Beta Beta asked:
I would like to pay off all of my bills and purchase a new home using the equity in my current home which is about $230k. After paying off my bills, I’d need a loan of about $100k for the remaining amount for the new home.
I am considering a 5 or 10 year fixed rate interest only loan. The whole idea behind going with the IO loan is this; I am changing careers. My goal is to lower my bills, so that I can afford to go to nursing school full time and eventually make more money at which point I will refinance. (I can’t afford to go to school full time and pay my bills in my current situation.)
Is this a good idea? if not, do you have any other ideas that I could accomplish my goal of changing careers?
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I would like to pay off all of my bills and purchase a new home using the equity in my current home which is about $230k. After paying off my bills, I’d need a loan of about $100k for the remaining amount for the new home.
I am considering a 5 or 10 year fixed rate interest only loan. The whole idea behind going with the IO loan is this; I am changing careers. My goal is to lower my bills, so that I can afford to go to nursing school full time and eventually make more money at which point I will refinance. (I can’t afford to go to school full time and pay my bills in my current situation.)
Is this a good idea? if not, do you have any other ideas that I could accomplish my goal of changing careers?
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Tags: Changing Careers, Full Time, Money
1 responses to What do you know about Interest-only loans?
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Personally, I am cautious about interest only loans, because no progress is made on the principal. A good neutral site I like is at and they have a section in their topics on interest only refinancing that may give you some good information. You also could look in their state section for information about mortgages in your particular sate.
What do you know about Interest-only loans?
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