Friday, January 20, 2006

Growing Equity Mortgage

Growing equity mortgage contributes rising portions of monthly payments to payoff principal debt. Typically pays of in 15-18 years not 30. The basic benefits are lower up front payments, quicker loan payoff than conventional fixed-rate or adjustable rate loans. A drawback however, is Higher effective rates and higher down payments than other loans in the market place. Tax deductions for interest payments decrease over time. This type of mortgage is usually used by high-income individuals who want to build equity in their homes quickly.

5 Comments:

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