Comments for Post Office Mortgages.Org http://postofficemortgages.org Increase your chances of your approval with these great tips! Sat, 13 Nov 2010 19:39:04 +0000 http://wordpress.org/?v=2.9 hourly 1 Comment on Can someone please explain the difference between an Interest-Only loan and a 30 year fixed loan.? by myohmymyohmy http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/comment-page-1/#comment-230 myohmymyohmy Sat, 13 Nov 2010 19:39:04 +0000 http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/#comment-230 interest only, you only pay the interest of the loan, your principle stays the same, won't go down in time and it won't pay off...there are two options for that, you can pay the whole interest and your principle stays the same or you can choose to pay the very minimum and the difference of the unpaid interest will be add up to your principle.(very bad choice). now, with the fixed 30 yrs, your rate stays the same and you can pay your loan off in 30 yrs time. interest only, you only pay the interest of the loan, your principle stays the same, won't go down in time and it won't pay off...there are two options for that, you can pay the whole interest and your principle stays the same or you can choose to pay the very minimum and the difference of the unpaid interest will be add up to your principle.(very bad choice).
now, with the fixed 30 yrs, your rate stays the same and you can pay your loan off in 30 yrs time.

]]> Comment on Can someone please explain the difference between an Interest-Only loan and a 30 year fixed loan.? by dfrank04401 http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/comment-page-1/#comment-228 dfrank04401 Sat, 13 Nov 2010 18:51:45 +0000 http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/#comment-228 I believe in an interest only loan, over time, the principal does not go down. In a 30 year loan, the principal gets paid down slowly at first, but at the end of the 30 years, your mortgage will go away. With the interest only loan, you are only paying the interest which may make your payment lower, but in the end you will still owe the principal amount on the house. I hope this helps. I believe in an interest only loan, over time, the principal does not go down. In a 30 year loan, the principal gets paid down slowly at first, but at the end of the 30 years, your mortgage will go away. With the interest only loan, you are only paying the interest which may make your payment lower, but in the end you will still owe the principal amount on the house. I hope this helps.

]]> Comment on Can someone please explain the difference between an Interest-Only loan and a 30 year fixed loan.? by godged http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/comment-page-1/#comment-232 godged Sat, 13 Nov 2010 14:50:28 +0000 http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/#comment-232 Interest only is just that, you are only paying the interest and nothing off the principal. In most cases, this is a bad choice. Some interest only loans are adjustable rate mortgages (aka ARM) and the interest rate goes up throughout the term of the loan, thus increasing your payment significantly. This can be a really horrible choice in most cases. Fixed rate means that your interest rate is fixed at a specified percentage rate. For instance, if you obtain a 7% loan today, it will be at 7% interest for the life of the loan. Find a good mortgage broker in your area (no 'net lenders please) who can walk you through the various programs that are available. Interest only is just that, you are only paying the interest and nothing off the principal. In most cases, this is a bad choice. Some interest only loans are adjustable rate mortgages (aka ARM) and the interest rate goes up throughout the term of the loan, thus increasing your payment significantly. This can be a really horrible choice in most cases.

Fixed rate means that your interest rate is fixed at a specified percentage rate. For instance, if you obtain a 7% loan today, it will be at 7% interest for the life of the loan.

Find a good mortgage broker in your area (no 'net lenders please) who can walk you through the various programs that are available.

]]> Comment on Can someone please explain the difference between an Interest-Only loan and a 30 year fixed loan.? by hirebookkeeper http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/comment-page-1/#comment-226 hirebookkeeper Sat, 13 Nov 2010 11:36:23 +0000 http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/#comment-226 The interest only loan is still amortized (calculated) over a 30 year rate. The difference is you only have to pay the interest and not the principal.And you have to pay it off or refinance in a shorter time period, like 10 years. Keep in mind, the most of any payment in the first few years of a loan goes to interest. So look up a mortgage calculator on the internet, plug in the purchase price, put in 30 years, then see what the principal & interest payment is, then you can see what the interest payment alone is. The interest only loan is still amortized (calculated) over a 30 year rate. The difference is you only have to pay the interest and not the principal.And you have to pay it off or refinance in a shorter time period, like 10 years. Keep in mind, the most of any payment in the first few years of a loan goes to interest. So look up a mortgage calculator on the internet, plug in the purchase price, put in 30 years, then see what the principal & interest payment is, then you can see what the interest payment alone is.

]]> Comment on Can someone please explain the difference between an Interest-Only loan and a 30 year fixed loan.? by keoh6 http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/comment-page-1/#comment-227 keoh6 Sat, 13 Nov 2010 10:50:02 +0000 http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/#comment-227 With an interest only loan you will be doing that just paying interest with the minimum payment. Nothing will go to the principal unless you pay extra. They are for different terms usually and then you must refinance an example is 5 years. With a 30 year fixed you pay interest and principal from the beginning. The interest only is generally less per month. With an interest only loan you will be doing that just paying interest with the minimum payment. Nothing will go to the principal unless you pay extra. They are for different terms usually and then you must refinance an example is 5 years. With a 30 year fixed you pay interest and principal from the beginning. The interest only is generally less per month.

