An "Interest Only" mortgage loan is a very popular alternative to traditional fixed rates. Gaining popularity at record speed, these home loans allow a consumer to make “interest only” payments during a defined period of time for the loan. These programs can offer consumers greater purchasing power, increased cash flow and a number of other benefits. For example, some of the most common programs are 1,5 or 10-year interest only loans where the borrower has a fixed rate for 1 to 10 years and is only obligated to pay the interest owed every month. This could mean hundreds of dollars in monthly savings, increased purchasing power (since you may qualify on the interest-only payment) and more. These loans are not for everybody. However, if you are self-disciplined, have a good understanding of the time frame you will be in your home and understand the potential risks, this program may provide an extremely attractive option for you.