An interest-only mortgage is a loan where you make interest payments for an initial term at a fixed interest rate. The interest-only period typically lasts for 10 years and the total loan term is 30.
The humble interest only mortgage has become a byword for financial recklessness. In the eyes of many, such mortgages are the UK equivalent of sub-prime loans in the US. But I disagree: Sub-prime mortgages saw US banks scanning the worst localities for the worst customers.
If you want a monthly payment on your mortgage that’s lower than what you can get on a fixed-rate loan, you might be enticed by an interest-only mortgage. By not making principal payments for several.
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An interest only mortgage features monthly payments that only cover the interest and don’t include repayment of the principal loan amount. Many real estate investors like interest only mortgages because they have very low monthly payments despite having mortgages rates between 6 – 15%.
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An interest-only mortgage is a type of mortgage in which the mortgagor is required to pay only interest with the principal repaid in a lump sum at a specified date. Interest-only mortgages can be.
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Adjustable-rate interest-only mortgage . An adjustable rate mortgage is a loan product that can also carry an interest-only option. An interest-only ARM has an initial period with a fixed rate and then goes on to adjust periodically. The frequency of adjustment is based on the terms you agree to.
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Interest-only mortgages can be structured in assorted ways, but they share a common premise. Borrowers don’t have to pay principal for a period, usually three to 10 years, lowering their monthly payments below the cost of comparable principal-and-interest mortgages.