]]> Comment on Can someone please explain the difference between an Interest-Only loan and a 30 year fixed loan.? by DJ B http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/comment-page-1/#comment-231 DJ B Sat, 13 Nov 2010 09:54:21 +0000 http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/#comment-231 You should check with an expert, a loan company. People here don't always have the facts straight. An interest only loan is just what it's called, you pay only interest no principle. Only problem with those loans, it doesn't take long for you to be upside down and owe more than the home is worth. So please do us all a favor and talk with a competent loan officer in your community, have them pre-qualify you so you have the facts about what you can afford or are comfortable with payment-wise, then find a Realtor to help you find your home. You should check with an expert, a loan company. People here don't always have the facts straight. An interest only loan is just what it's called, you pay only interest no principle. Only problem with those loans, it doesn't take long for you to be upside down and owe more than the home is worth. So please do us all a favor and talk with a competent loan officer in your community, have them pre-qualify you so you have the facts about what you can afford or are comfortable with payment-wise, then find a Realtor to help you find your home.

]]> Comment on Can someone please explain the difference between an Interest-Only loan and a 30 year fixed loan.? by gabe M http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/comment-page-1/#comment-229 gabe M Sat, 13 Nov 2010 09:08:53 +0000 http://postofficemortgages.org/159/misc/can-someone-please-explain-the-difference-between-an-interest-only-loan-and-a-30-year-fixed-loan/#comment-229 I cant tell you exactly an interest only loan is, but i've always heard to avoid them, also to avoid the ARM(adjustable rate mortgage) if possible. I have a 30 year fixed with 8.5 percent interest, fixed meaning i know exactly what my payment is every month , it will not fluctuate, I pay 425 per month on a loan for 55,000. Most of this goes to pay the interest cuz they gotta make money for loaning it to me. About $40 of it actually goes to pay for the house each month(the principle), the rest goes to interest, however as time goes on this gradually increases. I also have the option every month to pay any amount extra on my principle which will save me money the more I pay on it in the long run. I pay extra on it when i can. If i never pay extra and just made the minimum payment for 30 years i would end up paying like well over 100,000 for a loan of 55,000. Hope this helps you some. I cant tell you exactly an interest only loan is, but i've always heard to avoid them, also to avoid the ARM(adjustable rate mortgage) if possible. I have a 30 year fixed with 8.5 percent interest, fixed meaning i know exactly what my payment is every month , it will not fluctuate, I pay 425 per month on a loan for 55,000. Most of this goes to pay the interest cuz they gotta make money for loaning it to me. About $40 of it actually goes to pay for the house each month(the principle), the rest goes to interest, however as time goes on this gradually increases. I also have the option every month to pay any amount extra on my principle which will save me money the more I pay on it in the long run. I pay extra on it when i can. If i never pay extra and just made the minimum payment for 30 years i would end up paying like well over 100,000 for a loan of 55,000. Hope this helps you some.

]]> Comment on Loan Modification Programs – Mortgage Lenders Negotiate by scamfighter100 http://postofficemortgages.org/157/misc/loan-modification-programs-mortgage-lenders-negotiate/comment-page-1/#comment-225 scamfighter100 Wed, 10 Nov 2010 06:13:39 +0000 http://postofficemortgages.org/157/misc/loan-modification-programs-mortgage-lenders-negotiate/#comment-225 Warning! Stay away from Feldman Law Center, if you do not wish to be scammed and cheated and lose you home!! They lie, cheat and charge large fees upfront. This company is currenty under investigation. Do not let them take you to the cleaners and make you lose you home. Warning! Stay away from Feldman Law Center, if you do not wish to be scammed and cheated and lose you home!!
They lie, cheat and charge large fees upfront. This company is currenty under investigation. Do not let them take you to the cleaners and make you lose you home.

]]> Comment on Is today’s stock market rally going to influence the mortgage interest rates tomorrow? by Tommy M http://postofficemortgages.org/154/misc/is-todays-stock-market-rally-going-to-influence-the-mortgage-interest-rates-tomorrow/comment-page-1/#comment-221 Tommy M Tue, 09 Nov 2010 03:55:49 +0000 http://postofficemortgages.org/154/misc/is-todays-stock-market-rally-going-to-influence-the-mortgage-interest-rates-tomorrow/#comment-221 Yesss Yesss

]]> Comment on Is today’s stock market rally going to influence the mortgage interest rates tomorrow? by Hank http://postofficemortgages.org/154/misc/is-todays-stock-market-rally-going-to-influence-the-mortgage-interest-rates-tomorrow/comment-page-1/#comment-222 Hank Mon, 08 Nov 2010 19:10:55 +0000 http://postofficemortgages.org/154/misc/is-todays-stock-market-rally-going-to-influence-the-mortgage-interest-rates-tomorrow/#comment-222 No. Mortgage interest rates are not tied or related to how the stock market does on any one specific day. Mortgage interest rates are set using other base interest rates such as the LIBOR rate, etc. No. Mortgage interest rates are not tied or related to how the stock market does on any one specific day. Mortgage interest rates are set using other base interest rates such as the LIBOR rate, etc.

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