 Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.58 Dollars($)
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 Posted: Mon Sep 26, 2005 11:53 pm Post subject: RE: |
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Hi Paul
Welcome to the MortgageFit forum.
You can apply for an interest-only mortgage which will allow you to pay only the interest for a fixed period after which your monthly payments will include the principal and interest. This option also allows you to pay any part of the principal during the interest-only period. This will help you to sell the house if you can get a buyer within a short time.
You can also opt for a 6 months flexible/closed mortgage which is available as conventional loan as well as an insured mortgage. This kind of a home loan offers you several payment options like weekly, bi-weekly, semi-monthly as well as monthly payment options. This sort of a flexible mortgage allows you to prepay up to 15% of the principal loan amount. You can also increase your monthly payments by 15% of the payment set for the current loan term. This kind of a loan can also be converted to a 1 year fixed rate mortgage or a loan having a longer term.
Hope you have benefited from this information.
Please feel free to send us your feedback. Also, sign up with us at http://www.mortgagefit.com/signup/ for free consultation on further queries.
Regards,
Caron. |
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