FYI: Interest Only Loans

Posted by Han on July 20, 2008, 4:51 pm

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@attbi_s21:

> Indeed, there is only one "formula" that the Quicken Loan Wizard

> will use for creating a loan payment schedule, and among other

> assumptions, is a fixed interest rate for the life of the loan.

> You can modify the rate during the loan, but the recomputation

> will assume the new interest rate for the remaining life of the

> loan.

Well, then I have to start playing with that as I have a HELOC that I make
fixed payments to, independent of the interest rate.

--
Best regards
Han
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Posted by Andrew on July 20, 2008, 7:24 pm

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John Pollard wrote:

> Over the years, there have been quite a few questions about interest only

> loans, and quite a few mistaken answers. ...

John - thanks for this information; although personally at the moment, I
don't need it, I would assume some others will - and if I take out a second
mortgage for my future mansion, I very well might need it!

I appreciate your posting this, and perhaps as time goes on, you'll consider
other "FYIs" as you have a wealth of experience in Q that others don't, and
I'd look forward to a series of posts in this informational regard. Maybe
"Jewels from John" as a series moniker?

--
-------------------------------------------------------------
Regards -

- Andrew

Posted by John Pollard on July 20, 2008, 8:28 pm

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Andrew wrote:

> John Pollard wrote:

>> Over the years, there have been quite a few questions about

>> interest

>> only loans, and quite a few mistaken answers. ...

> John - thanks for this information; although personally at the

> moment, I don't need it, I would assume some others will - and

> if I

> take out a second mortgage for my future mansion, I very well

> might

> need it!

> I appreciate your posting this, and perhaps as time goes on,

> you'll

> consider other "FYIs" as you have a wealth of experience in Q

> that

> others don't, and I'd look forward to a series of posts in

> this

> informational regard. Maybe "Jewels from John" as a series

> moniker?

Thanks for the support Andrew; I do appreciate it.

While I won't hesitate to post some other notions I have, I
would hesitate to give them my own qualitative designation.

I'll be happy if they help other Quicken users.

--

John Pollard
First initial underscore Last name at mchsi dot com
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Posted by Bob Wang on July 21, 2008, 1:10 pm

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I propose "Pearls of Pollard" or PoPs for short ;-)
Bob

>>>

John Pollard wrote:

> Over the years, there have been quite a few questions about interest only

> loans, and quite a few mistaken answers. ...