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By [http://ezinearticles.com/?expert=Gay_Redmile]Gay Redmile An Interest Only Loan is a loan where for a set term the borrower pays only the interest on the capital - leaving the capital amount owing. At the end of the term the borrower may repay the principal as a lump sum, renew the Interest-Only Mortgage, or (with some lenders) convert the loan to a principal and interest payment loan. With an Interest Only Loan, you repay only the interest on the principal during the term of the loan. At the end of that time - usually one to five years - you must repay the principal as a lump sum. As you would expect, repayments are lower than with a standard principal and interest loan. Typically, in the United States, borrowers take an Interest Only Loan for a five or ten year period - and after that time, the principal balance is amortized for the remaining term. Interest Only Home Loans are popular among investors who plan to sell the property in the short-term for profit. If you’re considering purchasing an investment property - then an Interest Only Loan could be the way to go. Offering lower repayments, with lots of the same features as traditional loans, interest only loans are particularly suitable for investors. However, that is not to say that Interest Only Mortgage Loans are not suitable for general home buyers, to refinance an existing loan, as bridging finance or to pay for home renovations. Most lenders will provide borrowers with their Interest Only Loan Calculator - so repayments can be worked out. The Advantages of an Interest Only Loan include: Lower repayments - this may suit if you wish to renovate the property, or if your income is infrequent eg commissions or bonuses; If you expect to have a higher income in a few years time; Reduces the cost of buying an investment property in the short-term. However - Interest Only Loans, Interest Only Home Equity Loans or Lines of Credit - also come with some disadvantages: Can be risky if the property market falls, you could be stuck with the property or forced to sell at a loss. If you decide to keep the property long term - you may be forced to repay the principal in full at the end of the loan term. So…Borrower Beware… Interest Only Loans suits some investors - but the risks may outweigh the benefits for the ordinary home-buyer! Gay Redmile is the webmaster of several finance and investment sites. Having purchased her own home and investment properties, she fully understands the importance of securing the best Loan available. For further important information on Interest Only Loan - visit her site at http://www.interestonlyloan.mortgageshomesite.com or one of her
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