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Who Should Select Simple Interest Loans?
The idea of only paying the interest on the mortgage just seems counter-intuitive to many folks.
The perception is that they will never pay off their mortgage and some believe that means that they will not increase or improve the equity that they may experience in their home as an investment.
The reality is that home equity primarily grows as the result of appreciation in the market value of your home.
Simple Interest home loans carry with them the implied financial responsibility to conserve the monthly savings versus consume the monthly savings.
To that end, the principal portion of the mortgage payment might be used for other purposes, such as investing or paying off high-cost credit obligations.
Many of my clients find that their income can vary during the year based on bonus income or commission income. Many times, self employed clients will even defer income until later in the year when it's more feasible for the company to disburse profits.
Other clients find themselves contemplating new positions in terms of career changes where their current income is just not what it will grow to within the next three to five years. At the same time, their need for a certain home or neighborhood or school district commands a higher price and higher mortgage payment than they feel comfortable about at the present time.
Still other clients have discovered that they may be able to trade up to the larger home that they need, without increasing the amount of money allocated towards the monthly mortgage payment.
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Contact Information
Nations Home Funding
4700 Falls of Neuse Road
Suite 120
Raleigh, NC 27609
919-877-0022 Ext 204 (p)
919-877-9505 (f)
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