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What is an interest only home loan?In: Mortgages [Recategorize] |
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In a traditional mortgage, the loan if fully amortized. Meaning that you pay both interest and principal. In order to lower the monthly payment, some mortgages allow you to pay only the interest. This results in a lower monthly payment, however the balance of the loan stays the same.
First answer by TheMortgageExpert. Last edit by TheMortgageExpert. Contributor trust: 56 [recommend contributor]. Question popularity: 1 [recommend question]
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