Interest only mortgage loans can be extremely beneficial for homeowners in a variety of situations. If you are a homeowner in need of the lowest payment possible for a short period of time, an interest only mortgage loan could help you meet this need. Here are several tips to help you decide if interest only mortgage refinancing is right for you.
There are a number of situations where mortgage refinancing with an Interest Only Mortgage makes good financial sense, regardless of what people tell you about the risks of this type of Adjustable Rate Mortgage. Here are several situations where Interest Only Mortgage Refinancing could save you money.
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o If you have sporadic income, such as self-employment, and need to have the lowest mortgage payment possible until your income stabilizes.
o You have a temporary loss of income, such as unemployment, and need a smaller mortgage payment until you get back on your feet.
o Nearly any situation where you need to free up cash in cash in your budget with a lower monthly mortgage payment. (medical expenses is one example)
o Real Estate investors looking to flip a property and need short term financing with the smallest payment amount possible.
How much lower will your monthly payment be with interest only mortgage refinancing? The answer depends on the amount you are borrowing; however, homeowners with mortgage balances less than $500,000 can see monthly payments as much as 15-20% less than standard Adjustable Rate Mortgage loans.
It is important to remember that interest only payments only last for a specific period of time. When your interest-only period ends, the mortgage lender will convert your loan to a standard Adjustable Rate Mortgage fully amortized for the time remaining in your loan's term. You can learn more about your mortgage refinancing options, including costly mistakes to avoid by registering for a free, six-part video tutorial.
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