I am looking into refinacing my mortgage with an interest only loan. Any pros or cons? Let me know.

Here is a place for you to start gathering info!
http://www.bankrate.com/brm/news/mtg/20020620a.asp

Hope this helps you! :D

Hello ds:

There are plenty of pros and cons regarding an interest only loan. But, you're asking the wrong question. The question you should be asking yourself, is "do I NEED, and can I handle, an interest only loan?

If you do, then shop for the best deal you can find. If you don't, then you're asking for a whole lot of trouble.

excon

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Originally Posted by dskcmk

I am looking into refinacing my mortage with an intrest only loan. Any pros or cons? Let me know.

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right now, I have a loan with options of payments, I need out and offering interest only loans

Please be careful.
For starters, the name is misleading. There is no such thing as an interest-only mortgage, because eventually you'll have to pay the loan principal as well. What you're really getting is an interest-only payment method/choice.
The other thing you'll want to keep in mind is that the benefits are way overblown. In the early years of a standard mortgage, the interest takes up about 95 cents of each dollar paid to the lender. The standard payment on a 6%, $100,000 loan is about $600; of that, $500 is interest, "saving" you just $100 per month. Moreover, not paying any principal now means that you'll pay more interest later. The thing to remember is if you don't pay towards the principle, you end up owing more later.
Hope this helps. My husband and I have been in the business for years, we educate borrowers and we may be the most honest loan officers left - I would not sell you on an interest only loan. Unless you are a savy investor and you can leverage your money.
If you need help with your mortgage needs, please feel free to reach out.
Take care.