I would love 2 get my monthly payment 2 be around $700.00 a month with taxes and insurance included. I owe 140,000.00.
2006-06-21 17:30:43 · 6 answers · asked by jean s 1 in Business & Finance ➔ Personal Finance
interest only loans are no good...you should consider workin two jobs for extra income or maybe rent out a room...and refinance as sonn as possible...
2006-06-21 17:34:15 · answer #1 · answered by joy ride 6 · 1⤊ 0⤋
I would look into a refinance plan for your home. But, talk to a mortgage broker to see what the various rates are for either an adjustable rate mortgage or a fixed mortgage.
While the adjustable rate mortgage will offer you a lower rate and payment than the fixed rate mortgage you will have to go through it all over again in either 3, 5 or 7 years to make sure you do not get hit hard by the inflatable payments of an ARM.
Contact me privately and I will provide you a great broker service to contact for more information. But that give you some key points.
2006-06-21 17:38:36 · answer #2 · answered by gm1957 3 · 0⤊ 0⤋
Are you planning on staying in your home for 30 / 40 / 50 years......You can get a fixed rate, and have the payments over a 30 /40 and 50 year term......to get the payments lower....as you know the interest rates are going up slighly....a 30 yr fixed is at 6.50 par - if you have the good credit needed for a conforming deal.....if you have lower credit, than the rates will be higher (sorry) but that is how it is - Interest only, will pay the interest, but nothing goes toward principle - if you plan on staying there 7 years or 10 years, and know you are planning on selling, than go with a 7 yr or 10 yr fixed rate interest only program.......But you are already in a interest only loan, correct - what is your interest rate now? contact me privately if you choose, or check out my wesite and use the mortgage calculator - www.mycharterwestmortgage.com good luck
2006-06-21 17:49:28 · answer #3 · answered by W. E 5 · 0⤊ 0⤋
find a good credit union that might help. I've heard bad things about interest only loans, you might want to find a good fixed one even if you can't get lower payments. $700 is impossible, 5% would be $750, and there's no way to find anything below 6% these days.
2006-06-21 17:35:52 · answer #4 · answered by Rossonero NorCal SFECU 7 · 0⤊ 0⤋
The best way is to see about refinancing your loan based on the equity accumulate on your home and you may be able to get a lower interest rate.
2006-06-21 17:37:03 · answer #5 · answered by sweetz 2 · 0⤊ 0⤋
You probably can't. More than likely, your house has appreciated. If you refinance now, the interest rates are higher which means you will pay more.
Interest only is meant for people who plan to sell very quickly.
2006-06-21 17:35:19 · answer #6 · answered by Anonymous · 0⤊ 0⤋