What is an Interest-Only mortgage?
With an Interest-Only mortgage, your monthly payment will consist of some interest and some principal, so that you’ll be paying both at once. Interest-Only mortgages can be a great way to free up your cash and allow you to invest it towards other things.
Who should get an Interest-Only mortgage?
Borrowers who are pretty certain their income will grow, but would like the advantage of buying more home now.
What are the pros and cons of Interest-Only mortgages?
- Low initial payment schedule
- Have a lower, more affordable monthly payment
- More money left over for home improvement projects
- May have high payments once the interest-only period expires
- It may be harder to refinance in the future
Why Trust Providential?
We’ll save you more money and will offer you low interest rates compared to the competition. If you apply for an Interest-Only mortgage, you can save cash on your home loan and closing fees.
Providential has helped tens of thousands of borrowers find the perfect home loan option for them. Apply online today!
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