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How exactly do 'interest only' mortgage loans work? When do I pay on the principle of such a loan?

May 18, 2007 by ronnieD | Posted in Renting & Real Estate

I know APR loans are a bad idea, but how would an interest-only loan work? Would it still be a 30 year note, or do they extend the loan? Would I be able to get a fixed rate with an interest-only mortgage loan?

In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become

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