First-time homebuyers only? No. Loan options: year fixed-rate mortgages. Benefits: Offers lower interest rates and a down payment requirement as low as 3. Interest-only mortgages allow borrowers to pay only the monthly interest on their loan for the mortgage term before paying the principal. This results in lower. with an interest-only mortgage, your monthly payments are much cheaper so you put the extra cash into a bank account with a good interest rate. If the monthly payment you can get with a fixed-rate home loan isn't as low as you'd like, an interest-only mortgage loan may seem enticing. An interest-only mortgage is a loan with monthly payments only on the interest of the amount borrowed for an initial term (typically seven to 10 years) at a.
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