Mortgage Rates News

Can i change from an interest only mortgage to a capital and interest mortgage? I am 6 years into an interest only mortgage and want to change to a capital and interest mortgage. How do i go about this andhow do i get the money i have already paid into my endowment policy?

Can I split the deduction for mortgage interest with my sister even if form 1098 only has my ss#? My sister and I purchased a new home in 2004. The form 1098 has both of our names as payer/borrower with only my ss#. We've been splitting the mortgage interest deduction, but this year after my sister already filed her 2006 return, someone mentioned to me that I should be the only one to claim deduction for the mortgage interest. I need to file my tax by 10/15/07 and was wondering if anyone can help me out on what to do! p.s. I didn't have enough income to pay mortgage last yr, so my sister paid mostly...

Should I stay away from a second mortgage interest only loan? I've been approved for a 1st mortgage at a fixed rate of 7.38 and a 2n mortgage interest only at 10.425. This loan is for an investment property. I've been told that the 2nd loan is Home equity line of credit. How much will my payments go up on the 2nd mortgage and should I look for another loan. Thank You.

How exactly do 'interest only' mortgage loans work? When do I pay on the principle of such a loan? I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?

Can anyone tell me the difference between interest only and fixed rate mortgage rates? I've been hearing a lot about the "benefits" of interest only mortgages, but I'm not 100% convinced that this is the way to go. They say that people should get interest only loans and put the remainder of what you would normally pay (on the mortgage) in some type of investment. Should you use your mortgage like this, or should you pay the mortgage off quickly???

What happens to interest only mortgage after introductory period ends? What happens in an interest only mortgage after the introductory period ends allowing you to pay int only? Do the monthly pymts double or does it take many extra years to pay off? I dont have this type of mortg loan. im just considering it since I cant afford full amount on a mortg over $400,000 I also dont own any home yet

Should I get an interest only mortgage instead of a regular mortgage? I can afford the 30 year fixed regular mortgage, but I'm considering getting a mortgage that is interest only for the first 10 years to save about $350/month. I have other student loan debt that is costing about 9%, while the mortgage would cost about 6.5%......I could apply the additional $350/month towards the higher interest rate debt. Thoughts?

Whats the difference between paying Rent or paying an interest only mortgage? I mean, either way, your never going to see the money again. Ive been paying an interest only mortgage now for almost 2 years however im wondering if i should change it so that i start paying off some of the capital too. Is this a better option??

Will a interest only mortgage loan effect my federal tax return? I refinanced in 2008 to an interest only mortgage. I paid alot more interest this year but I'm getting alot less money back on my taxes.

How are payments adjusted on an "interest only" mortgage? I am considering refinancing my home. My two year ARM is about to expire. I am thinking about getting an interest only loan and making "principal only" payments in addition to the scheduled "interest payment". This should allow me to reduce the principal much faster than following the amortization schedule that would come with a conventional 30 year fixed mortgage. If I do this I will be reducing the principal and correspondingly the interest due each time I make a principal payment. How do finance companies adjust the monthly interest payment, when the balance due constantly changes, on this type of loan. I think this adquately explains the situation.

In my situation is an interest only mortgage right for me? I own a home, brought it in 12/04 (2 years to the date) for $242,000, the Appraised Value as it stands is $305,000 so it has appriciated $63000 in 2 years. Our current mortgage is a 30 yr fixed rate for 5.875%. We are looking into getting a 3 year interest only loan with $30,000 out to finish our basement, and pay off our car, and credit card bills. With everything figured out we will be saving around $200.00 per month to invest or save, and adding 800 square feet of liveable space, which increases our value even more. I am having 2nd thoughts about the interest only part. We are at this time planning on selling in the next 2-2.5 years to try to make some money. What should we do? My Current P&I is 1470, The Interest only rate is 6.85 with a payment of 1565. I would see amonthly savings from my car and a credit card We cannot afford to do an equity line for the 30K we are getting quotes of $400 more p/m with a variable rate. On a second we are getting rates of like 9-10%

How much can I expect back in a tax refund If I am deducting 100% of my interest only mortgage payment? I have interest only mortgage payments of about $1200, which i can completely deduct from my income on tax statements. Income: 50K Loan: 250K No other deductions/No dependents About how much will I see back in mytax refund at the end of the year? Appreciate everyone's help. Thanks- Andrew

What is the difference betwee Principal & Interest and Interest only mortgage? What is the difference betwee Principal & Interest (P&I) and Interest only mortgage?

