Georgia mortgage loans is committed to helping you find the right mortgage product for your needs in Redan. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Has any lender ever told you the Interest Only Mortgage was
like a double-edged sword? It can help you achieve your dream of
owning a home more easily, but it also can create a financial
hardship for those who don’t fully understand what’s involved.
In the attempt to lure potential homebuyers, the lenders have
come up with various creative mortgage options. One of the more
popular offers is the Interest Only Mortgage. As the name
implies, with Interest Only Mortgage, the monthly payment will
be applied to the interest portion only. In a traditional
mortgage option, the monthly payment applies to both interest
and principal, even though, in the early years, interest portion
is much more than the amount paid to the principal.
Interest Only Mortgage has become more popular to new homebuyers
for the following reasons: · Since the monthly payment is low,
the savings can be used for personal spending, paying off higher
interest debts, buying furniture for the new house, or even
investing. · The interest paid to the Interest Only Mortgage is
still eligible for tax write-off at the end of the year. · Some
Interest Only Mortgages allow you to make a principal payment
during the interest only period. This helps reduce your balance
the following month which lowers your payment further.
However, Interest Only Mortgage is not for everyone. · Beware a
potential prepayment penalty for the first 1-3 years imposed by
some lenders. · You have to play the “catch up game” once you
begin to pay the principal. The amount is much more since you
didn’t pay during the interest only payment years. · Think twice
before committing to an Interest Only Mortgage if it’s the only
way for you to afford a house.
About the author:
How to pay off your mortgage in 10 years or less and build lots
of equity from your home? www.1a-refinance-home.com