Introduction to Interest-Only Mortgages
For first-time homebuyers and experienced borrowers alike, interest-only mortgages can be a viable option, offering the benefit of lower monthly payments during the initial period of the loan. This type of mortgage allows borrowers to pay only the interest on the loan for a specified time, typically 5-10 years, before switching to a principal-and-interest repayment plan. To learn more about the pros and cons of interest-only mortgages, visit our dedicated page or explore our blog for expert insights and analysis.