PITI the Fool - Interest Only Mortgage

Interest Only Mortgage

Thats right, fool! Anyone looking for an interest only mortgage needs a serious brain adjustment, a little time with the T to learn about your mortgage rights and wrongs and get all the facts straight. Don't believe no jazz-talking hippie tellin' you interest only is a good idea!

The interest only mortgage takes you out at the knees

You need to hit the ground running when you take out your mortgage loans, kid. Understand? No waiting around to get the old guts going, there ain't no second place at the finish line. With an interest only mortgage you pay the man without getting any money in return:

as the name be saying, with an interest only mortgage you will pay only interest for the initial term of your loan.
This could be cool with us if it didn't mean ignoring your loan principal. Thats right kid, you wont pay a dime toward your principal - and therefore your home equity - for the entire period of your interest only term.
You're paying that much less per month, and possibly qualifying for a greater loan amount that you could without paying principal, but your taking out the financial benefits of your home mortgage - profit off your equity investment.

As we always be sayin, we believe in the golden rule - the man with the most gold RULES! With an interest only mortgage you ain't getting no gold, only giving it up and thats a chump's choice. You can't afford to wait for your equity to accumulate unless you plan on living in you home for longer than the interest only term. Only then would an interest only mortgage be good, and something I wouldn't consider crushing with our bare fists.

We ain't signing up on no interest only mortgage, but you might

Just because we PITI the Fool who effectively takes out the P in PITI by going along with an interest only mortgage doesn't mean you shouldn't consider an interest only opportunity:

today's low mortgage rates make any loan an increasingly affordable financial opportunity, and by taking out the payments toward a principal your monthly payments will be that much lower. This is a great opportunity for someone looking to buy a home but lacks the financial base to make the full payments or has the need for a greater loan amount than your income qualifies you for.
Just take a look at a mortgage calculator, fool! You can see how much you will save each month during your interest only term, and you will also see how your payments will change as soon as your interest only term expires.

We suggest you take as much precaution and time necessary for you to completely understand and feel comfortable with you interest only mortgage loan. Otherwise you might come into a financial situation you weren't expecting and are not quite ready to handle. And I PITI the fool who try to be taking' out a second mortgage with no interest attached. Thats a chump bet, and The T don't even think its possible - sucka!