What Is An Interest-Only Mortgage? Is It Right For Me?
Consumers are generally categorized into three classes:
1. Those who shudder at the very thought of paying interest.
2. Those who are willing to pay interest in order to have more purchasing power based on their current income level.
3. Those who view interest as a cost of doing business and use it to their advantage. Yes, paying interest does bring some financial advantage!
There are many common misperceptions about interest only loans. The first one many people have is: All I will ever do is pay interest and I will never be able to pay off the principal of my home. An interest-only loan can best be described as a mortgage (loan) that allows the mortgagor (borrower) to pay only the interest of the loan for a specified period of time typically during the first 2 to 10 years of the loan.
While the first classification of our consumers are frantically reaching for a brown paper bag, in which they can breath heavily in and out-of, the other two may also be wondering why anybody would want to pay interest-only for up to one-third of the loans lifetime. The reasons are as...
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