Comments on: Confused About Your New Jersey Mortgage Options? 30-Year, 15-Year, Fixed, ARM, FHA..?

By: Carol

Carol — Mon, 10 Aug 2009 05:38:30 +0000

@kp. Sounds like you are in the midst of selling/buying. It’s not too late to change your mortgage to a different program. Talk to your mortgage professional about it.

By: kp

kp — Sun, 09 Aug 2009 18:29:40 +0000

we were only told about a 30 year mortgage. if we could have done something different with lower payment, it would have been much better for us

By: Carol

Carol — Sat, 01 Aug 2009 00:45:45 +0000

Ty, yes, borrowers CAN refinance with an interest only mortgage. For the absolute lowest monthly payment, there is also an interest only adjustable rate mortgage. With this product, the interest rate is guaranteed to stay the same for the intial years of the loan – could be as short as 3 years or as high as 7 years. For homeowners wanting the lowest payment, this is a valuable option. Those with interest only loans are free to increase their payments to pay down principal.

By: Ty

Ty — Thu, 30 Jul 2009 17:50:03 +0000

Are all these choices available for a refinance too? can someone refinance to get a mortgage with the interest only?