Interest Only Mortgage: Is It For You?

You are in the process of buying a new home or refinancing your current mortgage, and in dealing with various lenders and brokers, you hear about Interest Only Mortgages and their low monthly payments. It sounds interesting, but is it for you? The following is an article on Interest Only Mortgage:

"Interest Only Mortgage - Borrow Now, Pay Later?"
"An interest only mortgage is a mortgage wherein you only need to pay the monthly interest on the amount borrowed for a fixed amount of time (usually anywhere between 5 to 10 years)..."

Learn more about it. It works for some but it's not for everyone. Do your homework.

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