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Arm? Interest Only? Conventional?

Which Mortgage Would Be Best For You?

By David Oliver

Interest-only Mortgage: Many home buyers are opting for mortgages with interest-only payments so they can afford to buy a more expensive home. They have lower monthly payments for five, 10, or 15 years, which makes qualifying easier. They could work if you:

* Need more home than you can afford.

* Live where home values are rising.

* Can make a significant down payment.

* Believe you can afford higher payments when you refinance or when the interest-only period expires.

* Will not stay in the home more than the national average of seven years.

ARM (Adjustable Rate Mortgage): About 28 percent of new mortgages today are ARMs. Federal Reserve Chairman Alan Greenspan has approved of them. They could work if you:

* Can refinance to a conventional mortgage when the low-rate ARM expires.

* Think your income will rise, and you will be able to make higher payments later.

* Know you will move and sell before the initial ARM rate expires.

The 110 Percent Mortgage: Allows you to borrow more than the value of a home. It could work if you:

* Can combine debts into the mortgage and lower interest rates and payments.

* Can afford to make the higher mortgage payment required.

* Will stay in the house for many years.

Conventional Mortgage: Has a consistent interest rate and allows you to pay off the home in 20 or 30 years. The home may be your greatest asset at retirement.

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This Week's Bipolar News

Overeating and substance abuse are similar disorders
Los Angeles Times
People with bipolar disorder have higher-than-average rates of obesity and substance abuse. But McIntyre found that the obesity rate in bipolar patients was ...

Club stoush bowls out member
The Advertiser
A MAN suffering from bipolar disorder and depression has been barred from membership at a Sydney bowling club after a clash over club bylaws.

Mom abandons 18-year-old under Nebraska safe-haven law
Richmond Times-Dispatch
LINCOLN, Neb. (AP) -- Police say a woman has abandoned her 18-year-old daughter at a hospital, saying she can't control the girl, in what may be the latest use of Nebraska's unique safe-haven law. The woman told officials at BryanLGH Medical Center West that her daughter, who was adopted, is bipolar and has a learning disability, Assistant Police Chief Jim Peschong said today.

Click here for all Bipolar News.

Featured Article:

Romancing Your Spouse

"Romancing your spouse?" Ok, I can already hear you yelling at me! I know, it's a strange concept, but hear me out. Some of the longest-running marriages have lasted because of this very concept.

You may be thinking that this has nothing to do with Bipolar Disorder, but it does. Even the best of marriages has some strain on it - the pressures of day-to-day living, at the very least. However, Bipolar Disorder puts additional pressure on your marriage because of the issues you have to face in dealing with the disorder, whether you are the survivor or the supporter.

No matter how long you've been married, the suggestions in this article can put some "spark" into your marriage. And if you've only been married a short time, putting these suggestions into place now can help ensure a long, happy, healthy marriage (of course, you will still have to do some hard work yourself to make that happen as well!).

Click here to read the entire aritcle

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