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Interest Only Loans

Interest only mortgage loans have become very popular over the past two years in order to keep the borrowers monthly payment as low as possible. Many consumers are concerned that they will never pay their loan off. This can be true if you only made interest only payments over the life of the loan but you can make principal payments whenever you choose.

This allows the borrower the flexibility of low payments when cash flow is lower or when cash flow is higher the borrower can make a higher payment to be applied towards principal. Some loans have pre-payment penalties associated with them so be sure to find out how much principal you can pay each year if you choose to. Loan terms can range from monthly to 30 year fixed rate interest only loans.

Mortgage Rates NY will be happy to advise you on what loan type and program is right for you. 

Call Mortgage Rates NY today, at (888) 996-9529.