Interest Only Home Loans — Are They Right For You?
Interest-only home loans are a phenomenon that has been gaining strength and popularity over the last decade or so. The fundamental principle of an interest-only home loan is that the buyer is only responsible for paying the interest on the mortgage for a fixed period of time, often between five and seven years. This sounds fantastic until that interest-only period has expired and its time to pay off the principal, on which you havent made any progress since you signed the mortgage. That said, interest-only loans can be right for some people.
The Pros
The best part about an interest-only home loan is obviously that the payments will be significantly reduced for a period of at least five years after initially signing the mortgage. This can allow you to purchase a property that you may not otherwise have been able to afford. You can use the money saved on your initial payments as investment capital in order to prepare for the higher payments that will come down the road. You can also prepare in such a way as to be able to pay off the entire mortgage once the interest-only period has expire.
It...
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