Interest only mortgages are becoming more in demand – now that people are learning about them. Recent changes have made them more popular and it could be just the thing that you need. Here are a few tips that will help you determine if you should get an interest only mortgage.
Interest only mortgages give you the opportunity to buy a larger house than you might be able to obtain otherwise. They have an initial period of from 5 to 10 years in which the interest only is being paid. During this time period, your payments are lower because you are paying interest only. In a regular mortgage, each month normally includes some of the principal involved in the payment, and this slowly reduces both the principal and the interest.
An interest only mortgage is often attached to an adjustable rate mortgage, but can just as easily come as a fixed rate mortgage. If you get an interest only mortgage on an adjustable rate mortgage, it will enable an even greater reduction in the payment each month.
The actual idea of an interest only mortgage is a little deceiving. For one thing, there is no such thing as an interest only mortgage – you must pay the...
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