Frequently Asked Questions about Interest Rate Only Mortgages

Here are the answers to the most commonly asked questions about interest rate only mortgages.

What are interest rate only mortgages?

Interest rate only mortgages are a type of home loan that allows the borrower to make monthly payments that consist only of interest for a specified period of time, usually five or ten years. In other words, the monthly payments are lower because the borrower is not required to make any contribution to the loan's principal until the interest-only period expires. Interest rate only mortgages usually come in the form of adjustable-rate mortgages.

How do I sign up for quotes on interest rate only mortgages?

You can get up to five free quotes on interest rate only mortgages by filling out our simple, online form. The form will only ask for some basic contact information and will take only a few minutes to fill out. As soon as we have your information, we will present you with a minimum of four quotes on interest rate only mortgages from various lenders. You will receive quotes from some of the best lenders in the industry, as our network consists of over 200 local, regional, and national lenders. Your quotes will be presented in a user-friendly, side-by-side format to make comparison shopping hassle-free. You can do all of your shopping for interest rate only mortgages for free on one site. You also have the option to save your quotes to review later, if you wish.

Are you a mortgage lender?

No, we are not a mortgage lender. We are a free referral service that matches our visitors with lenders that can provide affordable quotes on interest rate only mortgages. We also don't have a stake in which lender you select, so you can trust our quotes to be accurate and unbiased.

Are interest rate only mortgages right for my situation?

Interest rate only mortgages can make sense in several cases. First, if you would like to buy more house but are limited by your income, you can do so with this type of mortgage. Similarly, if you expect your income to increase in the future, you can buy the house you want with much lower initial payments. Third, if you are fairly certain you could invest the excess cash flow wisely, interest rate only mortgages can help you build your wealth more quickly. Finally, interest rate only mortgages can help those whose income fluctuates, as you have the option of paying just the interest or more. There are also many other things you must know while making your decision to obtain an interest only mortgage.