Interest Only Mortgage Refinancing

Interest-only mortgages promise low initial payments because borrowers repay none of their debt for the first several years. But payments can soar when the introductory period ends and they must start paying off the principal. Most interest-only loans also come with adjustable interest rates, which usually begin resetting at the same time.

With an interest-only mortgage you only repay the interest accrued each month, not the capital This means you’ll have to find another way to repay the capital at the end of the mortgage term and lenders will ask for evidence of your repayment plan, such as investments or other properties to sell

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