Interest Only Mortgage Loan - Should You or Shouldn't You?

Mortgage lenders and brokers often recommend an interest only mortgage loans, but is it right for you?

An interest only mortgage rate might be a good fit for you if:

• Your income is in the form of irregular commissions or bonuses;
• You expect to earn a lot more in a few years;
• You plan to invest the savings on the difference between an interest only mortgage and an amortizing mortgage (and you're confident that the investments will make money).

Standard wage earners who take out moderate-size home mortgage loans, but who don't have a strategy for investing their savings, should probably not seek an interest only mortgage loan.

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