Is interest my only option?
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tomas340
Apprentice
Joined: 28 Sep 2009
Posts: 1
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 Posted: 03/31/11 - 07:45 Post subject: |
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| Hello everyone. I need advice or some kind of information.As it is my first, and possibly the last time to buy a house, I have to take a mortgage. Now, i have talked to several lenders, and they offered me only interest option.I do not know if it is good or bad, they say it has fixed and stable rate and that I shouldn't hesitete.What do you think? |
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pierce869
Apprentice
Joined: 10 Feb 2011
Posts: 1
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| Posted: 04/11/11 - 23:36 Post subject: |
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| Well, I do not know what to tell you. There is probably some reason why they are offereing you just that one particular option. Interest only mortgage is not bad oprtion at all, if I remember correctly. But I think that if you have any doubts you should contact some specialist who will advise you what to do, and is that option really the best one for you. This type is, as I know good for jumbo loans , because you won't have to pay much for the rate . I recommend you to contact few lender more, and see what they have to offer as well as to contact a specialist and ask him for advice. |
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margauxmorgan
Apprentice
Joined: 08 Feb 2012
Posts: 24
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| Posted: 02/21/12 - 07:34 Post subject: |
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i think interest only is okay as long as it is not too high
but yes, you can look for other deals and pick the one which best fits your situation 
you can also try and compute the expenses using online calculators, so you'll be prepared
good luck! |
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