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newloan44

http://www.mortgageloan-network.com/


Country: Canada

Language: English

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Mortgage Loan Resources  

Mortgage Loan Resources

  • Archived Blog Post

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    Interest Only Mortgage loan

    The Interest only mortgage loan has soared in popularity in recent years. As housing prices skyrocketed, many buyers found that the only way they could afford to get into the house of their dreams was to choose an interest only mortgage loan. This was especially true in regions of California and the Northeast US, where housing prices are among the highest in the country.

    An interest only mortgage loan is pretty self explanatory. You only pay the interest on your loan for a specified period of time (usually around five to seven years). Then you can either refinance at current interest rates, pay off the balance as a lump sum, or begin paying off the principal via significantly higher monthly payments.

    The risks of an interest only mortgage loan should be obvious. For several years you will be making payments without gaining any equity in your home. There's a chance you may not be able to afford the higher payments after the initial term is up. And if housing prices drop, you could find yourself owing more than the house is worth.

    To read more on Interest Only Mortgage Loans please visit here:  CLICK HERE

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