Introduction to Interest-Only Mortgages
So, you're considering an interest-only mortgage? This could be a great option for first-time homebuyers or those looking to minimize their monthly payments. But, what exactly is an interest-only mortgage? Simply put, it's a type of loan where you only pay the interest on the borrowed amount for a set period, usually 5-10 years. After that, you'll need to start making principal payments. It's essential to understand the pros and cons and cons before making a decision. For more information, visit our Interest-Only Mortgages page.