Compare Mortgage Quotes

eric1 · Posted: Tue Dec 15, 2009 3:20 pm Post subject: Interest Only Loans In NJ

There have been many misconceptions regarding interest only loans. People have wrongly associated them with negative amortization (neg-am loans) loans.

Interest only loans allow NJ borrowers the flexibility or option to pay just interest or both P&I. Why would the flexibility of interest only loans be important? Are you someone who is self employed, earns mostly commission, or has some other unstable income situation? Maybe you are someone who would prefer to put the extra money into a college fund or retirement fund instead of paying down your mortgage. If so, then interest only loans may be right for you.

Many borrowers in New Jersey NJ have benefitted from interest only loans and they are all extremely happy with the choice they made in that loan program. Not all of them are paying only the interest. Many are also paying down the mortgage balance. Every situation is different and you have to choose whatever is best for you.

To see what interest only loans are available in NJ or wherever you are located, then continue to research the topic on this forum or post a follow up question below..

"http://www.dreamhomefinancing.com/InterestOnlyLoan.aspx"

[External link deactivated and deleted as per forum rules]

gmakerley · Posted: Wed Dec 16, 2009 9:54 pm Post subject:

eric, you've made interesting points, and they're relevant since these loans are still available and certainly fit a niche market. what we saw in the last couple of years is that too many unscrupulous lenders allowed borrowers who had no business doing this for themselves to borrow this way. with property values reduced and borrowers taking the easy way out, soon we're dealing with short sales, deeds in lieu and foreclosed properties.

these are dangerous loans and should only be considered if, as eric noted, there are specific reasons to entertain them.

it has always been caveat emptor, and it will continue to be so for years to come.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Interest Only Loans In NJ