An interest only refinancing loan is a great way for savvy homeowners to maximize their cash flow. Interest only refinancing loans are different than a tradition refinancing loan. With a traditional refinancing loan, you pay both the principle of the loan and the interest of the loan. With interest only refinancing loans, the homeowner is given the option of paying both the principle and interest of the loan or only the interest, using the extra money that would have been spent on the principle to purchase or invest for other things.
Interest only refinancing loans can be very similar to traditional refinancing loans. For instance, both types of mortgages usually have the same interest rate, so you dont usually save from one product to another and you can take out an interest only loan with either a fixed rate or adjustable rate.
For the most part, most interest only loans allow the borrower to choose between paying both the principle and interest or just the interest for a set term. For instance, your interest only loan will give you the option for the first 10 years of the loan. After 10 years have passed, you must always pay both the principle and...
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