Beware of Balloon Mortgages This is a mortgage where the one payment, usually the last one is bigger than any other payments. Balloon Mortgages are usually set up like a regular 30 year mortgage except that at some date in the future, a large balloon payment will be due. The balloon payment is typically the entire balance of the mortgage. The due date of the balloon payment … [Read more...]
Pros and Cons of Interest Only Mortgage
Do You Know the Pros and Cons of Interest Only Mortgage? 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 … [Read more...]
What are “interest only” mortgages?
Basic Concept What are "interest only" mortgages? Mortgages are considered to be “interest only” if your monthly payment does not cover the entire loan payment due, that is the mortgage interest and a payment to decrease the loan principal. Every month you are paying the interest only and this means that the loan is literally not going away. The purpose of setting up an … [Read more...]
What are Beneficiaries ?
Beneficiaries can be an important thing for your financial needs. If you have a trust or life insurance policy you will need to see what is a beneficiary. This is so that you can give death benefits to people you chose. Here are some parts to check out for this part of an investment. When asking what is a beneficiary it will help to see some things. A beneficiary is someone … [Read more...]
How to Calculate your mortgage online?
Calculating your mortgage online Mortgage calculators are very useful when it comes to giving you a good idea about your mortgage loan. With these calculators you can analyze your loan options depending on your finances as well as a few other factors. When you are looking for mortgage in order to be able to buy a new house, you can make use of a mortgage calculator. If you … [Read more...]