Interest Only Home Loan ? Is It Right For You?

There are many benefits to interest-only mortgage loans. There are many situations where an interest-only mortgage loan could be best for you.

Here are some of the situations where an interest only mortgage loan might be beneficial to you:

1. If you are in a situation where your income is sporadic and would rather have the option of paying as little as possible sometimes and then paying larger amounts when there is more income, for example, a real estate agent or loan officer.

2. If you are investing your mortgage payment savings in something else that is low risk, and has a much higher return on your money than your house payment.

3. If you are temporarily in a situation where your income will be low for a while but then increase later on.

4. If your mortgage is only temporary, for example, an investor looking to flip a property or someone who is working on a fixer upper. It would be good in any situation where it would be in your best interest to keep the payment low as opposed to creating equity in the home.

How much can you save with an interest only mortgage loan? For loan amounts under 500,000 you can usually save around 10% or more off of your mortgage payment. However, that number can vary depending on your individual situation.

An interest-only mortgage loan can be very beneficial because it can help you save money on your payment when there are other things that you would like to invest your money in. It also gives you flexibility when your income is sporadic and you need to make sure that you will always be able to make your payment on time.

There are many lenders that can help you with an interest only mortgage loan. To see our recommended interest only mortgage lenders, click here Interest Only Mortgage Loans

Carrie Reeder is the owner of ABC Loan Guide. ABC Loan Guide is an informational loan website with informative articles and suggested mortgage lenders. ABC loan guide has a list of lenders that are recommended for interest-only mortgage loans.

---

Reverse Mortgage ? Be Sure You Need It Before Applying For One

Reverse mortgages used to be considered the last resort of... Read More

Bankers Dont Want You to Know That You Pay for Your No Cost Home Loan Forever

With mortgage rates continuing on a downward trend, the competition... Read More

Escrow Accounts, Do You Absolutely Need One?

With escrow accounts the money for your home insurance and... Read More

New Home Loan - 3 Tips To Speed Up The Mortgage Loan Approval Process

Imagine this: you've found the perfect house, and feel lucky... Read More

Homeowner Loans ? Drawing Lessons of the Past

Loans are not of a recent origin. People used to... Read More

Mortgage Broker or Assassin? A Banker Who Offers You This Loan May be Trying to Kill You!

What if a banker or mortgage broker told you he's... Read More

How to Find the Lowest Rate Possible!

The quest is on! You're in the market for a... Read More

Stated Income Mortgage Loan - Get Approved Online

A stated income or no doc mortgage loan allows individuals... Read More

Homes, To B(uy) or Not to B(uy)

Whether you are just moving out on your own for... Read More

Guide to Remortgages

Here is a useful guide to remortgages. What is a... Read More

How To Turn Disadvantages Of A Reverse Mortgage To Your Advantage

When it comes to a reverse mortgage, wise consumers weigh... Read More

Home Equity Loans

A home equity loan allows you to cash-in on the... Read More

Mortgage Soup

Looking for home mortgage loans can get confusing with the... Read More

Securing a Cheap Home Improvement Loan

Finding a cheap home improvement loan can be a challenge... Read More

Bad Credit Refinance Loans - Finding a Good Lender

Finding a good lender to help you with refinancing your... Read More

Home Equity Loan ? Beware of Equity Stripping Scam

The market for mortgage refinancing has been brisk during the... Read More

Internet & Mortgage Calculations

"You've been approved!" The words you have always wanted to... Read More

Refinancing Your Home - How and Why?

Chances are you may need a little extra money to... Read More

Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!

So you have been through a bankruptcy and surely have... Read More

Who Else is Ready to have Their Money Work Harder for Them?

What does it mean to refinance? Why would anyone want... Read More

Finding the Best Home Improvement Loans

When the time comes to do work around the house,... Read More

What Are Home Equity Loans?

A home equity loan is simply borrowing on the difference... Read More

Sound Financial Standing Entails Capital Raising Remortgage

Raising capital is integral for growth and expansion of an... Read More

Bridging Loan Basics

A Bridging Loan is a short-term loan used as a... Read More

Homeowners? insurance: The mortgage connection

A home owners' insurance is the cover for the house... Read More

What is a Commercial Mortgage?

A commercial mortgage is a loan that uses commercial property... Read More

How to Find a Direct Homeowner Loan

If you've been thinking about applying for a direct homeowner... Read More

Mortgage Debt Elimination in 5 to 7 years!

Mortgage Debt Elimination shows that most home loan debts will... Read More

Refinancing Your House - How to Know Whether to Refinance or get a Second Mortgage

Refinancing your house's mortgage is not the same thing as... Read More

Types Of Home Equity Loans

There are two broad types of home equity loans:Term loans:... Read More

Decision Time: Home Equity Loan or Home Equity Line of Credit?

Home equity loans and home equity lines of credit continue... Read More

What is a Buy To Let Mortgage?

A buy to let mortgage is a mortgage on a... Read More

Home Loan Refinancing - What Lenders Dont Want You To Know

Refinancing lenders seems to hold all the cards. They have... Read More