An Interest Only Mortgage is a home loan that only requires you to pay interest
for fixed period of time. Interest only loans allow you to:
Lower your initial mortgage rate
Lower your initial monthly payment
Qualify for a larger loan amount
Interest only mortgage rates adjust annually, bi-annually or monthly. Therefore, your
payments would adjust as well.
Once your interest only period (usually 10 years) is over, your loan amortizes like a
regular mortgage and you are required to start paying principal.
Interest only mortgages are great for those who wish to manage their monthly cash flow
closely. For example, if your income varies monthly due to bonuses and commissions, an
interest only mortgage may be a good fit for you. For a month with a lower income you
can just pay the interest, while during lucrative months you can put more down toward
your loan principal so you pay off your mortgage faster.
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