Financial times are tough. Just take a look at gas prices. As potential homeowners consider the type of mortgage that would fit most snugly into their bank account, many look toward interest-only Florida home loans. But are these really helpful fiscal options?

Here's a quick rundown of such mortgages:

- Faced with rising housing costs, individuals hoping to keep their monthly payments down consider interest-only loans. Just think about that name for a minute, however. Those with a conventional mortgage pay off interest AND principal with each payment - meaning they're actually moving toward owning their property. However, an interest-only Florida home loan does NOT include princical payments. Your initial bills are, therefore, very low.

So what's the problem? Why isn't this an ideal Florida home mortgage loan?

Because they are too short sighted. When the pre-determined interest-only period ends, payments will sky-rocket. In essence, this is a course of action that simply defers significant bills without building any sort of equity. If you're sure you'll be coming into money in a few years, then this could be the way to go in order to get the mortgage ball rolling. Otherwise, look into a 5/1 ARM or other home loan possibilities.