As you may have heard, loan rates are rising and so has the popularity of traditional fixed-rate mortgages. Yet many types of so-called "creative" mortgages" are still available and offer buyers and homeowners a way to deal with a shortage of cash. Last year, about 30% of new mortgages that were packaged and sold to investors were interest-only loans, a popular type of creative mortgage.

Here are some creative mortgages you may want to consider, either to refinance or buy a home:

* Interest-Only and Adjustable Rate Mortgages
You’re only required to pay the interest, but can pay additional principal.

* Negative-Amortization Mortgages
Your outstanding balance grows larger over the life of the loan because monthly payments do not cover the interest.

* 40-Year Fixed Mortgage
Just as the name suggests, payments are distributed over 40 years rather than the traditional 30 years.

Loans like these may take longer for you to pay off, but they can decrease your monthly payment. In any case, the wide variety of financing options now available may help you move into your ideal next home soon.