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There are many types of mortgage programs available on the market today. But one non-traditional type of home mortgage loan being marketed to consumers is known as an interest only home mortgage loan. It is sometimes called a balloon mortgage Authentic Evan Engram Jersey , an interest only mortgage is exactly what it the name implies. For the term of the mortgage, you the borrower will be paying only the interest that is due on the home mortgage loan and will not be paying anything back towards the original loan amount.


At the end of the mortgage term, the balance due on the loan will be equal to the full amount that was originally borrowed. This balance will be due, in full, when the mortgage loan term ends.


Why Does An Interest Only Mortgage Loan Sound So Attractive


Obviously Authentic Saquon Barkley Jersey , we would all like our monthly mortgage payments to be as low as possible. With an interest only home mortgage loan, the borrower is keeping his monthly payments to a minimal by paying only the interest that was accrued on the loan in the last thirty days since his last payment. Therefore, this type of mortgage is often marketed to the consumer as a tool which allows the borrower to ?buy more of a home? than they would be able to afford with a traditional home mortgage loan.


To illustrate this let's take a look at the purchase of a $150,000 home. Buying this home with a traditional 30 year fixed rate mortgage with a seven percent interest rate would give you monthly mortgage payments of approximately $1,000. On the other hand Authentic Lawrence Taylor Jersey , if the consumer chooses an interest only 30 year fixed rate mortgage at the same seven percent interest rate, monthly mortgage payments would only be $695. This type of mortgage would be attractive to the consumer who can afford $700 each month, but can not afford $1,000.


For the most part; however, financial advisors will tell you it is best not to choose this type of loan except in rare circumstances. It is generally accepted that an interest only home mortgage loan is an alright choice if you only intend to hold the loan for a year or two and you are being offered a great interest rate. And most of the time Darius Slayton Jersey , interest only loans do come with a great rate, therefore the payment mentioned earlier would be even lower.


Is An Interest Only Mortgage A Good Idea?


In general, it's best not to choose an interest only option for your home mortgage loan. Why? The largest problem with this type of financing is that the home owner is not building any equity into his home. The home will still be considered ?fully financed? even after the mortgage term comes to an end.


But if your home increases in value, this would not be the case. You may not have paid down on your home but because the value has increased, you would be in a winning situation.


Although Julian Love Jersey , If you buy the home during a high market and the value of the house drops or remains the same during the term of the mortgage, it is possible that even after selling the home, you will still have money unpaid from your interest only mortgage.


As you can see, there are times when this type of loan would be wise, such as in investment properties Oshane Ximines Jersey , but if you are buying a home and planning on living in it for many years, it's probably not the loan for you!

As we begin a New Year and a new decade, people across the world have begun or unfortunately already ended their New Year's resolution. Whether it is losing weight, saving money or finishing up that degree that you postponed, many enter each New Year with aspirations of improving their personal lives.

The past decade was one of the most difficult in recent memory Deandre Baker Jersey , from terrorist attacks and an economic recession to multiple wars and hot-button social issues. However, what would really make our lives better is not to make a New Year's resolution that only affects us, but to make a change that would benefit all mankind and begin moving the world in a more positive direction.

Regardless of where one stands on the issues that affected us in the previous decade, everyone has a role to play in where this country heads this decade. Whether one volunteers for a social organization or participates in voter registration drives, the direction we take in 2010 and beyond is not just up to the politicians and judges Dexter Lawrence Jersey , but can be greatly influenced by regular citizens who are eager for their voices to be heard.

In 2008, as America was on the cusp of history, millions of citizens who had never voted before stood up and let their voices be heard and moved this country in a direction that many thought was impossible. If regular American citizens can change the course of history for the better by electing the first minority president, than those same citizens can make a New Year's resolution to have their voices heard on all issues. These issues may include, the ever-growing high school dropout rate in the Black community Daniel Jones Jersey , AIDS in the Black community and escalating violence in the inner-city.

At the beginning of each year, everyone implements their New Year's resolution with fervor and passion that only lasts a couple of weeks. By Mid-January we are off that diet and those plans to re-enroll in school is postponed until the next semester.

What causes us to renege on those New Year's resolutions is that as human beings our passions are more profound than we realize. Although it's great to shed those extra pounds and it can lead to higher self-esteem and self-worth, our real peace in life comes from helping others and making a difference in the world in which we live in.

So as we begin getting accustomed to saying 2010 (twenty-ten) instead of 2009 (two thousand nine) let us get accustomed to making a difference in the lives of others being our New Year's resolution.

Many called the first decade of the new millennium the decade from hell but it is up to us, everyday citizens, not just the elite of our society to make a change for a more heav. Wholesale Nike Shoes Free Shipping [url=http://www.