What do you do if you are looking to buy a house? You sift through a series of mortgage loans. What is the best kind of mortgage loan? That would be based on how much you are intending to borrow and on the rate of interest that you would be able to afford. Generally speaking, the greater the period of the loan, the lower will be the interest rate that you will be charged.
With regards to the various types of mortgages, there are two major types. On the one hand we have the repayment-only mortgages. On the other hand, we have the interest-only mortgages. Why don’t I just explain the two types to you?
Now, repayment-only mortgages consist of two types of repayments. When you choose to get a repayment-only mortgage, you will be paying off monthly installments of both capital and interest. Sometimes you will not be able to help feeling as though you are shelling out far more than you would in other types of mortgages. Well, my advice to you would be not to worry too much about it. The only reason that you seem to be paying more is because you are paying off not just the interest but also parts of the capital.
So now let us talk about interest-only loans....
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