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What Is an Interest-Only Mortgage?
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Mortgage-X
Posted 12/29/2004 11:57 AM (#4)
Subject: What Is an Interest-Only Mortgage?
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The loan product commonly called 'Interest Only Mortgage' is an interest-only payment option which is offered on fixed rate (FRM) or adjustable rate (ARM) mortgages. The option to pay 'interest-only' lets you pay only the interest portion of your monthly payment for a fixed period (three, five, seven or ten years). At the end of that period your loan becomes fully amortized, thus resulting in greatly increased monthly payments. Your new payment will be larger than it would have been if it had been fully amortizing from the beginning. The longer the interest only period, the larger the new payment will be when the interest only period ends.
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