Interest Only Mortgage Loan

An Interest Only Mortgage Loan can be a viable option for buying a home in the Delaware Home Loan Market.  The first step to deciding if this is the right loan product for your situation is to become educated on the Interest Only Loan.

The Interest Only Loan abbreviated (I/O) is a loan in which the minimum loan payment required by the lender is only the interest on the borrowed money.  This leaves the original amount of borrowed money unchanged.

The advantage of the interest only mortgage is that it provides flexibility to the borrower in the early years of the loan.  Borrowers can pay only interest, or can choose to repay some portion of the loan balance as they see fit.  The typical interest only period is for either five or ten years. Keep Reading...