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Interest Only Mortgages

An interest only mortgage may sound like a strange arrangement, but there are several circumstances that make it appropriate. For instance, if you are only planning on staying in your home for a short period of time, it may make sense to get by with less monthly payments instead of using the extra money to pay down the balance on the loan.

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Interest only mortgages are exactly as they sound. They are mortgages in which your monthly payments work to only pay down interest. There are two obvious effects from this arrangement. First of all your monthly payments are smaller because you are not paying down the balance of your mortgage. Second, you are not building equity in your home.

Interest only mortgages are not for everyone. Only speaking with a qualified mortgage professional can reveal the best possible fit for your loan needs. On our site we offer a free short no obligation application to get competing quotes and loan information from mortgage broker professionals.

Interest only mortgages can be a practical consideration in housing areas where the appreciation of the homes is greater than what your monthly mortgage payments would pay down on the balance of a conventional loan. For example, if you only lower your mortgage balance by 4% with a conventional loan, but you decide to do an interest only loan and your home appreciates by 4%, you can still make money at the time your home sells.

 


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Interest only mortgages can be a perfect fit for borrowers that are looking for smaller monthly payments on their mortgage or are not planning on staying in their home for a long period of time. As the name implies only interest is paid monthly… Looking for a good Mortgage Calc? Figure out your monthly payments and see what happens as you fidget your interest rate up or down. Rates in general are great for everyone, but checking out your possible monthly payment is still the first step… Looking for an amortization table? Our calculators generate amortization tables over the entire life of your home loan. The table is easily printed and it will show you how much interest you pay each year on your loan…
An amortization chart can show you the entire list of payments you will make over the life of a loan in a printer friendly form. On an amortization chart you will see your payments broken down into principal and interest paid each month… Need a mortgage payment calculation? Our calculators are free and easy. Estimate your interest rate and loan term and let our calculators supply you with a printer friendly estmate of your loan…

Refinancing is simply the acquisition of a second mortgage that is used to repay the first mortgage. During this process, you can borrow against your home equity to increase the amount of the loan over and above that of your first mortgage. This is called a cash out refinance and gives you the funds to pay for home improvement, college tuition, a brand new car or any other major purchase. Depending on the use of the money left over after refinancing, the repayment may be tax deductible…

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