Mortgage Blog Quick Tip # 1 – Getting a ‘Flexible’ Interest Only Mortgage

Interest only mortgage loans can be a smart option for you if you are self disciplined. They offer a flexible payment schedule where you are only required to make a payment towards the interest of your loan, but you also have the option to pay toward the principal. In most cases, your interest only mortgage coupon will even lay out pre-calculated options for payments towards principal. If you have an interest only loan, make it work for you – be disciplined and pay off as much as you can. By all means, take advantage of the payment flexibility when you need to, but put money towards your equity whenever possible.