Thursday, March 23, 2006

Interest Only Loans

There's been alot of whispering lately about adjustable and interest only loans. With interest rates heading up, many are worried about all those home owners that squeezed into the market with hybrid loans. However, there are some valid reasons to consider an interest only loan:
  • You can count on having a higher income in a few years - maybe your family is young and your wife (or husband) stays at home with the kids but plans to return to work in a few years.
  • You have good use for the monthly savings - are you diciplined enough to invest the monthly savings for a higher return? Or, maybe your paying college tuitions for your kids.
  • You plan to move or sell soon - Are you retiring soon? Expanding your family?

As you can see, there are times when it makes alot of sense to go with a loan other than the standard 30 year fixed. Talk with a trusted financial planner that can help you decide if an interest only loan might help you acheive your long term goals.

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