Can you help me fine someone with an interest only Home loan? We have been in our home for only 2 years.?
446801
depending on your credit scores and payment history all conforming lenders and many sub-prime lenders have interest only mortgages. A word of caution. They will recast the loan at some point and you will have to pay the piper. So make sure your home is in an appreciating market not one that is stagnate or even worse declining
125681
If you are over the age of 62, and have equity in your home you could benefit.  This type of loan is best if you intend to live in your home as long as possible.  \nIt allows you to use the equity in your home, maintain title, and never make a payment as long as a borrower lives in the home.\nGet some information based on borrower(s)'s age(s), location, home value, and how much you owe. Then decide if it is right for you.  Best of luck -\n\ncheck out www.reversemortgagefinance.com
283669
If you are definately going to be selling off the house in two years, then just paying the interest is a smart thing to do.  What will happen is that when the house sells, both mortgages will be paid off and you will have the balance to invest in a new home.  The only way you could get in trouble is if your plans change for whatever reason or you are unable to sell your home for it's full value.  Just make sure you are not just spending away what you would have been using to pay down the mortgage and it is being saved or invested.  A number of people get caught in that "spend everything" trap.
134361
what r u tring to say  (hause)  house.  no you can only use the interest from your loan
789047
Contact fannie mae (www.efanniemae.com)  they have recently added some programs for their MyCommunityMortgage thing that is meant to help people like yall.  I work at a mortgage company and we have been able to get people in homes when they had bad/nocredit no savings no down payment no assests. Youd be surprised what you can get if you go through the right lender. good luck!!!
566899
while you might have some equity in the home based on home appreciation, you will have paid NOTHING towards the principal of the loan.  Five years can be a long time, but if you're careful and work the plan well this plan might work for you.\n\nPersonally, I prefer the fixed rate 30 yr mortgage.  After 5 years in my home, I have paid a bit on the principal, plus have built some equity in the home.  But, that's for me.\n\nTo answer the question about the interest.  Well, that's what you paid to the lender to service you with this loan.  In essence, it's gone -- all 5 years of it.\n\nBear in mind that such interest may be deductible from your income when you file your IRS return.  That might be a good thing.\n\nPlease go talk with some other bankers, financial experts, and accountants, and ASK, ASK, ASK.  They are used to it.
892533
I would try my own bank first and see if they have a lsmall loan prgram or credit card that I was applicable for.  The payment will depend on how much your interest rate is and how much time they will give you to pay it back, so if it is 2, 500 and your interest rate was 10% and you had 12 months to pay it back, how much woudl it be?  Figure it out that way, just an example.  also, find out if there is a grace period where if you pay it back within say 30 days thre will be no interest or if you can wait until 60 days later to make your first payment.  Hope this helps!  Good luck!
285863
On a schedule D. It has to be your personal home for the last 2 years to not pay capital gains. Make sure that you add in everything you have ever done to the home while you owned it into the homes basis.(repairs, maintenance) If you are going to buy another rental home then you will fill out 8842 like kind exchanges.
321762
Ours has been discharged now for about a year and a half and we are in the process of purchasing a 4 bdr, 2bth home. So far we have the home but are now looking for a piece of land to put it on. All we had to do was show proof of discharge and what all was paid off in it. Since you have no money to put down I would check around and find out what ya had to have down. If you had to have a down payment I would try to get a co-signer, or look into FHA, HUD or Section 8 or any Government loan programs to see if I could get help from any of them. Good luck and wish ya the best..... :0)
946181
Depends on the state you are in. Check with your bank first. They might be willing to do it. Most lenders won't want to mess with that. A land/home package would be better and get you a better interest rate.
13801
Hi.My real name is Waj.May I know ur location? Actually I work in a Mortgage Company. We provide Home Loans with no down payments and with low interest rates.I am ready to help u out and I live in Houston. If you are in U.S I will surely help u in getting house without down payment. Plz feel free to contact me by email at mailshamsboy@yahoo.com. \n\nThanks.
1172662
Actually I work for a company that consolidates student loans, I can help you. Call 1800 710 0114 first thing monday morning and ask to speak with Yvette. \nI'd be happy to help you and anyone else you know that needs help locking into to the interest rate for this year. Good Luck!!!!
595011
There are plenty of options available to you.\n\nThere is a great free report at http://www.first-time-homebuyers-loans.com that will point you in the right direction.  It is very helpful, but to big to copy it here.\n\nGood luck,\n\nGreg
732061
When you find that dream home, allow our program to help you pay it off quickly.  Go to savingthousandsininterest.com\n\nGlad to be of help!
735798
There are plenty of places around the country where the Real Estate Market is actually shrinking -- meaning that the value that you pay today for the residence in another 3-4 months can be thousands of dollars less.\n\nGiven this, and the fact that a Interest-Only Home Loan is just that -- Interest Only (which means that you are basically renting the residence -- but realize this -- YOU WILL have to pay for Insurance and Taxes in Escrow Account too -- which will ADD to the final payment each month!) -- and that can be dangerous to you financially  for ...\n\nWhat if the trend of the Housing Market to 'correct' itself for these overvaluations continues?  What happens if you need to sell the residence, and given that you have ZERO Equity in the property -- how are you going to absorb a loss that may be in the thousands of dollars?
890447
Personally, I am cautious about interest only loans, because no progress is made on the principal.  A good neutral site I like is at http://www.refinance-and-loans.com/ and they have a section in their topics on interest only refinancing that may give you some good information.  You also could look in their state section for information about mortgages in your particular sate.
210067
I looked into interest-only loans for investing.  I own 5 investment properties, 3 with no mortgages, 2 with just under 27 years left on 30 year fixed.\n\nIn my opinion, interest-only loans are designed to rip-off people who aren't very good at math, or those who have too much money.  Which are you?  If you are neither, compare the various loans looking at parameters that are important to you.  For me, it was the amount I paid in interest and the amount of the total payment (P&I).  I would have done shorter term than 30 years, but with vacancy, I needed a sure thing.\n\nI don't like debt very much, that's why I bought three of the houses with cash.  When I recently re-fied the 2 with mortgages, I kept the existing terms of ~27 years instead of extending out to 30 years.  I am also paying extra principal on the one that I intend to own and keep in the family for generations.  I hope to have that paid off in about 10 years, savings about 100K in interest.  Overall, I am not yet cash flow positive except on the 3 without mortgages, just one more reason I prefer cash.  BTW, these are in Pittsburgh, PA, where you can (or could 2-3 years ago) buy a house in ok condition for under 20K.  The 2 with mortgages are multi-units (triplexs) and around $100K to purchase.\n\nBest of Luck