***property still running hot*************, page-82

re: pski ----> for john Sally this may help

http://houseandhome.msn.com/financing/findamortgage0.aspx


Long-term fixed-rate loan. The most common of these carries a 30-year term. For the first years most of your payments get applied toward interest, which is tax-deductible. If your loan agreement allows prepayment without penalty, you can also make additional payments on the principal. (Tip: One extra payment per year enables you to pay down your loan almost as fast as a 15-year loan.)






Down payments are on the high side—10 to 20 percent, and increasingly the latter—but if you pay 20 percent you're exempt from paying high monthly private mortgage insurance. While payments are lower than for a short-term loan, long-term interest rates are generally higher: if you take out a $100,000 loan with 8 percent interest, you'll ultimately pay almost $100,000 more than for a 15-year loan. This is a good loan for buyers with a fixed, steady income or who can't afford the payments of a short-term loan.