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laborday06
LIF Infant
Member since 6/05 166 total posts
Name:
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Help Need Info on IO Loans....
My girlfriend is dead set on getting one. She's up in MA, not LI. I think a mortgage broker sold her too hard on it. I don't think it's the best idea for her and she has not heard any negatives about IO loans.
I just want to play devils advocate since it's a huge decision. Anyone have any articles about IO loans?
TIA!
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Posted 4/5/06 9:29 AM  |
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Long Island Weddings
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Help Need Info on IO Loans....
here's a good explanation
link
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| Posted 4/5/06 9:39 AM |
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laborday06
LIF Infant
Member since 6/05 166 total posts
Name:
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Re: Help Need Info on IO Loans....
I was looking more for articles about the people that are over extending themselves or how forclosures are more likely.
I've heard really bad things about IO loans, but I want to back it up with articles.
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| Posted 4/5/06 10:55 AM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Help Need Info on IO Loans....
If she is dead set on it... tell her to at least get a 30yr fixed interest rate.
There are TONS of articles on this website that explain why you shouldn't do this.
Hell... just do a search for all posts by me with the term IO*** in it. 
ETA: Forget about doing the LIF search. Because the LIF search engine SUKS. Stupid IGNORED WORDS error again.
Message edited 4/5/2006 11:09:53 AM.
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| Posted 4/5/06 11:07 AM |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: Help Need Info on IO Loans....
http://www.mortgage-refinancing-leads.info/
http://www.best-internet-mortgage-loans.com/interest-only-mortgage-pros-and-cons.php
http://www.interest-only-mortgages.com/pros.html
http://www.mortgagekey.net/mortgages/interest-only-mortgages.html
http://www.mortgagenewsdaily.com/wiki/Interest_Only_Mortgage_Loans.asp
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| Posted 4/5/06 11:12 AM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Help Need Info on IO Loans....
I would ask the bank/broker if there is an IO loan with a one time conversion option. This way she can convert to a fixed rate at any point during her current loan.
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| Posted 4/5/06 11:17 AM |
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laborday06
LIF Infant
Member since 6/05 166 total posts
Name:
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Re: Help Need Info on IO Loans....
Posted by DjPiLL
If she is dead set on it... tell her to at least get a 30yr fixed interest rate.
There are TONS of articles on this website that explain why you shouldn't do this.
Hell... just do a search for all posts by me with the term IO*** in it.
ETA: Forget about doing the LIF search. Because the LIF search engine SUKS. Stupid IGNORED WORDS error again.
Yeah I tried the search, cause I remember reading them on here when we were mortgage shopping, but i can't find what i'm looking for 
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| Posted 4/5/06 12:11 PM |
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laborday06
LIF Infant
Member since 6/05 166 total posts
Name:
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Re: Help Need Info on IO Loans....
Posted by BrunetteMom
http://www.mortgage-refinancing-leads.info/
http://www.best-internet-mortgage-loans.com/interest-only-mortgage-pros-and-cons.php
http://www.interest-only-mortgages.com/pros.html
http://www.mortgagekey.net/mortgages/interest-only-mortgages.html
http://www.mortgagenewsdaily.com/wiki/Interest_Only_Mortgage_Loans.asp
thanks...I'm sure this will help!
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| Posted 4/5/06 12:25 PM |
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