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Interest Only Mortgage

If you are considering an interest only mortgage you will want to establish a term that is manageable. Many homebuyers choose to have an interest only mortgage that is converted to a traditional fixed or adjustable rate mortgage after a time of 5 – 10 years. This way, borrowers are not stuck with an interest only loan when they hope to be able to afford the larger monthly payments of a traditional loan further down the road.

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Only a qualified mortgage professional can truly help you determine whether or not an interest only mortgage is right for you. Beyond considering how long you intend to stay in your home, or what your monthly finances look like, there are other details the experience of a professional can offer you when it comes to less common interest only mortgages. Our free application will put you in touch with as many as four competitive mortgage quotes for your proposed loan. Feel free to contact us today.

Interest only mortgages are a less common type of home loan that many homeowners choose to begin the home ownership process with. As the name implies, borrowers with an interest only mortgage do not pay down their mortgage balance with their monthly payments – they only pay interest. This obviously results in a smaller monthly payment. However equity will not be established in the home to use for the future.

If you intend to live in an area where there is rapid appreciation. You can still make money on the sale of your home if this appreciation continues once you move in. Although you will have no equity in your home when you go to sell with an interest only mortgage. Your home may be worth more money and you will still profit. The challenge in making money in an area where there has been appreciation is dependant on how long you are willing to hold out at a higher sale price that may take longer to sell. Your real estate agent should handle these details with you to establish a reasonable sale price.

 


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An interest only mortgage is a special kind of mortgage in which equity is not built in the home with monthly payments. These loans often last 5 – 10 years with lower monthly payments before being converted to a more traditional loan that pays down the mortgage balance… If you are thinking of taking a loan or loans in your name you should consider whether or not you would like a short term or a long term to repay it. Doing a few simple calculations you can determine how much home you can really afford… A mortgage refinancing company specializes in helping you to best take advantage of interest rates that have lowered since the time you got your first mortgage. You can also “cash out” using your home equity to borrow additional money at a low rate of interest…
This site provides a free mortgage amortization calculator to estimate your monthly payments and also split up your payments into principal and interest for your viewing pleasure. Contact our brokers to get a quote on your loan… One of the best ways to get started when you are looking for a loan is by running your figures through a mortgage calculator. Our mortgage calculator provides a complete amortization of your loan for the entire term…

An amortization schedule is a tool for showing you what you can do to eliminate interest from your loan. By using our calculator you can fidget with the interest rate to see how it affects how much your monthly payments is eaten up by interest…

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