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Quicken Home Loan opinion

Discussion in 'Other Off Topic Forum' started by SpeedFreak, Jan 19, 2004.

  1. SpeedFreak

    SpeedFreak Karting

    Jul 20, 2003
    177
    Atlanta, GA
    Full Name:
    Brad
    I am asking this out of curiosity because I have seen ads for this Quicken Home Loan interest only payment plan for purchasing a house. Apparently, a $150K loan would yield payments of $450/mo...quite low. The time frame is for 3 yrs, then you pay interest and principal of $716/mo w/ an APR of 3.66% (still doesn't seem bad). Is there anything obvious as to why someone should not do this, other than the rates vary constantly after 3 yrs? I am a college student, so I am kinda new to what to look out for in a mortgage, although I have dealt with them in a classroom situation. Thanks

    Link to home loan ad:
    https://www.quickenloans.com/lpwebsolution/CnUtRbSolutionRender/ql/content_rb1/125.en.html?qls=YRE_HOMEP300.SMRTINF101
     
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