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0% Introductory APR for up to 12 months on all purchases and balance transfers*

• The time period for the introductory APR and the balances to which it will apply will be based on our review of your application and credit history
  
• No Annual Fee
  
• Interest-free grace period when you pay your bill in full each month

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DID YOU KNOW?

	Is an interest only home mortgage loan a good or bad idea for financing a home? These loans have become very popular and are one of the many different kinds of financing available for property. Opinions vary as to whether an interest only home mortgage loan is a good idea for the average home owner, with valid points being made on both sides. If you are in the market for a home you need to consider all the finance options available to you, together with your ability to repay them. Here are some interest only mortgage loan pro and cons to look at both sides of this kind of financing. If you are employed full time, single and making a good salary then an interest only home mortgage loan may not be the best financing for you. That's because you could pay off your loan at a lower rate of interest and in less time with a different kind of loan program. On the other hand, you could save a lot of money by only paying the interest. It is possible that if you invested this in a safe investment you would not only have enough to pay off the principle on the mortgage, but would also gain a little capital for yourself at the same time. This of course is a gamble, because how many people will actually invest the savings? However, if you have no other financial responsibilities, it's one you might find attractive. If you work in seasonal employment, like in the tourist industry, you may find that paying an interest only monthly mortgage payment allows you the freedom to pay a minimum amount when you are in "off season". But during the time you are working, you can make accelerated payments off the principle in addition to the interest. The risk of paying an interest only mortgage loan repayment is that the principle is not being repaid. Unless the price of homes in your area rises, you don't build up any equity in your home. Paying the monthly mortgage payment on an interest only mortgage can become like paying rent. You don't have the safety net of being able to sell your home to raise cash if you are faced with some emergency in your life. As a young professional just starting out on your own, this might not be an issue you need to consider. But if you are married and have a family, you should seriously consider the implications of not having the kind of mortgage that allows you to build a financial safety net. Home equity gives you a form of financial security that can come in handy if you really need to use it. This should be a consideration when deciding which home loan to choose. A lower monthly mortgage payment will always look attractive on paper, but consider all the implications carefully before taking the option of an interest only mortgage loan as a way of financing your home. Copyright © 2005 Credit-Repair-Facts.com All Rights Reserved.

If you are a homeowner looking for a 2nd mortgage or wanting to refinance your existing mortgage you’ll need to find a good mortgage lender. The Internet has simplified the process of getting a great mortgage loan. Here are some tips to help you find a reputable mortgage lender using the Internet.

Talk to Your Friends about Their Mortgage Lenders

Many of your friends and neighbors have already used the Internet to refinance or take out a 2nd mortgage. Ask these people how the process went for them and what recommendations they have for you. Referrals from people you know are a good way to learn about the good and bad experiences different people have had with different mortgage lenders and brokers.

Mortgage Brokers and Lenders Don’t Have Your Best Interests at Heart

A predatory lender is anyone trying to take advantage of a homeowner and their mortgage loan. Mortgage brokers are notorious for this. Brokers are in their business to make a buck; the loan they may be pushing you to accept may simply have a kickback for them. Often, the points you are being required to pay at closing are simply a bonus for the mortgage broker. Don’t fall for high pressure sales tactics or a fast talking snake oil salesman. Some lenders tack unnecessary mortgage fees on their loans and lie or withhold information from the borrowers. These practices are illegal; however, that does not seem to deter many lenders and brokers. Carefully review all of the fine print associated with a loan and ask questions about the fees. If you think you smell a rat, you probably do. Mortgage brokers and lenders are a dime a dozen, take your business somewhere else.

Check With The State and Better Business Bureau

Mortgage lenders and brokers are required to be licensed in the States they operate. Make sure your lender or mortgage broker is legitimate and properly licensed before doing business with them. Any mortgage broker or lender that has allowed their license to lapse is a warning sign for you to take your business elsewhere. There are consumer protection organizations such as the Better Business Bureau that can help verify credibility. These organizations maintain records of complaints against unscrupulous mortgage brokers and lenders. Do your homework and shop around for your new mortgage and you will avoid being taken advantage of by predatory mortgage brokers and lenders.