interest only mortgage pros and cons

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Types of Interest-only mortgages: jumbo loans, 30-year interest-only, interest- only HELOCs, Advantages and Disadvantages and How Much You'll Pay.

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This is a guest post from Mrs. Micah of Finance and Life. Look for a related post later today. Getting an interest-only mortgage can seem like a great idea when you’re trying to buy a house and can’t afford a down payment (or if you have bad credit). earlier this week, I read the story of a couple.

Interest Only Mortgage Pros And Cons – If you need to low your monthly payments it’s time to think of mortgages refinancing options. visit our site and try our refinancing calculator.

Interest-only loans aren’t necessarily bad. But they’re often used for the wrong reasons. If you’ve got a sound strategy for alternative uses for the extra money (and a plan for getting rid of the debt), then they can work well. Choosing an interest-only loan for the sole purpose of buying a more expensive home is a risky approach.

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Interest-only mortgages today generally require large down payments so lenders have collateral against default. But for the first five to 10 years of the loan, the homeowner’s equity doesn’t grow at all, unless the owner decides to make extra payments. If your goal paying down a mortgage, interest-only loans are a bad place to start.

There are usually a few seven-year fixed rate mortgages available, but in practice Ray Boulger, senior technical manager of John Charcol, says most long-term fixed rate mortgages. that with.

Timeframe. Interest-only mortgages often embody both the pros and cons of the system at different times. At first, homeowners have greater financial flexibility.

Adjustable-Rate Mortgages: The Pros and Cons.. from fixed-rate mortgages, which keep the same interest rate for the life of the loan.. buyers who know they will have the loan for only a few. The amount that you pay during the interest-only duration will be a tax deductible. Cons of the interest-only loans to the interest.

The pros and cons of interest-only mortgages. 0. Written by: Mortgage Solutions. 12/02/2009. Interest-only mortgages get you off the mark, but no closer to your destination, as Christina Jordan finds out.