Got loan docs...they are just like Tabitha said! Do have a question on 5 year interest only option. Because we have six figures equity...something we never had before...do you think it's a wise choice? Are we 'locked' in for the whole 5 years? We've never been given/entertained that idea before. If we go the 'regular' route our payment (with stuff rolled/added in) will be $1,479.00 beginning 09/01/2008. If we go 'interest only' route, says first payment of $1,103.01 due 09/01/2008 until 08/01/2013 at such time begin making monthly pmts of p and i $1,234.50 until p and i are paid in full. if on 04/01/2037....pay in full. what do you think? the difference would go a long way for us right now. either way....HOORAY!!! thanks!!!
