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Real Estate Home Mortgages/intrest only loan
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Question
Hi my nmae is lacey and 3 yeas ago at the age of 25 my husband and I got into an intrest only loan. I know stupid because we had no idea what that was!! Now we want out but nobody will refiance 100% of our loan, so what do we do I want to pay towards principal our home loan is only 120,000.00 please help. THANKS LACEY
The lender will always take extra payments towards principle. Call the mortgage company and see what their policy is on this.
They may want a separate check.
Interest only loans are actually good. They help those with seasonal income manage their finances. I know a few people who pay the minimum during the off-peak times in their business and they pay more when they are making money.
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This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here
Answers by Expert:
Tom Burris
Expertise
I can answer any question regarding Mortgage loans for Purchase or Refinance. I currently work as a Mortgage Banker in Dallas, TX and have experience as a Mortgage Broker. The favorite part of my job is helping First Time Home Buyers. I also consider myself an expert of Credit and Credit Qualifying for a home loan. Many of my loans are the result of showing clients how to credit qualify for a loan after they were denied in the past. We do FHA, VA & Conventional Financing. I have extensive experience in Investor Loans as well. I will NOT answer questions about 'getting around guidelines', ect. Or if I sense that you are trying to call your 'investment' property a primary residence, I will reject the question. I will ALWAYS err on the side of caution if I sense that the question is fraudulent in nature.
Experience
7 years experience as a Mortgage Broker and as a Mortgage Banker
Organizations
NMLS
Education/Credentials
Mortgage Professionals in Texas are required to take many ethics courses and other industry training to satisfy State mandated continuing education requirements.
Site Owner of DallasLoanGuy.com which has lots of free mortgage info for the First Time Homebuyer and Veteran Homebuyer as well.
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