Comments on: Interest-Only Mortgages

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By: Sandy

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By: Bill Coleman

Bill Coleman — Mon, 05 Mar 2007 17:35:21 +0000

I have two homes. One has a mortgage of $183,000.00, plus a home equity line maxed out at almost $150,000.00, and credit card, car loans, lines of credit totaling $126,000.00. The total debt is around $450-460,000.00. That’s the bad news, the good news is that the primary home is worth $650,000-700,000.00. Our second home is worth $400-450,000.00 and has no mortgage on it. I could sell the second home, and then be completely debt and mortgage free, but that is not what I want to do at this time. I would like to clear up all of the above debts with an interest only mortgage. I don’t want to sell the second home at this time, but have no problem doing that in the future. I’m trying to get the lowest possible monthly payment, without adding to the current debt. I don’t mind not building any future equity, but I certainly don’t want to add more debt by going upside down with the current property. Please advise.
Thanks,
Bill Coleman