Is anyone here-

Nephythys · 03-20-2007, 11:56 AM

Speaking to the loan lady-

30 year fixed
NOT an Option ARM

I would continue to gain equity- by paying down or home gaining value.

I paid $189k- homes are selling in my area for $223k

At the end of the 10 years (interest only term) my loan would be reamortized over the remaining 20 years. So let's say I never paid anything but interest and reached 10 years- my payment would change to $1284 (only around $300 difference)- but only if I don't re-fi or pay on the principal.

This won't adjust on me-rate locked for 30 years. Equity in the home at 95% financing.

(and quick reply doesn't work

)

If we did principal/interest most of it would go to interest anyway.

03-20-2007, 11:56 AM	#1
Nephythys Yeah, that's about it- Join Date: Jan 2005 Location: In a state of constant crap to get done Posts: 2,688	Speaking to the loan lady- 30 year fixed NOT an Option ARM I would continue to gain equity- by paying down or home gaining value. I paid $189k- homes are selling in my area for $223k At the end of the 10 years (interest only term) my loan would be reamortized over the remaining 20 years. So let's say I never paid anything but interest and reached 10 years- my payment would change to $1284 (only around $300 difference)- but only if I don't re-fi or pay on the principal. This won't adjust on me-rate locked for 30 years. Equity in the home at 95% financing. (and quick reply doesn't work ) If we did principal/interest most of it would go to interest anyway.
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