Posted on: 20th Apr, 2010 10:40 am
Own a manufactured double wide 28x 70 with additions/set on permanent basement. Also own the land~19 acres with 1,800 ft of frontage on lake in Wisconsin. Was wondering if there are lenders out there that would offer interest only payments? Where do I look? A broker?
Hi mjomonty,
It will be the lender's discretion whether or not he would give you an interest only loan. In my opinion, its not a good idea to go for an interest only loan. You will keep on paying the interest and your principle amount will remain as it is. So, it would be better if you could pay the interest along with some payments towards the principle amount. You can contact the local lenders and check out if they would approve you for a loan.
You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether or not you would get a loan and what type of rates and terms you would receive.
Take care.
It will be the lender's discretion whether or not he would give you an interest only loan. In my opinion, its not a good idea to go for an interest only loan. You will keep on paying the interest and your principle amount will remain as it is. So, it would be better if you could pay the interest along with some payments towards the principle amount. You can contact the local lenders and check out if they would approve you for a loan.
You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether or not you would get a loan and what type of rates and terms you would receive.
Take care.