Best Loan Provider Agency in Jaipur; An interest-only loan is a mortgage where you just pay the interest for the first few years of the loan, to put it simply. These payments often span between three and ten years. During that time, it often lowers your monthly mortgage payment. Your payments will rise to include both the interest and the principal after the interest-only period expires. The majority of interest-only loans are adjustable-rate mortgages (ARMs), meaning that your interest rate can change during both the interest-only term and the remaining time. Your loan will either need a lump sum payment after the interest-only period is through or regular monthly payments that cover both the main balance and interest. Call us to learn more about mortgage loans and to speak with an expert.
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