Oklahoma mortgage loans is committed to helping you find the right mortgage product for your needs in Cushing. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
This mortgage rate quote form will take approximately 60 seconds to complete. Here's how our service works:
1. Complete our short form below
2. We will search hundreds of mortgage lenders and thousands of loan programs in our database
3. You will then receive quotes from up to 4 competitive lenders in your state
4. You choose the mortgage lender with the best rate and loan terms and save money!
-->
Our fast Mortgage application will help you find the perfect lender. It takes only one minute
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
An interest only mortgage is a type of mortgage that a person
pays the interest only for a set period of time, say 3 or 5
years. After that, the person starts paying on the principal
plus interest for the rest of the term of the mortgage (ex. 25
years). During those 25 years, the interest rate can be adjusted
once each year.
The problem people will face is that after the initial five
years of paying the interest only, they will end up with a
larger mortgage payment for the next 25 years. If you're not
certain that your income and property value will continue to
rise, you might find yourself in a lot of financial trouble when
you can't afford your mortgage payment any longer. It takes
financial discipline to make sure you can afford the mortgage
payment after the first five years.
There was a young married couple featured on a television show
who bought a $995,000 home with an interest-only mortgage. Their
combined annual income was a little less than $100,000. They
couldn’t afford the home with a traditional 30-year fixed rate
mortgage, but they could with the interest-only.
The husband said that they didn’t have to worry about being
conservative with their money until maybe 15 years from now.
But, right now they were going to live it up.
What are they going to do if their income doesn’t increase, one
of them loses their job, or they end up with too much debt and
not enough money at the end of the month to pay it?
Unfortunately, this couple and many other people might end up in
foreclosure in the next few years because they can’t afford
their expensive homes.
If you are looking to buy a home to live in for a very long
time, then you might be better off with a fixed-rate 15 or
30-year mortgage. If you still want to go the interest-only
route, make sure you are disciplined enough in your finances and
are certain that your income will rise so that you can afford
the larger mortgage payment after the first 3 or 5 years.
About the author:
Michelle Roebuck provides mortgage and home buying advice for
people with bad credit at http://www.f
ind-bad-credit-mortgage-loans.com Sign up for her newsletter
at http://www.find-bad-credit-mortgage-loans.com/newsletter.html