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Good for you! A negative amoritization means that the accrued interest will give you a progressively increasing loan balance. If you can guarantee payment, zero interest is a better deal. But, it also has astronomical interest rates if you don't make payment. I personally like the standard fixed rate loan. If rates lower, you can consider refinancing with another one. So, it's been 3 years for you. What did you do? Did you choose home equity anyway?
Well, in 2004, we sold 1home for 380K that we bought in 2001 for 186K...
Then we bought in 04 a home for $399K, we put $100K down
But we choses the wrong loan!
We went with a 7 year IO fixed at 4.5% instead of a 5.0 Fixed 30 year product... The proximity to Mexico made us unsure we wanted to live here "forever"
And we also bought a precon in Az, we paid 204K loan was 184K at 6.0 30 year fixed...
We are current on both loans and will be into the future
To read of all the 80/20's and reading into the mess, we really did not do too bad, IMHO
However, hindsight says we should have taken the 156K put in MMA and RENTED UNTIL NEXT YEAR OR SO...
I will never be hoodwinked again!!
Glad we did not cash out, and glad to pay on time!!!
Dealing in all states florida and cali have been hit the worse. This new bill will probably be a problem in the making. by short selling loans the homeowners who pay there mortgage on time will be struck double. there values will be short because the comparibles will reflect the short sales..... and the people who have paid there mortgage on time will continue to do so with no benefit. why pay when others dont and get these new breaks. i feel for the responsible home owners and in turn for those who have to resolve to the new bill for the subprime mess.
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