Exactly what is an Interest Only Mortgage and how does it work? My husband and I are looking to buy a new home, but with the cost of New Homes--the payments are outrageous and so a friend mentioned a Interest Only Mortgage but we aren't sure that is right for us because we aren't sure what or how it works. Can someone help us understand it so we can determine if it is right for us. I pretty much know that you pay interest only with your payments but can't you pay on your principal while you are making the interest only payments?

How to get out of a interest only mortgage!? I had a garage built and then lost my job so I got another mortgage including the garage. Well I was not aware it was an interest only mortgage until this year when I found out the mortgage company didn't pay my home owners insurance. I called the mortgage company to ask why they are not paying my home owners insurance they say we are not responsible for it! I asked why and this is when they say because you have an "interest only mortgage" for the next 10 years! They won't give me any help, so I am seeking help as to how to get out of this ripe off mortgage. I did have my house for sell however I got a job so I can stay here, however the princple is getting bigger and bigger and my payments are going for interest only. Any suggestions please.

Over payments on interest only mortgage or unsecured loan? My house is financed by an interest only mortgage and a repayment unsecured loan on the same account with a mortgage provider and both have the same interest rate... if I make extra payments, which should I apply the payments to?

If you are 2 yrs into a 5/6 Interest Only Mortgage is it best to refi to a traditional now or wait to the end? I am a first time homeowner and my primary homeloan is an Interest-Only 5/6 LIBOR ARM. It was explained to me by both my real estate agent and the mortgage guy as a wise thing to do given that the Atlanta housing market is 'always strong' and if you think you 'might move within 5-7 years'. There was (and still is) a chance I may need to move within that timeframe and it's true Atlanta has been a hot market for quite some time(until now). So I decided to go with it eventhough I wasn't quite comfortable with the idea, but I wrote that off to first time home buying jitters and trusted the 'experts' I had. So, I am wondering if you have this type of loan, what is the best way to protect yourself? Should I refinance to a 30 or 15 yr fixed rate? And if so, is it a situation of the sooner, the better or should I hang on until I near the end of the 5 year period? I am 2 years into my 5/6, so I have time before it begins its potential jump. My job is stable.

If you obtain an interest-only mortgage, can you refinance to a traditional mortgage later? Right now I am staying home with the kids but I plan on going back to work when they begin school in four years. Is it possible to obtain an interest-only mortgage for, say, five years and then refinance to a traditional 30 year mortgage later on?

I sold land that was ltcg-I hold the mortgage which is interest only-this is the $1800.? When i sold the land-the buyer put down 20% which I paid big buck taxes on. Now it's interest only mortgage (divided among my siblings) This year the $1778 in interest money is my only income and I want to know do I have to file a tax return for so little?

Get an Interest only mortgage with $1,000 closing costs or simply make extra payments? I'm looking for a calculator tool that can help me compare the cash flow options associated with a 10 year interest only loan using the monthly savings to reduce principle vs. simply making additional principle payments on my current mortgage for that period. I'd like to be able to play "what if" with the tool. Anybody have something?

Can anyone tell me how extra payments made will effect my interest only mortgage? I have an interest only mortgage. The first ten years are interest. I know that the payments will increase after the initial 10 years but if I pay a few hundred dollars a month for the first 10 years and bring my balance lower by $25000. will I still have an increase in my payments. I would love to see an amortization schedule of my situation but cannot find what I am looking for. My goal is to pay extra during the first 10 years so that I can keep my payments consistant for the 30 year term. Any help?

If mortgage tax & interest forms are only in my name but multiple owners can they file my forms under thir nam? So the mortgage was only under my name but there are 2 other owners with me. I did a short sale on the house and now I have tax forms for mortgage interest and tax. Can the other owners file the tax under their name or is it my responsibility to file because my name is on the form.

is it more efficient to have an interest only mortgage and save to pay off the capital? or have a traditional repayment mortgage where capital and interest are paid off at the same time? (question refers to mortgages in england)

Interest only mortgage shall I repay it or invest? I have an interest only mortgage - at present it is at a very low monthly rate - I am now in a position to repay this, but would it be worth investing it instead and where? it is for 50,000 £ and is over a ten year period.

How long can I keep a mortgage "interest only"? Im trying to purchase a house interest only.

What advantage is there to paying extra on an interest only mortgage? I took out a 5/1 interest only home loan last year for $400,000 (I could not get approved for a fixed loan at the time) and pay monthly payments of $2,000. Since then, our household income has gone up considerably, and I am thinking about increasing my payment to $2,500 a month, hoping that the extra $500 will go towards principal. I don't want to think about re-financing yet because we just purchased less than a year ago, but I would like to put my extra income to good use. Good idea, or bad?

