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Is an Interest Only Mortgage the Right Choice for You
from: Tim GarveyIf you're looking to purchase a home anytime in the near future,
I'm sure you've at least heard of a mortgage program that is
gaining popularity known as an Interest- Only Mortgage. Unlike
more traditional mortgage programs that require you to repay a
portion of your principal with each payment, these programs only
require interest payments. The payments are, therefore, much
less. Does having a lower payment make this the right choice for
you?
The answer depends on what I call your financial discipline. Do
you have the ability to take the amount you are not paying back
on your mortgage each month and put the money to some better
use? Ask yourself these questions.
1. Do you pay your credit cards in full each month or at least
make substantially more than the minimum monthly payment? 2. Do
you contribute from every paycheck to your 401K plan or some
other tax deferred savings plan? 3. Do you have a personal
financial advisor such as a CPA, investment advisor, or
financial planner? 4. Do you own any other investments other
than real estate?
If you can answer "yes" to at least two of these questions,
you've probably got the financial discipline to find a better
use for the monthly principal payment on your mortgage other
than paying down the mortgage. Be sure to ask you mortgage
professional to review all of your options with you.
About the author:
Tim Garvey is a Certified Mortgage Banker by the Mortgage
Banker's Association of America. Tim believes in providing
mortgage information with no strings attached and can be reached
via his website www.TGarvey.com
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