Tagged: hingham business

What is an Interest-Only Mortgage? 0

What is an Interest-Only Mortgage?

When it comes to mortgages there is a lot to know and a lot of choices. One loan that was popular before the housing crisis was the interest-only loan. An interest-only loan is an adjustable-rate loan with an initial fixed period when only interest is due.

They are typically available in 5-, 7- or 10-year terms. Economists blame interest-only loans for the foreclosure crisis citing they were issued too freely. Today, interest-only loans are more difficult to obtain.

Borrowers were using interest-only loans to qualify for a more expensive home and when the interest-only term ended the payment went up leaving many homeowners unable to afford the mortgage payment. Interest-only loans are now being used by wealthy borrowers as a financial tool to help them manage irregular cash flow, reap a tax benefit, or free up cash for investment elsewhere. Lenders that offer interest-only loans have strict qualifying standards.

They generally require 30 percent equity in a property, and a minimum FICO score of 720.

Lenders also look at the ability to pay back the loan is based on the fully amortized payment, not the interest-only payment.

Honda begins sale of zero-emissions car 0

Honda begins sale of zero-emissions car

Japanese auto giant Honda Motor Co. on Thursday began the sale of its new Clarity Fuel Cell, the world s first five-passenger sedan-type fuel cell vehicle (FCV) which has zero carbon emissions as it runs on hydrogen. The Clarity vehicle features a cruising range of around 750 km, meaning a driver can drive for up to that distance on a full tank, which marks an increase of about 30 percent compared to the previous FCV model, the company announced.

That range puts Clarity in the top class cruising range among zero-emissions vehicles, and its hydrogen tank takes about three minutes to refill, EFE news reported.

Its priced in Japan at $67,510 and for the first year of Clarity s launch, the company will aim for lease sales mostly to local government organizations or businesses Honda has earlier worked with in trying to popularise FCVs.

Honda plans to begin selling the new vehicle in Europe and the US before the end of the year.

Social Stream: The world remembers Dorian 0

Social Stream: The world remembers Dorian

Dorian has passed away. ‘ ‘ ‘ (8) ” ” ‘ ‘ ” ‘ ‘ ‘ ‘ ‘ ‘ #DStrong pic.twitter.com/xRMAGE5Rvx 1 2 Y u k i n o (@ykn5sos) March 9, 2016 3 References ^ #DStrong (twitter.com) ^ pic.twitter.com/xRMAGE5Rvx (t.co) ^ March 9, 2016 (twitter.com)