Should I stay away from a second mortgage interest only loan?
I have been approved for a 1st mortgage at a fixed rate of 7. 38 and a 2n mortgage interest only at 10. 425. This loan is for an investment property. I have been told that the 2nd loan is Home equity line of credit. How much will my payments go up on the 2nd mortgage and should I look for another loan. Thank You- They can be OK if it is a short time thing and you plan to sell or refinance within a year or two. You should talk to your accountant before making any decisions
- Only use the 2nd mortgage for fixing up the property if it needs it. Do not use it for every day purchases. It is good to have for any emergencies and for the tax benefits. The interest that you pay is tax deductible. You can use the money to fix up the property if you wanted at a smaller monthly payment int only, then when you sell property you pay it all off anyway
- Yes and yes. Run for your life. Absolutely no second and no interest only loans ever! daveramsey.com This man knows his s**t and saved my financial backside several years ago. It's not the easy way, but it's in my opinion the only way. Good luck to you!
- unless you have signed the second mortgage just hold on. Write to me your credit score and the amount of loan you want to have. I think that even the rate of interest on your first mortgage is quite high. For a so so credit the rates must be in the higher fives or in lower sixes but not more than 7 as you ar ecurrently paying. Write in details to me at kishaloy_bhowmick@yahoo.com or call at 480. 751. , 4125. I will definitely be able to find the best deal for you from my lenders. regards, kish
- YES! To answer your Q. ARE you fond of living in a house? Do you want to live on the street? STAY AWAY from whoever is offering these loans. Someone has a "target" on your back. You must make a fair living or they would not be even looking at you! Please do not take either offer. Go to someone that may offer you something safer. After interest rates went down lots of loans were made - interest only - . NOW. Those poor folks are being made to sell because they can not afford to pay the notes. You want to go there? Lots of folks with children are looking for a place to live now because of those kinds of loans Good Luck! Please do not do the loans
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- Speak with your banker and have him / her provide you with a monthly installment repalyment amount for duration. Find oout if its affordable before you jump - in to any investments or loans
- No please do not do an interest only mortgage. You will be ruining your financial life. Do a 30 yr traditional mortgage, if you can not afford to then you are buying too much house. Live like a pauper for a few years so you can save a bigger down payment
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Knowledge Base: Second Mortgage Loan
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