If you're looking to purchase a home anytime in the near future, I'm sure you've at least heard of a mortgage program that is gaining popularity known as an Interest- Only Mortgage. Unlike more traditional mortgage programs that require you to repay a portion of your principal with each payment, these programs only require interest payments. The payments are, therefore, much less. Does having a lower payment make this the right choice for you?

The answer depends on what I call your financial discipline. Do you have the ability to take the amount you are not paying back on your mortgage each month and put the money to some better use? Ask yourself these questions.

1. Do you pay your credit cards in full each month or at least make substantially more than the minimum monthly payment?
2. Do you contribute from every paycheck to your 401K plan or some other tax deferred savings plan?
3. Do you have a personal financial advisor such as a CPA, investment advisor, or financial planner?
4. Do you own any other investments other than real estate?

If you can answer "yes" to at least two of these questions, you've probably got the financial discipline to find a better use for the monthly principal payment on your mortgage other than paying down the mortgage. Be sure to ask you mortgage professional to review all of your options with you.

Tim Garvey is a Certified Mortgage Banker by the Mortgage Banker's Association of America. Tim believes in providing mortgage information with no strings attached and can be reached via his website www.TGarvey.com