Intrest Only Home Loans

[TheSiege]

Well my salary will increase 50% within the next 3 years. Im in an apprenticeship program. I want to invest in a house that comes with 6 acres and I can afford it now, but it will be really tight on the budget. Anyone have any experience with the interest only loans? I know a lot of people get in trouble with these loans. But I also know I'm not one of those people.

 

[Aimster]

Good luck getting one of those

 

[frostedflakes]

*grabs popcorn*

 

[BoomerD]

Originally posted by: TheSiege
Well my salary will increase 50% within the next 3 years. Im in an apprenticeship program. I want to invest in a house that comes with 6 acres and I can afford it now, but it will be really tight on the budget. Anyone have any experience with the interest only loans? I know a lot of people get in trouble with these loans. But I also know I'm not one of those people.

What do you do it the economy continues to get worse and you can't work at your trade?

With the bazillions of people out of work in all fields, you'd better have a solid back-up plan...especially if you manage to find someone to give you an Interest Only loan.

(do they even exist anymore?

 

[TheSiege]

Well i still have to wait a few more months, I work in Utah which has a pretty solid workforce, only about 5.2% unemployment. I am a union commercial/industrial electrician. We are actually pretty busy, I have been on 50 - 60 hour weeks since October. I know it won't always be that good, but we have a pretty large savings.