Is mortgage interest only deductible for your house one one rental - or for several rentals? We live in a townhome (CA), rent out a condo (AZ), and are looking to buy another townhome to rent (NC)? Would the mortgage interest of all of these properties be deductible?? Is it limited to one rental only???

can I change my interest only mortgage to repayment from abbey to lloyd tsb? how I can change my interest only mortgage to repayment .my lender is abbey and is there any other suiteable repayment mortgage lender

is it a good idea to switch from a capital and interest mortgage to an interest only mortgage ? if i do switch what are the pitfalls to look out for.

i heard that the government helps people who bought houses with 5 year interest only mortgage? Is it true that who ever bought a house with 5 year interest only loan and now is adjustable, that the government can give them a fix rate. How would I find it out?

Will our mortgage be considered late if we only pay the principal and interest & not our escrow for two months? We have a FHA loan and we know we are required to pay escrow but for the next few months we will not have enough for both the note payment and the interest. Could we go into foreclosure for only paying the principle and interest and can the mortgage company refuse to accept the payment?

Interest only mortgage rate and want to switch to a fixed rate ? How difficult is this transaction going to be ? I am nervous if I can't with all the new standards ? Is this based only on a appraisal of my property vs my current loan ?

Should I refinance my interest only mortgage loan? We have a 5/1 ARM with interest only mortgage currently. Got it at 5.25% 3 yrs ago. We have been making interst only payments so far with no payments towards the principal. But our home price has gone up by above 50k over the same period which I guess would count as equity. I expect my income to increase in the next few years substantially but as we get closer to the 5 yr mark, I am getting very nervous that our payments are going to get sky high and was looking at a 30 yr fixed rate loan at abt 5.8%. We plan to stay in this house for atleast another 3-4 yrs. Do you think it is wise to refinance at this point?

Interest only mortgage on new house until we sell our current home? My husband and I want to buy a house that we found. The seller took a job out of town and needs to sell ASAP. The house is a great deal. The problem is we still own the home that we live in. We bought it 4 years ago as a foreclosure and redid the entire house so it;s practially brand new. We have at least 25,000 in equity. I'm wondering about getting an interest only loan on the new house until we sell our current home. Is this possible? Any idea how much an interest only mortgage would be for 190,000 dollar house? Thanks

can i get an interest only mortgage without extra payments? building society wanted me to take out pension o other investment for interest only mortgage,my place worth 115k i want borrow 95k interest only then sell up and rent in ten years time can i do it and who with,,,,some lenders want high rates cos im usinmoney for paying off debt

UK - do small additional payments make much of a difference on an interest only mortgage? A friend of mine says at the end of the month she transfers any money she has in her current account into her mortgage. I don't have that much money left so would it make any difference transferring about £30 or so? Thanks Mystical Mamba: You can still pay off the loan though with additonal payments. The terms say you can pay 10% of the value each year. So, don't think it would just be the interest you are paying against.

Can a mortgage company change a loan to interest only for a 60mo period to attempt to help a cust in trouble? My mortgage is behind and the company say they want to help me be making my loan interest only for 60 months and adding the delinquent amount to the principal. This seems to help them the most considering the company has filed for bankruptcy. I was wondering if this is legal and the best step in preventing me from losing my house.

Can I refinance an interest only equity line and a first mortgage? I have a 1st mortgage of about $100,000 on a condo valued at approx. $380,000. I have a home equity line of credit ( $20,000) that is interest only with no pre pay penalties. Can I refinance for a 15 or 20 year fixed?

I have an interest only mortgage. My lender has said if I can afford it I can pay 10% off the capital each yr? But why can I not throw any excess repayments into my savings account and when the mortgage ends in 18 years time I can pay off my mortgage from my savings and pocket the interest rather than just handing my cash to them now?

Which mortgage is best for me- 7 year interest only or 30 year fixed? First home (condo) - read details.? I'm about to buy my first home (condo) and do not plan on living there more than 7 years. I decided to buy because I'm sick and tired of throwing money away renting. I have narrowed my loan choices down to either a 30 year fixed and a 7 year interest only. The 7 year interest only mortgage is $120 less per month than the 30 year fixed, which is a lot of money for me. I am also aware that I'd be able to write off a greater amount in taxes by going with the interest only mortgage, yet most people are still advising me to go with the 30 year fixed instead. Please help. Thanks

I have an interest only mortgage w/ an arm about to expire. How common are ARM extensions? We're looking to sell about 1 1/2 years after the arm is set to expire. Don't necessarily want to refinance at this point. Is extending the ARM a possibility?

if you have 2 interest only mortgage loans, can you do tax deductions on the both? I am talking about the case when you got 80/20% mortgage loans with 0% downpayment. I know that the 80% one is fully deductable, but not sure if I can deduct taxes for the second one

Should I go with a 30-year fixed or a 10-year interest only mortgage? Obviously, the payments will be lower for the interest only option, but can someone help me make a decision? I don't quite understand the all of advantages and disadvantages of either. Thanks!! I am married and this is our first home in an appreciating neighborhood.

