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 kenl314
Ranked Lender
Joined: 12 Apr 2006
Posts: 52
Location: Brentwood, NH
21.38 Dollars($)
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 Posted: Sun Nov 19, 2006 7:55 pm Post subject: Wondering about "Interest-Only" and "Payment- |
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Hello all new and old visitors to the Forum. If you're thinking of trying one of these eye-catching low payment mortgages, think again. Take a quick read about it on my mortgagefit Blog- link below.
If anyone has any comments or questions, feel free to post them here.
Kind regards,
Ken L.
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For some interesting insight, please check out my Blog @ http://homequitybuilder.mortgagefit.com
Or visit my website at www.homequitybuilder.info |
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mary
Guest
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| Posted: Thu Dec 28, 2006 10:24 pm Post subject: |
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Hi Ken,
I was going through this site and came across your blog. You have mentioned the AMF. Can you show me some calculations as to how much one can save by the AMF rather than by an interest-only loan? Thanks. |
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Caron
Moderator
Joined: 19 Jul 2005
Posts: 1562
Location: florida
266.58 Dollars($)
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| Posted: Thu Dec 28, 2006 10:40 pm Post subject: RE: the alternative mortgage fund |
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Hi Mary,
Welcome to our forums.
The AMF or the Alternative Mortgage Fund is a combination of a fixed rate and adjustable rate loan. It's a product for which you need to pay more principal and less interest for the first 20 years as compared to a typical 30 year fixed rate mortgage.
For the rest of the details, I think Ken will be the right person to explain them as he has actually developed the product and he can provide you with the exact calculations too.
Thanks,
Caron.
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Mortgage Shopping made easy with booklet |
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kenL
Guest
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| Posted: Fri Dec 29, 2006 10:59 am Post subject: AMF & the exotic mortgage- 2 very different mortgages |
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Hello Mary- Thanks for the inquiry, and good to have another on this website and this forum. A lot of mortgage knowledge available here, from people like Caron, Samantha, etc.
The AMF is a product that my company has created and developed, and we are now working with a couple of options in trying to bring it officially to the marketplace in the most efficient manner. Hopefully you'll read my first article on my Blog which gives a brief overview of the AMF and its benefits vs. the traditional fixed rate mortgage.
The AMF is NOT a means of paying the least amount of money every month out of your pocket. The AMF is essentially the "anti- payment option ARM/ exotic mortgage". The AMF is designed to use the same monthly payments that you normally would pay in a conventional fixed rate mortgage, but the AMF allows you a faster Principal paydown. This additional principal paid is money in your pocket when you decide to sell your home or refinance.
If you have any other questions or comments, please feel free to email me directly at: .amfinfo@comcast.net
Have a good New Year. Regards,
Ken L.
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Need help choosing the right loan? Get free consultation from community lenders/consultant |
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Mary
Guest
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| Posted: Sun Dec 31, 2006 8:08 am Post subject: |
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| Thanks caron and Ken. Shall read the blog and consult you for further queries. |
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