house loan, Indiana IN
Missouri (MO)
Montana (MT)
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house loan, Indiana IN |
Mississippi (MS) Missouri (MO) Montana (MT) |
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Alabama
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house loan - Indiana IN: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor. Should I consider a Flex-Pay (Interest-Only) loan option? Flex-Pay (interest-only) loans are a good means of either increasing your home purchasing power or maximizing your flexibility to control cash flow. You can save significant amounts of cash for investment, savings, or other expenditures during the first ten years of your loan. This is also a solid strategy to maximize tax deductibility, with more funds available for paying down higher cost, nondeductible consumer debt. With these loans, the minimum payment required covers interest only-you decide how much or how little of the principal to repay each month. These loans should not be confused with negative amortization loans-with Flex-Pay the principal balance NEVER increases. Check to see if your credit line has a pre-payment penalty clause Many NO FEE credit lines have a pre-payment penalty clause, which can be very expensive if you are planning to sell or refinance your home in the next three to five years. Normally, PMI may be removed if you have reduced the principal amount of your loan to 80% or lower than the original purchase price. It also may be removed if you have obtained an independent appraisal stating that the outstanding principal amount of the loan is 80% or lower than the appraised value. Some lenders do not require PMI. Instead, they may increase their origination fee and/or the interest rate on the loan. This can represent a significant advantage to the borrower since PMI premiums are not deductible for tax purposes and mortgage interest is usually deductible. Sometimes the home owner would like to lower the total amount they pay in interest, but cannot afford the upfront costs of getting a new mortgage. However, modern mortgage packages make it possible to minimize or totally eliminate out-of-pocket expenses. |
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