"It seems interest-only mortgages are recently attracting more buyers in the real estate market. As housing prices stabilize in the post-recession years, these types of loans are growing in demand due to their lower monthly payments, as they have 30-40 percent lower payments than regular mortgages. One might ask, however, why is it in demand only now? Contrary to popular belief, an interest-only mortgage isn't actually a type of mortgage, but rather some sort of mortgage add-on. It allows you to pay a part of the principal without the penalty. With the interest rates at an all-time low, people who are not planning to keep their homes for a long period of time can take advantage of this option. Though before taking the leap in Shelby County, it is best to consult mortgage companies in Memphis, TN like Churchill Mortgage, for more information on the matter. They can assess your financial situation and recommend if it is advantageous for you to take this venture or otherwise."
http://memphis.churchillmortgage.com/blog/2013/08/24/interest-only-loans-consult-mortgage-companies-in-memphis-tn-first/
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