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| *Loan,banking and credit>>>commercial loan |
Are the commercials true that you can get a home loan for like $150,000 and only pay $500 a month? |
Are they serious about this. How good does your credit have to be? How much money would you have to have put down? Would you need a cosigner if you only have a 5 year credit history? Don't trust commercials. Go to reputable lenders and get several loan quotes. Often the fine print says that the first month's payment is $500. The second month's payment could be much higher. Also, this could be the minimum payment required, not the full payment necessary to pay off the loan in 30 years. There are so many factors involved. Location and condition of home. Prices of homes in the area. Your credit history. Your income and other debts. How much you can put down. Talk with a professional. It will not cost you anything because they are competing for your business. There are many loan products available. Ask about each, not just the lender's favorite. Pick the one that is right for you. Yes, it is true. It is an interest only loan. You will only be paying interest on the loan, and NONE of the principle. You have to have pretty good credit to get this kind of loan, but I don't recommend it if you can avoid it. By taking this loan, you will not be building any equity in your house. Down payments vary, and you probably wouldn't need a co-signer if you had great credit. You can. It is negative amortization. Your are back logging interest for a short period of time. This means you owe more after paying for six months than you did when you purchased the house. If you plan on living in the house, this is a very, very bad idea. If you are going to buy, fix it up, and quickly sell it, this can be good. I am a mortgage broker. No it is not true. The loan rate may be $500 but all the other fees like insurance gets tacked on at the end. So you pay 1200 or more depending on your credit. The problem with these types of Mortgages is they are one of two types, an ARM (Adjustable Rate Mortgage) or Interest-Only mortgages. On an ARM, as interest rates go up, so does your payment. on Interest-only, you are only paying interest and don't pay off any principal unless you fork over extra cash. So, yes these commercials are true, but they are deceptive in their nature and a classic mortgage is a safer way to go even though you may have to have a smaller home. it's called an "option arm" loan. The 500 dollar payment is the minimum payment which is a partial interest payment. You would be deferring a portion of the interest and your loan balance will go up over time. Your credit can be so-so. Do some research on the loan, if you feel its the way to go for you, then by all means apply. |
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