
Financial times are tough. Just take a look at gas prices. As potential homeowners consider the type of mortgage that would fit most snugly into their bank account, many look toward interest-only Florida home loans. But are these really helpful fiscal options?
Here's a quick rundown of such mortgages:
- Faced with rising housing costs, individuals hoping to keep their monthly payments down consider interest-only loans. Just think about that name for a minute, however. Those with a conventional mortgage pay off interest AND principal with each payment - meaning they're actually moving toward owning their property. However, an interest-only Florida home loan does NOT include princical payments. Your initial bills are, therefore, very low.
So what's the problem? Why isn't this an ideal Florida home mortgage loan?
Because they are too short sighted. When the pre-determined interest-only period ends, payments will sky-rocket. In essence, this is a course of action that simply defers significant bills without building any sort of equity. If you're sure you'll be coming into money in a few years, then this could be the way to go in order to get the mortgage ball rolling. Otherwise, look into a 5/1 ARM or other home loan possibilities.
Internet Marketing Companies Soar in Popularity
Increase your website's rankings and boost your client base. Enter into the exciting, prosperous world of Internet marketing with the help of a Search Engine Optimization firm.
Debt Consolidation vs. Payday Loans
You're saddled with bills and you've probably read about each of these methods. Now it's time to determine once and for all: In order to save time and money, should you sign up for debt consolidation or apply for payday loans?
Should Grey's Anatomy Move to Monday Nights?
Grey's Anatomy has been a television juggernaut for years, consistently topping the ratings charts. But why is ABC considering moving this beloved show to a different night?
