Interest only loans
When should you get an “interest-only” loans
You may want one if you:
Expect your income to rise sharply in next five years.
Have a irregular income ( Like commissioned sales).
Are disciplined with money.
Are comfortable with taking risk.
Are confident that home prices will continue to rise.
You don’t want one if you:
Have a lot of consumer debt that you can’t keep up with.
Are undisciplined with finances.
Are borrowing with small amount.
Plan on use the extra cash for discretionary spending.
Plan to sell before the interest-only period ends.
An Interest-Only loan may be a good option for you to consider, depending on your finances and your plans.
