Who can maximize interest only mortgage tax and other benefits?
Answer:To maximize interest only mortgage tax benefits, talk to your accountant as to how and when to make IO payments. The standard IO home loan doesn't have too great tax benefits compared to a loan with no IO option.
However, Option ARM loans, also called Pick-a-Payment or Flex Payment mortgages, can have significant effect on your taxes. They allow making minimum and IO payments for several years and significant principal advances when it is necessary. Your CPA will be able to tell you how exactly to make your payments to reap larger tax advantages from having an IO mortgage.
Who benefits the most from IO mortgages?
Option ARMs and interest-only mortgages can have significant effect to people who get work bonuses or commissions several times a year, or own a seasonal business. Those loans were once focused at investors and wealthier borrowers, but career-oriented people in their late 20s and early 30s seem to have become the right consumer audience to take advantage of those loans.
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