The benefits from interest only mortgages are generally blown out of proportion. Consider this: The monthly mortgage payments for most mortgage types are structured in such a way that for first few years, mortgage interest forms around 90% of the total monthly mortgage payment amount. As you move on with your mortgage, the interest part keeps reducing and the principal component keeps getting ramped up. In that sense, all mortgages are sort of interest only mortgages by nature. It’s true that New York interest only mortgages will have a slightly reduced monthly mortgage payment for the initial few years, but the difference is not huge. Also, the overall interest that you pay on your New York interest only mortgage might be much more than the mortgage interest on normal home mortgage loan (since the principal remains unpaid for few years). So, you should give it a good thought and compare the option of New York interest only mortgage with other New York mortgage options too.<br/><br/>Estreet loans (www.estreetloans.com) is one place where you can read about various types of mortgage loans, discuss mortgage options in forums and get no-obligation home mortgage quotes too. You don’t need to travel to our office. You don’t need to even call us over phone. Just fill out the short and simple loan request form (at www.estreetloans.com) from the comfort of your home and you will get the best home mortgage quotes within 1-2 days or even earlier.<br/><br/><a href='http://www.estreetloans.com/cgi-bin/teemz.cgi?board=_master&action=opentopic&topic=9&forum=Interest_Rates_'>Discuss this article in our Discussion Groups</a><br/><a href='http://www.estreetloans.com/request.jsp'>Request a Home Equity Loan Today - Click Here Now</a><br/><br/>