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InvisibleFucknuckle
Dog Lover

Registered: 04/24/04
Posts: 6,762
Interest only home loans
    #6154308 - 10/10/06 01:33 PM (17 years, 7 months ago)

Has any of you ever checked this out ? I did yesterday and basically it works like this...............The bank loans you 200 grand and then charge you monthly payments that cover the interest on the loan only. The best part is the interest is fairly low and the monthly payments are way lower than I have now......WOW oh how cleaver of them to think of me :smirk:

In other words..................you buy a house and then set up a rental agreement with the bank....you make no payments on your house only payments to the bank and if you stop making "rent" payments they will foreclose.

This is a racket and not much better than a guy who comes into your home and tries to rob you.

Make interest only payments ? Are People really this stupid ? Isn't blackmail a crime ?


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What it is, is what it is my Brother.
It is as it is, so suffer thru it.

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Invisiblepsilomonkey
Twisted brainwrong of a oneoff man mental

Registered: 08/08/03
Posts: 812
Loc: Airstrip One
Re: Interest only home loans [Re: Fucknuckle]
    #6154567 - 10/10/06 02:44 PM (17 years, 7 months ago)

I took out an interest only mortgage for the first two years, because mortgage interest rates were better than loan rates, and I had just bought a house and need to buy furniture and stuff. Its hard to get on the property ladder here and the deposit wiped my savings, the alternative was paying rent.

I switched to a offset capital repayment mortgage a little while back.

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OfflineEconomist
in training
 User Gallery

Registered: 10/11/05
Posts: 1,285
Last seen: 16 years, 8 months
Re: Interest only home loans [Re: Fucknuckle]
    #6154606 - 10/10/06 02:51 PM (17 years, 7 months ago)

Three things:

1) Even if you pay only interest, you can still come out ahead by selling the house. If the bank loans you $200,000 to buy the house, you live in it for a year paying interest to the bank, and then sell it for $250,000, you get to keep the $50,000 difference. This is clearly better than renting, where you pay rent each month and have no capacity to ever make any money back at the end of your lease.

2) The US has never seen deflation in the modern era, meaning that even in the long-run, you still stand a good chance to come out ahead even if you're only paying interest on the loan, because when you do pay the principle back, you're paying in inflated dollars (i.e. $200,000 5 years from now will only be worth was $180,000 is worth today).

3) Finally, no one ever makes you take out a loan, you have to agree to it. If you agree to a loan for which you are unhappy, you have only yourself to blame. As others have already commented, you could have rented...

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InvisibleFucknuckle
Dog Lover

Registered: 04/24/04
Posts: 6,762
Re: Interest only home loans [Re: Economist]
    #6155400 - 10/10/06 06:19 PM (17 years, 7 months ago)

I never said I did the loan...I only checked it out.


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What it is, is what it is my Brother.
It is as it is, so suffer thru it.

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OfflineEconomist
in training
 User Gallery

Registered: 10/11/05
Posts: 1,285
Last seen: 16 years, 8 months
Re: Interest only home loans [Re: Fucknuckle]
    #6155448 - 10/10/06 06:32 PM (17 years, 7 months ago)

I didn't mean to insinuate anything about you, I was typing rhetorically. Hope I didn't offend.

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InvisibleFucknuckle
Dog Lover

Registered: 04/24/04
Posts: 6,762
Re: Interest only home loans [Re: Economist]
    #6155462 - 10/10/06 06:35 PM (17 years, 7 months ago)

NA none taken

I just think that the banks are ripping people off and run the banking business like thugs in 1930's Chicago only instead of guns and crowbars they have lawyers. They trick you in with candy and feed you coal.

Yeah each person acts on his own accord but not everybody wants to be a crackhead but some of us do anyway.


--------------------
What it is, is what it is my Brother.
It is as it is, so suffer thru it.

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