What Is an Interest Only Loan?
An interest only loan is a loan which is set for a certain term that enables the borrower to only make payments on the interest section of the loan. The principal balance will remain unchanged during the duration of the loan. At the end of the interest only term the borrower may renew the interest only mortgage, payoff the principal balance, or potentially convert the loan to a principal and interest payment at his or her discretion.
The Benefits of an Interest Only Loan:-
- Interest Only Secured Lines of Credit to 90% in 1st or 2nd position!
- Interest Only payments will increase cash flow
- Interest Only loans lower your overall monthly payments
- Interest Only first mortgages from private sources available!