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Interest Only Mortgage An Interest Only Mortgage allows a borrower to make monthly payments on only the interest on their mortgage for a certain period of time. Common terms for an interest only loan are 3, 5, 7 and 10 years. At the end of this term the borrower must either refinance, pay off the balance of the loan, or start making payments toward the principal, in which case the payment amount will increase substantially. Interest Only loans are generally good for individuals who earn large commissions or bonuses sporadically and can afford to make larger payments at least a few times per year (when the commission or bonus is received). A perfect example of this would be a real estate agent or broker. This type of loan can also work for someone who expects have substantially more income by the time the interest only term is up. Try this Interest only mortgage calculator to find out how much you could save with an interest only loan. Speak with a trustworthy mortgage broker or loan officer before applying for this type of loan. Interest only mortgages are definitely not for everyone. B & A Funding offers Interest Only Mortgages We also recommend Ken Gomes of Provident Bank Return to Home Loans and Mortgages >>
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