competition success magazine This plan could work well for the dedicated purchaser who puts all extra money and bonuses into the mortgage account as payment on the balance. The interest is then lowered and the loan is paid off much faster. Most borrowers must have a score of over 660 to be approved.Many advisors suggest the use of a 30-year fixed-rate mortgage with interest-only payments for the first ten years instead. competition success review Yes, the payment will go up after the inital ten years, but the interest rate wont. The concern against the equity-line to purchase is that borrowers would simply write checks without thinking about the addition to their mortgage balance. Plus, the interest rate is adjustable -- always a risk competition success .
