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It may make very good financial sense to consider getting an interest only loan. With a 30-year fixed-rate mortgage, around 70% of the payment is toward interest during the first 6 or 7 years.

If you have a low loan rate, instead of paying for it, you could take extra money that you save each month from interest-only payments, and invest it in something with a higher rate of return. Another option is to pay off high interest debt like credit cards or a car loan. You could access thousands of dollars over the several years to invest or reduce high interest debt (depending on your loans).

An interest-only home loan is also a good option if you expect to be in your house for less than ten years, because mortgage payments are mostly interest for the first couple of years. Extra money saved from interest only payment could be used for tuition of home improvement projects.

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