Interest only mortgages are gaining popularity with first time home buyers. The reason for this is that interest only mortgages offer great flexibility in terms of payments for the first several years of the loan.
When you pay for your interest only loan, you are actually only making payments on the interest of your loan, so the payment is substantially lower. You can make payments towards the principle if you can, but you aren't required to.
Be careful if you choose an interest only loan. Don't get into more house than you can realistically afford. Make sure you understand the loan schedule so you aren't caught unawares when you have to begin paying towards the principle as well.
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