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The Consumer's Loan: The 10/30 Interest Only
Of all the products in the interest only loan market, this
product, the 10/30 interest only loan, might be the most
beneficial to the consumer. Why? Because it actually works with
the consumer in mind, on the same time frame that the average
consumer's income level, expense level, and needs for retirement
planning usually occur. The 10/30 Interest only loan works in
the following way: you borrow money in the form of a 30 year
mortgage, with a fixed interest rate. The first 10 years are
interest only payments, with the full amount of the principal
being amortized over the last 20 years of the loan.
What benefit does this option provide? There are several for the
consumer who happens to be about 28 or 30 when he or she
borrows, with small children, and a starter level income. The
consumer at this stage of their life doesn't necessarily have
retirement on their mind. The greater demands of raising a
family, providing a home for that family and stretching their
budget to meet all the demands is the goal at this age. This
option also will allow the family to live in a home that is big
enough to accommodate their need for space, and still not eat up
too much of their budget in a monthly mortgage payment. The
interest only option means that the payment is smaller than it
would be with traditional financing, but it gives the homeowner
10 years to make optional principal payments, get the kids
through college, and then look to retirement, with only 10 years
left to pay on a mortgage. The interest only option provides for
a larger tax deduction on their return, and most of these
consumers will use the itemized deduction portion of their tax
return. The 10/30 Interest only loan looks pretty good from
the consumer's viewpoint, so long as they don't loose site of
the long term goal, and they're able to discipline themselves
with their other expense. Sometimes, the interest only loan and
the 10/30 option turn into a real benefit to the consumer.
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