On a traditional loan, your monthly mortgage payment is a combination of principal and interest. Sometimes it will also include taxes and insurance. The Principal, Interest, Taxes & Insurance are sometimes referred to PITI.There are many loan programs that offer Interest Only Payments.
Interest Only payments are one of the more popular options that are offered by mortgage companies, but you must also be disciplined enough to make extra payments towards the principle of the loan.
If you cannot make your minimum monthly mortgage payment, it is highly advised that you call your mortgage company as soon as you are aware of this so that a possible solution may be able to be worked out before your credit rating is affected and to avoid defaulting on your home mortgage loan. If you are having a hard time making your mortgage payment there are many programs out there that may help you reduce your monthly mortgage payment. There are ARM loans, interest only loans, pay option ARM loans and then and many others that may help put you into a better financial situation.
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