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May 16, 2008, Newsletter Issue #116: Know What Your Monthly Payments Cover
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Tip of the Week
When you take out a second mortgage, be sure to ask what your monthly payments will be and what they cover. Some second mortgage loans require you to cover the principal and interest in your monthly payments.
With other second mortgages, your monthly payments may only cover the interest. These second mortgages are known as balloon loans. They work differently: Your monthly payments will not reduce the principal, or loan amount.
So when do you pay back the second mortgage loan? At the end of the loan period. You need to know how you will repay a balloon loan before accept it as your second mortgage, even though the due date is years away.
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