Interest Only Home Mortgage Loans
Interest only home loans allow your monthly payment to be just
the amount of interest due on your mortgage. Many lenders are
advertising these loans today and for some home owners they may
be a wise decision. However, you should think long and hard
before deciding an interest only home loan is right for you.
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
Why interest only? Interest only home loans may be
appropriate for a person who earns a lot of income through
commissions or bonuses. If a buyer believes that his/her income
will be significantly larger in the future an interest only loan
might also make sense. An interest only home loan could work
well for the home owner who really invests or saves the money
not spent on a house payment.
The advantages - A home buyer may be able to purchase a
larger home. The borrower can still deduct the interest from
his/her taxes. The money not spent on the principal payment can
be invested or saved.
The pitfalls - Interest only home loans are for a
specific and generally short duration. At the end of that time
the buyer will be expected to pay off the loan, to begin making
conventional payments or to refinance the loan. The home is not
building equity. A slump in home prices can make the mortgage
due more than the value of the home. If the income or credit of
the buyer deteriorates he/she may not be able to pay the
mortgage off or refinance the loan.
Although tantalizing, interest only home loans are for a select
few home buyers.
Here are our recommended mortgage lenders online:
These are the Best of the Best:
(updated )
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
The average rate of interest on mortgage loans continues to fall and has been under 5 percent for almost all of this past year, with this recent round of rate cuts seen as the lowest for borrowers in years. The reason, many borrowers today have bad or at least less than perfect credit scores. Still a borrower with less then perfect credit an jump through a few hoops and get a fairly decen rate on a loan.
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