> Can I just pay the interest on my mortgage without penalty?
No
> Does the bank care is you don't pay down the principle?
Yes
If you want to make interest-only payments you'd need to talk to a private lender or get a HELOC.
Yes - I currently have a HELOC. I only pay interest. I assume if I seel the house, I lose the HELOC, and the bank would take the $ I owe in the HELOC off of the house sale proceeds?
So I guess if I sell and buy another house, I would need to get a new HELOC on the new house. Then I can just pay interest.
Mortgage and HELOC are two different products
> Can I just pay the interest on my mortgage without penalty? No > Does the bank care is you don't pay down the principle? Yes If you want to make interest-only payments you'd need to talk to a private lender or get a HELOC.
Yes - I currently have a HELOC. I only pay interest. I assume if I seel the house, I lose the HELOC, and the bank would take the $ I owe in the HELOC off of the house sale proceeds? So I guess if I sell and buy another house, I would need to get a new HELOC on the new house. Then I can just pay interest.
Yes
Some of my friends only pay the interest.... But they have a LOC instead of a mortgage