An interest-only home loan is one that offers you the option of only paying the interest due or the interest plus as much principal as you would like on a monthly basis. These loans are usually interest-only for a fixed number of years. After the interest-only period, your payments will be adjusted to include both interest and principal.
An interest-only home loan can be a good option for someone who would like more flexibility in their payments or who is planning on being in their home for less than ten years. With an interest-only mortgage, you can control your monthly mortgage payments and cash flow based on your family’s needs.
Our interest-only home loan options can be structured as either a fixed-rate or an adjustable rate mortgage. For more information on interest-only mortgages or to see if one might be the right fit for you, contact a Financial Specialist today.
