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Interest Only Loans


An interest-only loan allows you to pay just the interest on the mortgage for a set period, may be the first five, 10 or 15 years. You don't have to pay principal during this period. When the interest-only phase is over, the monthly payments skyrocket as you now have to pay principal over the remaining term of the loan.

The main attraction of an interest-only mortgage is the lower monthly payment. If you don't expect to have the mortgage very long it is good to select an ARM because the rate will be lower, and it makes sense to avoid paying points because there won't be much time to recover your investment through a lower rate. 
Interest-only loans are not a  type of mortgage.  it  is an option that can be included with any type of mortgage.
It is less costly to amortize an interest-only loan. 

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