Jack M. Guttentag The Mortgage Professor

Yahoo! Finance User - Friday, August 8, 2008, 6:44PM ET  Report Abuse

• Overall: 2/5

Interest only may look attractive but will cost much more in the long term. If you have a IO mortgage, considering opening a Mortgage Savings Account before refinancing. You may be able to pay your mortgage in full in 5 to 10 years and save hundreds of thousands of dollars in mortgage interest without refinancing fees. Google "Mortgage Savings Account" or research www.maxhouse.com to educate yourself!

willy - Tuesday, August 5, 2008, 5:41PM ET  Report Abuse

• Overall: 1/5

Thank you Roman. I have been a mortgage consultant for 8 years and have seen the good, the bad, and the ugly in this industry. there are quite a few ppl out there that get there facts mixed up and don't take the time to listen to the broker. all thier interested in is hearing the best rate and the best terms. and often combine the two. thats why it's our job to make sure they understand clearly the loans available to them. It's a brokers job to make sure they educate the borrower and take time to explain in detail what the borrower is getting into. and to make suggestions to them based on thier individual needs, and plans for the property thier buying. The IO works great for someone that is planning on selling during the interest only period of the loan, or may have a large sum of monies comming to them durring that time ( retirement or inheritance). but if they plan on staying in the property longer than the IO period they will be taking a little risk, but not much if the IO period is 10 yrs. A great book to read about IO loans is " millionaire Mortgage Planner" by steven marshall. and NO I don't get ahything from telling you that, it's just a good book with a different perspective on those loans. The biggest problem in our industry is the money hungry loan officers that are in it for a quick buck. they give al of us brokers a bad name. Not all of us are out to see what we can make off of each deal. some of us are here for the long haul and depend on repeat business and referrals from past clients. I have several clients that I have done several loans for. And for thier family members and friends. Yes as silly as it may sound, some of of do care about our clients and thier financial sittuation. And getting them into the right loan.

Yahoo! Finance User - Wednesday, July 30, 2008, 1:37PM ET  Report Abuse

• Overall: 1/5

Terrible article with no home work. IO's do have lower rates, but are indeed riskier to the borrower usually in 4 or 5 years when the rate adjust THEN- but it is fixed for now so that he/ she can buy more house then they can afford or at least document. No one talks about the millions of legal workers who work under the table and are unable to document the income. IO's help these people who make legit payments.

zala - Monday, July 28, 2008, 5:42PM ET  Report Abuse

• Overall: 4/5

Are the homes in Forecloser at this Mortgage crisis taking place, are they mostly ARM mortgages?

danchoo48 - Thursday, July 24, 2008, 9:47PM ET  Report Abuse

• Overall: 4/5

Assuming you found an IO costing the same as Non-IO, and, assuming you don't care much about building an extra equity from paying off the pricipal portion, then, at least, you can take an extra deduction for income tax.