How It Works

Learn more about interest rate only mortgages. We'll explain what they are and how you can sign up for quotes.

About Interest Rate Only Mortgages

Interest only mortgages usually come in the form of ARMs, or adjustable-rate mortgages. A mortgage is interest-only if the required monthly payment consists only of interest. Usually, the interest-only option on a mortgage lasts for a fixed period of time, typically five to ten years. During this time, you also have the option of paying more than just the interest, if you so choose. At the end of this period, interest rate only mortgages will have a loan balance that has not changed if the borrower exercised in the interest only option for the full time. In other words, you will still owe exactly what you borrowed, or the principal of the loan. You will then be required to make the full payment (interest plus principal) each month from that point forward. Keep in mind that interest rate only mortgages do not necessarily have lower rates because they are interest-only. Rather, they usually have lower interest rates because they are almost always ARMs, which have lower initial rates than fixed-rate mortgages.

Signing Up for Quotes on Interest Rate Only Mortgages

Signing up for quotes on interest rate only mortgages is quick and easy. In just a matter of minutes, you can get five free quotes from our network of over 200 lenders. Here is how the process works:

1. Complete our sign-up form. We offer a simple online sign-up form in order to receive quotes on interest rate only mortgages. The form will ask you for your contact information and will not take more than two or three minutes to complete. You can fill it out online 24/7.
2. We instantly provide you with four free quotes. When we receive your form, you will be presented with a minimum of four free quotes on interest rate only mortgages instantly. You see these quotes side-by-side and in terms that are easy to understand to make your comparison shopping as quick and simple as possible. You will have your choice of interest rate only mortgages from up to five different lenders.
3. You can apply for the loan of your choice or save your quotes for later. If you find an acceptable offer among your interest rate only mortgages quotes, you can then apply for the loan with the lender that offers it. If you need more time to think it over, you can also save your quotes and return to our site at your convenience. Or, you can find your answers on our "Are Interest Only Mortgages Right for You?" page