How do you calculate future payments when your fixed term interest only mortgage runs out?

When considering what mortgage to go with, why is everyone so against interest only loans? I think they are great when you have a commission based job/career. We have a fixed interest only loan, so if things are tight we can pay bare minimum and when they are more relaxed we can more than make up for that loss of principal by paying more.......And every time you pay principal your actual (interest) payment goes down.....So over time, adding lump sums will reduce your payment versus paying a fixed mortgage for forever/or until its paid off.

I need to find out all about these interest only mortgage loans! Can anyone help me? I have heard horror stories of people trusting the mortgage broker and not many people read the fine print and have paid heavier penalties than they were orignially told it would be.

how much will i save if i go to an interest only mortgage? just about to come to the end of my two year fixed deal, ive got 140k mortgage over 30 years, at 7.9% currently pay £880 a month, in the current market what would i be lookin at paying if i switched to interest only , thanks for you help

What are the advantages and disadvantages of an interest only mortgage loan? none

Interest only mortgage? Is it the best way to go? My partner and I are currently looking to buy our 1st home together. We are using a financial advisor and he is trying to get us to take an interest only mortgage for the 1st two years. However, I know that I will not be able to make the savings to cover the actual mortgage. He thinks that if I remortgage after 2 years inflation rates would mean that we would have sufficient capital to put down on the house, therefore, not owing any extra. Has anyone else been in the same position? If so, what do you recommend? Any help would be brilliant as I am now at the stage where I want to rip my hair out. We are in UK (Scotland) if that helps anyone?

Is it possible for my bank to apply entire EMI mortgage payment to Interest only for certain months? My bank applied 3 months of payments to only interest and nothing went to principle. Is it because of incorrect calculation by bank?

How late can a "loan-to-own" 5 year interest only mortgage payment be before going into forecloser?

Is it worth paying extra for an interest only mortgage towards the principal? It expires February 2009? I only am paying $50 extra and just started..

Can I get an interest only mortgage? I have 5 years to go on my Mortgage but as my husband has had to give up work I wonder if I can convert this to an interest only mortgage. House is valued at £400000 and I owe £60000

My credit score is 760. What type of mortgage rate will I get in Illinois for an interest only 5/1 year arm? Is this everchanging real estate and mortgage lending market, its hard to tell what will happen next month. I am looking to purchase a home in Chicago in approximately 3 months. My credit score is 760. What type of interest rate will I get on a 5/1 interest only arm?

Is the interest on an interest-only mortgage tax deductible?

Has Anyone Taken Out An Interest Only Mortgage Lately? With the current financial mess. Has anyone successfully taken out an interest only mortgage?If so, what term and rate did you receive?

I have a interest only mortgage, should i continue? My loan amount was $670k and at 5.5% fixed for ten years. I start this interest only mortgage last september (2005). I always pay more than the bank asked for, eg IO payment $3070.00, then I will pay about $3600.00 per month. Am I doing it right? Should I refinance to a fixed rate? or just keep paying extra every month to take advantage of the low interest rate? Thx for your help!

I have interest only mortgage due for repayment and little hope of finding funds. too old to remortgage. Help? Can anyone please give me some advice on the following. I have an interest only mortgage which was taken out several years ago and now has only a little while before capital is due. I took out this loan in order to pay off creditors but was only able to get a loan for five years because of my age. I have had the house on the market in the hope that it would sell quickly. Alas this has not happened and time is marching on. Any ideas please would be sincerely appreciated. Thank you.

How do you calculate an interest only mortgage payments? Payments for an "Interest only" mortgage.

Hi My boyfriend has A Interest Only Mortgage can he change the payment date? He has just moved jobs and they wont pay him till the end and its going to be tricky to pay this months mortgage. He is having difficulty with his overdraft and is over it and the bank charges are a nightmare. Does anyone know if he could change the direct debit and the payment date with the bank so that I could pay it for him on a temporary basis just until he sorts himself out. I dont want him to lose his home. Im not married to him and Iam not on the mortgage so would that affect it at all?