165,000 interest only loan for the first 10 years........30 year mortgage @ a fixed rate of 6.85% ???????? my credit score is only a 626 and my income is around 38,000
2007-06-10 17:32:48 · 5 answers · asked by Debbie S 1 in Business & Finance ➔ Renting & Real Estate
If this payment is lower,go for it.
2007-06-10 17:58:58 · answer #1 · answered by (A) 7 · 0⤊ 0⤋
Just a thought. . .I have never liked 30 year mortgages because it costs you just a bit more monthly to pay off in 20 years. That's a lot more interest you pay. If you're refinancing for a much lower interest rate, it's a good idea but if you're like my sister and trying to pull out any principal you've paid, you'll feel like she does now. At 67 she'll be working forever.
2007-06-10 17:39:18 · answer #2 · answered by towanda 7 · 0⤊ 0⤋
Sounds pretty good. A couple weeks ago that rate was much lower. With that score I'd be content with that loan.
2007-06-10 17:38:54 · answer #3 · answered by Kevin B 3 · 0⤊ 0⤋
Be really careful with interest-only. That means you grow no equity for the next 10 years.
2007-06-10 18:42:31 · answer #4 · answered by nicolemcg 5 · 0⤊ 0⤋
sounds good
2007-06-11 10:53:16 · answer #5 · answered by jack 1 · 0⤊ 0⤋