The rates on interest-only loans can change as often as every month, or may be fixed for a 10-year period. Check to see how your interest-only rate can change your mortgage payment.

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An interest-only mortgage is a type of mortgage where each payment goes solely towards paying off interest as it accrues. When compared to a standard mortgage which blends principal and interest payments, monthly payments will be substantially lower.

Once your interest-only period ends, your interest-only home loan will revert to a principal-and-interest (P&I) home loan. Lenders generally charge a different interest rate for P&I mortgages than interest-only mortgages, so you’ll also want to compare these ‘revert rates’ when doing your research.

Mortgage Interest Only And Repayment explained Compare interest-only mortgages for investors and home buyers and read more about how these home loans work. It’s true that lenders are getting stricter about giving interest-only loans to borrowers.

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