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Interest only home mortgages typically consist of an
adjustable-rate mortgage with the monthly payment locked in for
a certain term. Then, the payment adjusts, depending on
its index plus a margin.
With
an interest only home mortgage, the buyer is essentially
deferring the principal payments, usually for up to 10 years.
Statistically, homeowners are selling or refinancing every five
to seven years; if this sounds like your situation than an
interest only home mortgage can keep your monthly payments lower
and best of all, tax deductible.
Common Interest Only Mortgage Loans
|
1 Month
Libor Loans |
3 Year
Interest Only ARM |
|
3 Month Libor Loans |
5 Year
Interest Only ARM |
|
6 Month
Libor Loans |
7 Year
Interest Only ARM |
|
1 Year
Libor Loans |
10 Year
Interest Only ARM |
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