Because interest-only mortgage rates have lower costs compared to fixed rates or other types of loans, you are afforded extra money which would have been spent on high monthly payments. Interest-only mortgage rates give you the chance to qualify for other loans, thus enabling you to buy more home or real estate properties. The current mortgage interest rate that you are charged right now is something that your banker or broker cannot control. Often, loans with unattractive mortgage interest rates are sold to FannieMae or FreddieMac which in turn, sell these loans to the secondary market. Mortgage investors purchase these secondary market loans with mortgage interest rates that are undesirable to the regular homebuyer. Because mortgage brokers do not work for only one company, they have more access to mortgages and loans. Greater suitability and better mortgage options are what mortgage brokers bring to their customers. For instance, your credit history is not that great. Banks generally reject mortgage applications if the credit score is below 670. Even with a fixed rate mortgage, interest-only mortgages are still bound to be only temporary. And InterstFirst product only lets interest-only mortgage payments for half of the total term. The expiration schedule of an interest-only mortgage payment is usually at the end of a set period. This makes interest-only mortgages compatible to "amalgam" adjustable rate mortgages. This setback of having a 15-year fixed rate mortgage may restrict home buyers to smaller houses than they might be able to afford with longer-term loans. There are also other factors to consider when choosing which type of fixed rate mortgage you want to take. Keep in mind that you can actually do a prepayment for your fixed rate mortgage, that way, the principal amount may be significantly reduced each month. Bad Credit Mortgage Loans There is only one way of getting out of a financial crisis if you have a bad credit history. Get a bad credit mortgage loan. When you apply for a loan, the first question every lender asks is: "How's your credit report?" If the answer is in any way viewed as negative, your application is rejected.