Regardless of what you read... interest only mortgages are great!
I happened to have reason to do a search on "zero down, interest only mortgages" in several major search engines. I was a little surprised to see that many of the search results returned, on any combination of: zero down, 0 down, no money down, interest only mortgages or loans, several articles published in newspapers and magazines which presented a negative view of interest only mortgages. These articles, in some cases, actually warned borrowers against getting one of these mortgages.
Well, having worked in the public relations, journalism and news media fields myself at one time, I know very often that reporters and journalists write an article just because... that's what they get paid to do. They're always looking for an "angle" or a slant that's news worthy to fill up the space they're responsible for filling. In a lot of cases, it really doesn't matter whether they believe what they're writing about... it's just information they're dispatching... "food for thought".
Working as a Loan Officer, I've helped dozens of borrowers obtain zero down, interest only payment mortgages. They're a good thing. They've helped a lot of people own their own homes who otherwise may have had a problem.
What so many of the negative articles on interest only mortgages fail to mention or suggest, is that interest only mortgages, just like any other form of credit, can be bad strategies if they're not used correctly. Not using credit cards in an intelligent manner has proved to be very bad for many consumers. Yet, I don't believe I've ever seen or read an article suggesting that credit cards, by their very function, are bad things to have in your wallet.
An interest only mortgage won't be the downfall of any borrower who gets one and uses it for the right reason or reasons. They're wonderful home buying programs which very often are the answer to helping many people buy the home of their dreams.
To learn more about interest only mortgages, or to get pre-approved for one as a purchase or refinance mortgage, go to: MortgageMatch
Well, having worked in the public relations, journalism and news media fields myself at one time, I know very often that reporters and journalists write an article just because... that's what they get paid to do. They're always looking for an "angle" or a slant that's news worthy to fill up the space they're responsible for filling. In a lot of cases, it really doesn't matter whether they believe what they're writing about... it's just information they're dispatching... "food for thought".
Working as a Loan Officer, I've helped dozens of borrowers obtain zero down, interest only payment mortgages. They're a good thing. They've helped a lot of people own their own homes who otherwise may have had a problem.
What so many of the negative articles on interest only mortgages fail to mention or suggest, is that interest only mortgages, just like any other form of credit, can be bad strategies if they're not used correctly. Not using credit cards in an intelligent manner has proved to be very bad for many consumers. Yet, I don't believe I've ever seen or read an article suggesting that credit cards, by their very function, are bad things to have in your wallet.
An interest only mortgage won't be the downfall of any borrower who gets one and uses it for the right reason or reasons. They're wonderful home buying programs which very often are the answer to helping many people buy the home of their dreams.
To learn more about interest only mortgages, or to get pre-approved for one as a purchase or refinance mortgage, go to: MortgageMatch
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