On Thu, 16 Jun 2005 15:02:20 GMT, someone wrote:

Also if its an interest only loan, then the P&I isn't $396, the I is $396 and you
aren't making any principle payments at all...

On $119k and 4.625%, it doesn't even look to me that the $396/mo.
would even cover interest? Am I missing something here, or would some
part of the $8k in closing costs (6.72% of the loan!) be some kind of
buydown?

No, I doubt it is a "scam", I expect that all the terms are in your
paperwork. Just doesn't sound like much of a "deal" to me. But then,
if you NEED some cash now, and this is the only way you have of
getting it, well as the saying goes "desparate people do desparate
things".

Could you just sell the property instead?


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