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The 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.
Here are our recommended lenders for interest-only mortgage loans :
Note: With the mortgage services who submit your application to more
than one lender, it is not guaranteed that you will be matched
up with a lender who does interest-only mortgage loans.
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