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Interest Only Mortgage Loans

The traditional method for paying off mortgage loans is to make a monthly or a bi-weekly payment which contains both the interest and principal. Over years, when one has paid sufficient amount towards the principal amount, the equity held in the house goes up. Interest only mortgage loans expect one to pay only the interest on the mortgage loan for a certain period and after that period, the regular mortgage payment kicks in. The advantage of this interest only mortgage loan is that during the period for which only the interest needs to be paid, the monthly payment is lower than the regular mortgage payment with principal included. The extra money one has in a month could be used to pay off credit card debts and other types of loan availed. There are people who avail this interest only mortgage loan and save the extra money for future college education for children, retirement and the like.

It makes sense for anyone who plans to live in the house only for say 5 to 10 years, to apply for interest only mortgage loans. During the time they live in the house, they need to pay only the interest on the mortgage loan. For others, who plan to live for longer periods, it is a good idea to go in for interest only mortgage loan for the initial period of say 10 years and then switch over to the traditional type of mortgage loans. This works very well for those who are very young and have income stability for many years to come. A substantial amount can be saved in the initial interest only period and this saved money could be used to pay off a portion of the mortgage loan or used for other purposes.

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