What is an Interest-Only Mortgage Loan?

The most common interest-only periods are five or ten years, after which, you will be required to begin paying back the principal plus interest.  These loans usually have higher interest rates and costs than traditional conventional (P&I) loans.

Who Should Consider an Interest-Only Mortgage Loan?

An interest-only mortgage loan tends to be beneficial for first-time homeowners who struggle to become accustomed to such a high monthly mortgage payment. The loans might also work well for those whose income fluctuates. At times when income is higher, the individual might choose to pay on their principal.
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