by Michele Jackson

Created on: October 18, 2007

If you have worked hard, but have little benefit from it, examine your thoughts and behaviors. Is God number one in your life? If not, He allows your work to fail. Do not envy evil people who seem to be prospering; they will receive the consequences of their behavior in the season God determines. The Bible book of Haggai says God allows hard work to fail when His children are not doing what God says to do. Haggai is like Deuteronomy 28 in that it teaches us that God blesses His children when they are obedient, and He curses them when we are not. The curse is not for your destruction, but for your discipline. Because God loves you, He disciplines you, so that you can receive and reflect His best. Mortgages with the interest-only option are not God's best.

Mortgages with the interest-only option allow borrowers to pay only the interest for some specified period. The required monthly mortgage payment includes no repayment of principal, though borrowers can make such payments if they like. After the end of the mortgage term, the borrower can either refinance, pay the balance in a lump sum, or start paying off the principal, and their monthly payment amount will skyrocket since the interest rate will increase. Mortgages with the interest-only option are often coupled with adjustable-rate mortgages or ARMs and usually maintain the interest-only feature for five to ten years. Mortgages with the interest-only option can be attached to fixed rate mortgages or adjustable-rate mortgages (ARMs). Since many interest-only mortgages are coupled with ARMs whose rates change within a year or less, the borrower who thought their interest-only rate was good for ten years, has often been deceived. Also houses are not appreciating rapidly in some parts of the United States, so some with interest-only ARMs could end up needing to refinance a mortgage that is more than the value of their house. Proverbs 11:15 (Amplified Bible) says, "He who becomes security for an outsider shall smart for it, but he who hates suretyship is secure [from its penalties]." Surety is assuming that you will have the resources to cover future commitments without currently having those resources. Who is to say you will be able to refinance? Who is to say that you will be able to get a mortgage that is more than the value of your house? You are putting your faith in future circumstances that you cannot control. Some lenders are appealing to greed by implying that the mortgages with the interest-only option

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