Different Types of Mortgages Q: We are selling our current home and plan to buy a new one. What is best for financing the second until the first sells? We have an equity line that would cover most of it. I hear about bridge loans, second mortgages and deferred payments. We would like to keep the monthly payments as low as possible; what is our best option?
View Answer Q: What kind of mortgage is best for me?
View Answer Q: I am confused about the mortgage programs being offered to me. I have received a commitment packet and was told I am approved with conditions, which appear to be minor. I filed bankruptcy 2 years ago, but have a coborrower who has excellent credit (score in the 700's). I was offered a 2/28 fixed/adjustable rate mortgage loan with a 5 year interest only period; according to the paperwork it would adjust every 6 months. I did not like this because my goals are set for a minimum of 5 years. (My car will be paid off in 3, my bankruptcy would be 7; I would have equity in my home and would like to refinance in the 5th year for a better interest rate).
Can you explain the type of loan I'm being offered? Will I build equity with this type? Are there any advantages or disadvantages? I was also offered a 30-year fixed with a 5 year interest only period. Can you explain this type of loan? Can you refinance an interest only loan?
View Answer Q: What is all the flap about the payment-option mortgages? I keep reading very negative articles, but have also heard they can be good. What is your take on this?
View Answer Back to FAQs |
