Interest Only Mortgages
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What are Interest Only Mortgages?
Interest Only Mortgages are loans that allow you to pay only the interest on the borrowed amount for a certain period of time, usually between 1 and 10 years. This means that your monthly payments are lower than a regular mortgage. After the interest-only period ends, you have to start paying both principal and interest, which can increase your payments significantly. Interest Only Mortgages are best suited for people who real estate investors or those who plan to sell, payoff or paydown the mortgage with principal reductions, or refinance the property.
Benefits of Interest Only Mortgages
Ability to borrow a larger sum of money and afford a more expensive home
Flexibility to make principal payments during the interest-only period
Lower monthly payments during the interest-only period, which can free up cash for other expenses or investments
Appealing to borrowers who expect to sell the property before the interest-only period ends
Appealing to borrowers who expect to refinance the property before the interest-only period ends
Appealing to borrowers who expect to payoff the loan or paydown on the balance early
Can also be useful for people who have irregular income
Can be useful for people who want to invest their money elsewhere
Terms from 8 to 40 Years, depending on loan type
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