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Interest Only

An interest-only mortgage loan may be an option if you are looking for a way to afford more of a home with smaller payments.

An interest-only mortgage loan is very simple: for a set period of time (generally the early years of a mortgage when most of the payment goes toward interest, approximately 5-10 years) your monthly payment will only include the interest due for that month. No portion of the payment will go toward the principal balance. At the end of the interest-only period your loan reverts to its original terms and the monthly payments increase to reflect full amortization over the remaining years of the loan. Because of ever changing guidelines of this program please contact one of our mortgage professionals for more details.

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