Interest only jumbo loans are a unique concept for borrowing, whether for a house or another major purchase. A traditional loan requires that each and every month monies be paid toward interest and principal. Interest only jumbo loans require payment of interest each and every month, but payment of principal is optional.
Who can benefit from an interest only jumbo loan? One type of person who can benefit from interest only jumbo loans is a person who knows they will come into a substantial sum of money in a few years. Maybe you have a trust fund which states the monies will be free for use when you reach age 30, but at 24 you want to buy a home. Interest only jumbo loans are the perfect solution for you. The first years, you only make payments on the interest, but after your assets become available, you pay both interest and principal, or possibly choose to quickly pay off the principal.
Another group who can benefit from interest only jumbo loans is the family whose earning power is certain to grow over time. Interest only jumbo loans can allow purchases which provide for a comfortable lifestyle, putting off the larger principal payments until earning power has...
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