April 15, 2005
In This Issue
--Traditional Versus Interest Only Home Loans
--Tax Extensions
--Savvy Money Tip!
Article: Traditional Versus Interest Only Home Loans
by Lois Center-Shabazz
Once only a tiny percentage of the mortgage market;
interest only mortgages consist of about 10% of the
current market. And mortgage companies seem to
advertise them quite a bit these days.
An interest only mortgage loan is when you pay
interest only on your mortgage loan for a specified
period, usually 5 or 10 years. During this period none
of the principle is paid, unless you put a substantial
amount on the down payment toward principle. If
you have an interest only, no down payment loan
you are paying absolutely nothing on the principle.
At the end of the 5 or 10 year period your mortgage
loan is amortized over the remaining period of 20 or
25 years. So for example, if your interest only period
was 10 years, your principle loan will be amortized over
20 years. Read More...
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Article: Tax Extensions
WASHINGTON — People who need more time to
complete
their forms will find it easy to extend their filing
deadline — they don't need an excuse or even a stamp.
Automatic four-month extensions are available by phone
or by computer, as well as through the paper Form 4868.
The IRS expects to receive almost 9 million extension
requests, which must be made by the normal filing deadline. Read More and Download Form...
Savvy Money Tip!
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Get it, Grow it, and Keep it!
It's Your Money,
If You Don't, No One Else Will.
>>>
From MsFinancialSavvy<<<
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