Can you do a balloon payment on a mortgage and what are the consequences? - what can be done to get rid of a balloon mortgage
And my husband is looking to buy, but I wonder if I could make a balloon payment on a mortgage or do something that their payments are not much, as would be the beginning? I know that might sometime in the next 5 to 10 years and probably get rid refinance the balloon payment in but not sure how this works. We have never bought a house for all this stuff scares me. Suggestions?
Thursday, February 18, 2010
What Can Be Done To Get Rid Of A Balloon Mortgage Can You Do A Balloon Payment On A Mortgage And What Are The Consequences?
4 comments:
I recommend buying a house you can afford with a conventional fixed-rate mortgage for. Everything else is only bring trouble.
The most loans balloon that mark in five years or earlier. One important thing I want in a home is to go home, sit on the chair and forget the world worried for a while.
If you are a loan, as you described back home is a reminder of my world cares.
I recommend you buy a cheaper apartment and get a fixed rate loan of thirty years.
You'll love to own a home, but only if it is a cause for concern.
very bad idea, I do not know what and where it will be in five years, or if the market deteriorates and can not refinance or lose their income, stay at a fixed rate.
Do not trust you on a refinancing to free a lump sum and, knowing that the market will continue. That's what everyone thought in the 80s, while the case of the S & L, people went to the meeting with the payment of a lump sum and the interest rate was 15%, had pranks prank fone jacker many global payment due, as the Arm MTG. today. Everyone thought they were refined and see where they are now in foreclosure. And if you think you can get $ 50K then save your stupid. Living with a revision rate of 15 or 30 years.
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