Now with the low Interest rates, Interest Only is not a bad thing or Taboo....When in fact it can save you money, get you out of renting and make you a homeowner. 

 You will qualify for a tax write off on your new mortgage as a homeowner, which will make buying cheaper than renting and start making you money (equity)

You will save 20-40% off your gross taxes..Stop looking at your net income and see just what you are paying in Federal Taxes each month.

Goes like this: Interest Mortgage Payment is $2500.00 You will get say if you are in 30% tax bracket a credit back for you to use monthly or as a refund at the end of the year.

$2500.00 Mortgage Payment*                                  Rent per month-$2500.00                               

x$562.50 per month Approx. Tax Credit

        (30%  of your Gross Pay check)                          35.00 Renter's credit per year

_____________________________________                    ______________________________

                                                                                   $2495.00 Rent per month

$1937.50  New payment on your mortgage.

 *So you can buy a home with a Mortgage Loan is $550,000.00- 5.5% Interest only Approx.  payment $2500.00

 That is just one of the savings, that does not include the profit, equity and other homeownership write-offs.

Call your CPA and Mary Thomas for more information on renting verses buying now!

Here is a great guide for when you should use interest only loans and when not too!