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Please use the contact form below to contact us about mortgage rates today because traditional mortgage loans require that each month you pay back some of the money you borrowed each month. The money you pay back is the principal (money) plus the interest charged you for the home loan.
The mortgage principal you owe, the money you borrowed on your mortgage loan decreases over the time of the mortgage but with an interest only payment plan that allows you to pay only the mortgage interest. Paying the interest only for a period of time and then you pay both interest and principal.
Most home loans that offer an interest only payment plan have adjustable mortgage rates, the mortgage rate can change at anytime causing the monthly mortgage payment to change, it can go higher or lower, which ever direction current mortgage rates move in.
With an interest only mortgage the interest only payment period is typically between 3 and 10 years. The payment can also be less than 3 years but after the initial period, your monthly mortgage payment can go higher even if mortgage rates today stay the same, which isn’t a great thing.