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Want lower payments? Pay only
the interest - not the principal - for the first 10
years.
 Frees up cash for investments, home improvements,
etc. or
Use the savings to qualify for up to 25% more
home
Ideal if you're planning to move or refinance
before the interest-only period expires
Increasing also in popularity is the Interest
Only Mortgage based off of the One Year LIBOR which is
stable for any term of 3, 5, 7 or 10 years. The
Interest Only Mortgage based off of the LIBOR could easily
be the loan for the borrower who wants the security of the
same payment for a 3, 5, 7 or 10 year period of time with
the loan re-amortizing to payoff after the initial interest
only period. There are other interest only programs with a
shorter duration that offer more flexibility and up to 4
options for payments.
The advantages
of an Interest Only Mortgage vs. a standard Fixed Rate
Mortgage would be simply the lower monthly payment and a
greater cash flow.
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