Interest Only Mortgages
The Smart Choice Loan offers an Interest Only Mortgage option as well as 3 additional options of monthly payment all in one singular loan.  The Smart Choice Loan is indexed from the Certificate of Deposit Index, which is one of the most stable mortgage indexes in the world for Mortgage Lending.

Increasing also in popularity are Interest Only Mortgages based off of the One Year LIBOR which is stable for any term of 3, 5, 7 or 10 years.  Interest Only Mortgages based off of the LIBOR do not have the Smart Choice Loan payment options, however, these could easily be the loan for the borrower wanting security of the same payment for a 3, 5, 7 or 10 year period of time with the loan re-amortizing to payoff after the initial interest only period.

The advantages of Interest Only Mortgages vs. a standard Fixed Rate Mortgage would be simplistically the lower monthly payment and a greater cash flow.  The advantages of the Smart Choice Loan vs. LIBOR Interest Only Mortgages with a 3, 5,7 or 10-year interest only period would be :

                                      q       Choices
  
                                      q       Flexibility
 

These are the deciding factors in getting you the mortgage you need.
 

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