When you are looking to purchase a home, you may consider different loan types, one of which is an interest-only mortgage. What are the benefits of interest-only mortgage loans? What are the disadvantages? When should you consider an interest-only loan? In simple terms, an interest-only loan is a mortgage where you pay just the interest for the first several years of the loan. In most cases, these payments last between three and ten years. It typically lowers your monthly mortgage payment during that period. However, once the interest-only period closes, your payments increase to include both the interest and the principle. Most interest-only loans are adjustable-rate mortgages (ARM), so your interest rate can increase or decrease throughout both the interest-only and the remaining period. When the interest-only period ends, your loan can either require a lump sum of payments or continue with regular monthly payments that include both the interest and principal balance. To know about Mortgage loans and get the consultant call us.
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