An Interest-Only Mortgage may offer benefits for homebuyers looking for lower monthly payments and borrowers whose income may not be consistent during the year.
Benefits of an Interest-Only Mortgage:
An Interest-Only Mortgage offers borrowers the flexibility to pay only interest during the interest-only term of the loan. After the initial interest-only term ends, the monthly payment changes to include both principal and interest for the rest of the loan term.
Interest-Only Mortgages are unique and not the right fit for every borrower. Borrowers should be aware of the following:
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