Re-Finance, With A Simple Interest Home Loan.

Your Bank might be willing to offer, what I am about to post here. Lets say you have a 30 year note or Home Loan. After the mid point, or 15 years, with an extra month, they might "Re-Finance" you with a, "Simple Interest Loan", for the remaining Principal and Residual Interest. As you are aware, Banks collect the major portion of their Interest in the first half of a "Home Loan". I feel they might be willing to offer a, "Simple Interest Loan", to finish out the Home Loan. A "Simple Interest Loan" is as stated. If you borrow $1,000.00 and get a 10% Finance, "Simple Interest Loan", you owe $1,100.00 total to the lender. The 10% Interest is the $100.00 of Simple Interest, on the $1,000.00 Loan. The Principal must be paid. The Interest might be Re-Negotiated as a "Simple Interest". I don't see why you cannot ask your Bank. Also consider, that if they do this you will pay off the 30 year note faster and you will pay less in the long run. They can also allow you to get another "Simple Interest Loan" within the total 30 year, when you pay the first "Simple Interest Loan, off early than the total 30 years, for Home Improvements. This should be secured within 90 days after you pay off the first, "Simple Interest Re-Financed Loan", and should be scheduled for Loan Re-Payment by the end of the original 30 year note. Again, ask your Bank if this might be available. It doesn't hurt to ask. They have received a large portion of their financing in the first half of the mortgage contract.

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Herbert West 3rd, west.herb@yahoo.com