Here at Home Purchase Inc, we offer many different types of Interest Only Mortgages.

We offer the 1.00% Smart Choice Loan which gives you the Interest Only Mortgage option as well as 3 additional options of monthly payment all in one singular loan.  Our Smart Choice Loan is indexed from the Certificate of Deposit Index, which is one of the most stable mortgage indexes in the world of Mortgage Lending.

Increasing also in popularity is the Interest Only Mortgage based off of the One Year LIBOR which is stable for any term of 3, 5, 7 or 10 years.  The Interest Only Mortgage based off of the LIBOR does not have the Smart Choice Loan payment options, however, could easily be the loan for the borrower who wants the security of the same payment for a 3, 5, 7 or 10 year period of time with the loan re-amortizing to payoff after the initial interest only period.

The advantages of an Interest Only Mortgage vs. a standard Fixed Rate Mortgage would be simply the lower monthly payment and a greater cash flow.  The advantages of the Smart Choice Loan vs. the LIBOR Interest Only Mortgage with a 3, 5, 7 or 10-year interest only period would be :

                                      q       Choices
  
                                      q       Flexibility
 

These are the deciding factors in getting the last Mortgage Loan you will ever need.