What is a interest only mortgage?
Question asked by: mrquestion
Asked on: 05 Jan 2010
An interest only mortgage is actually quite a good description of what this product is.
Essentially with an interest only mortgage you don't pay off the mortgage but rather just pay off the interest each month.
This means that during the course of the mortgage for a long time the payments are less than with other mortgage types but you have to save the entire lump sum of the mortgage to pay off at the end!
By: knowitall
Replied at: 05 Jan 2010
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mortgage interest
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