For Bad Credit Loans

Another option for repayment of home loans, which can be provided on either Fixed or Adjustable Rate Mortgages, is the Interest Only Mortgage Loan. What this kind of loan repayment option does is set up a specific period, usually between three and ten years, in which the borrower is only required to pay the interest part of the payment monthly. The advantages to this payment option include very low monthly payments for the interest only period. It enables for the qualifying of a bigger loan and the whole monthly payment can be written off as tax deductible.