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JennChris
life moves fast
Member since 5/05 4225 total posts
Name:
Jenn
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People who have interest-only mortgages?
Just curious, for people that have IO mortgages, do you pay a certain amount of the principal off each month? or do you just put towards the principal what you can every month? or are you just paying the interest?
ETA - we pay off a chunk of the principal every month, it varies though. My DH owns his own business, so the monthly income varies for us.
Message edited 4/5/2006 10:05:24 AM.
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Posted 4/5/06 9:45 AM  |
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BrunetteMom
LIF Adult
Member since 8/05 1480 total posts
Name:
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Re: People who have interest-only mortgages?
We took out an IO mortgage on an investment property we bought. (we had intentions on flipping it within 2 months so it didn't affect us negatively.)
You pay the interest ONLY.
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| Posted 4/5/06 9:54 AM |
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IrishMom77
Brothers!!
Member since 8/05 3498 total posts
Name:
Roseann
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Re: People who have interest-only mortgages?
We have on on our home. WE have that and a small (under 20000) Home Equity Loan
It is easiest for us to pay off now. Whatever money we have at the end of the month, we send toward it, so we end up paying 1 1/2 times our mortgage each month. It works for us because we only plan on being in our current place for 4 years. My DH is a Mortgage Broker (among other things) and we went through all our options and since we were going to stay here a short time, it was the best for us
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| Posted 4/5/06 10:41 AM |
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MrsRbk
<3 <3 <3 <3
Member since 1/06 19197 total posts
Name:
Michelle
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Re: People who have interest-only mortgages?
We pay an extra $1000 per month to the principal
Message edited 4/5/2006 12:09:07 PM.
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| Posted 4/5/06 11:07 AM |
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anon
where's winter?
Member since 11/05 2209 total posts
Name:
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Re: People who have interest-only mortgages?
Posted by MrsRbk
We pay an extra $1000 per month to the principal every month.
this is what we have been doing to our home equity loan, our regular mortgage is a 30 year fixed.
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| Posted 4/5/06 11:33 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: People who have interest-only mortgages?
Just make sure if you are paying extra towards the principal that that is noted on your check in the memo section-not sure how you would do it to pay online
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| Posted 4/5/06 4:37 PM |
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JennChris
life moves fast
Member since 5/05 4225 total posts
Name:
Jenn
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Re: People who have interest-only mortgages?
Posted by melijane
Just make sure if you are paying extra towards the principal that that is noted on your check in the memo section-not sure how you would do it to pay online
we get a statement every month and the payment slip lets us break down our payment.
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| Posted 4/5/06 4:45 PM |
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