Home Mortgage Loans For People With Bad Credit – Pro’s And Con’s Of Interest-Only Loans
Buying a home with poor credit is just as easy as buying a home with perfect credit. Years ago, many people with a low credit rating believed homeownership was unattainable. Fortunately, there are various loan programs designed to help people with low income, bad credit, and no down payment purchase a house. Included among these programs are interest-only loans.
What are Interest-Only Mortgage Loans?
Interest-only mortgage loans became popular in the early 2000’s. The concept of interest-only loans is very unique. Ordinarily, monthly mortgage payments consist of a portion of the payment being applied to the principal balance, and a portion applied to the interest. In order to payoff a mortgage in 15 or 30 years, a specific amount of money must be paid each month.
On the other hand, if you obtain an interest-only mortgage loan, you pay only the interest for the first few years. Interest-only periods vary. Homeowners may opt for a three, five, seven, or ten year interest-only loan. After the interest-only period ends, the homeowner must begin...
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