Will You Add? - Real Estate

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given month. This results in a lower monthly payment; however, you do not build equity in your home with this payment. Making interest-only payments will never pay off the mortgage and the lender is going to want that principal paid back at some point. Abusing interest only payments can result in significantly overpaying for your mortgage.

The “Option” Payment

This is the ultra-risky payment option. The l

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If you are a homeowner considering using one of these ultra risky option adjustable rate mortgage loans, you need to understand the risks inherent to these mortgage loans. Here is what you need to know about Option Mortgages.

Option Mortgages are a relatively new type of mortgage. This mortgage is called “Option” because it comes with four different payment options. The payment options all have adjustable interest rates; however, the first option is amortized on a thirty-year repayment schedule, the second option is amortized on a fifteen-year repayment schedule, the third option is interest-only payments, and finally, the fourth is the “optional payment.” These payment options all come with varying degrees of risk ranging from risky to ultra-risky.

Thirty Year Repayment Schedule

If you select this option your monthly payment will be based on a thirty-year mortgage with an adjustable interest rate. This is the repayment option with the lowest level of risk. The monthly payment will be lower because repayment is spread out over thirty years; however, you will pay more in interest to the lender and the interest rate will be updated at regular intervals.

Fifteen Year Repayment Schedule

This repayment option is the same as the previous example except for one difference. Repayment of the mortgage is based on a fifteen year repayment schedule. This means the monthly payment will be higher than the thirty year payment option. The advantage of this option is that you will build equity in your home at a faster rate and pay less interest to the lender.

Interest Only Option

This is option pays enough to cover the interest due for a given month. This results in a lower monthly payment; however, you do not build equity in your home with this payment. Making interest-only payments will never pay off the mortgage and the lender is going to want that principal paid back at some point. Abusing interest only payments can result in significantly overpaying for your mortgage.

The “Option” Payment

This is the ultra-risky payment option. The le

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t rates; however, the first option is amortized on a thirty-year repayment schedule, the second option is amortized on a fifteen-year repayment schedule, the third option is interest-only payments, and finally, the fourth is the “optional payment.” These payment options all come with varying degrees of risk ranging from risky to ultra-risky.

Thirty Year Repayment Schedule

Fifteen Year Repayment Schedule

Interest Only Option

The “Option” Payment

This is the ultra-risky payment option. The l

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ly payment will be based on a thirty-year mortgage with an adjustable interest rate. This is the repayment option with the lowest level of risk. The monthly payment will be lower because repayment is spread out over thirty years; however, you will pay more in interest to the lender and the interest rate will be updated at regular intervals.

Fifteen Year Repayment Schedule

Interest Only Option

The “Option” Payment

This is the ultra-risky payment option. The l

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the previous example except for one difference. Repayment of the mortgage is based on a fifteen year repayment schedule. This means the monthly payment will be higher than the thirty year payment option. The advantage of this option is that you will build equity in your home at a faster rate and pay less interest to the lender.

Interest Only Option

The “Option” Payment

This is the ultra-risky payment option. The l

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The “Option” Payment

This is the ultra-risky payment option. The lender specifies the absolute minimum payment amount they will accept on any given month to keep your account current. This payment amount is less than the interest only payment amount and does not cover all of the interest due for that month. The remaining interest left unpaid is simply tacked on to the principal loan balance. This means your loan is growing, a phenomenon called “negative amortization.” The danger here is if your mortgage grows to a value larger than your home is worth, the lender could call in the loan, which could result in foreclosure.

Option mortgages are a dangerous risk to your financial well-being. To learn more about your mortgage financing options, register for a free mortgage guidebook.

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Market Corrections can be good for the wallet! Corrections are part of the normal “shock market” menu, and can be brought about by either bad news or good news. If you don’t love corrections (and deal with them like visiting relatives) you really don’t understand the financial markets. Don’t be insulted, it seems as though very few financial professionals want you to see it this way.

Small business startup loans aims at providing financial help to people who want to start their own small business. Small business startup loans can be availed by both good credit holders and bad credit holders. It is basically of two types, secured and unsecured. To avail a secured small business startup loan you'll have to place one of your properties as collateral against the loan amount.

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Will You Add? - Option Mortgage Loans – What You Need to Know

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