Planning to sell my house but market is really bad... So is possible to refinance this one and do and interest only loan ??(keep this house for 3 more years rented or so) and buy a new one, with and interest onlu loan againg I'm a little confuse... Sombody help???
2007-03-11 13:52:26 · 3 answers · asked by Paquita G 1 in Business & Finance ➔ Renting & Real Estate
Sure, if you have enough income and your credit is good. But do you really want to? Not only do you have the responsibilities of a landlord but you then would have 2 properties going down in values. Also there are tax consequences changing a property from your residence to a rental.
2007-03-11 14:14:20 · answer #1 · answered by Anonymous · 1⤊ 0⤋
DO NOT get an interest only loan! That's financial suicide! That's why there are so many foreclosures right now! Check out www.suzeorman.com and run a search on it.
2007-03-11 21:01:32 · answer #2 · answered by tieia 4 · 0⤊ 0⤋
of course you can do that; as long as you get approved for a loan;
and with the current market prices for houses, you are making a smart decision by holding on to the house
2007-03-11 20:57:50 · answer #3 · answered by NJchick 3 · 0⤊ 0⤋