Interest-only loans give you the flexibility of paying interest-only or interest and principal each month. Interest-only home loans can have a fixed or adjustable mortgage rate. The monthly payment flexibility of an interest-only loan can help you deal with unexpected expenses, finance home improvements, or pay down high-interest debt.
An interest-only loan is one that gives you the option of paying just the interest or the interest and as much principal as you want in any given month during an initial period of time after your closing. Quickerlend
offers a variety of interest-only home loan options, including 30-year fixed-rate mortgages and adjustable-rate mortgages. Our interest-only home loan programs are offered as interest-only loans for periods of either three, five, seven or ten years.
For many, the most appealing feature of an interest-only loan is that you control your payment amount and your cash flow in any given month during the interest-only period, and your monthly mortgage payment will be lower than it would be with an interest plus principal payment. Your interest rate may or may not be lower than a traditional mortgage, depending on your specific situation, but you will have the option of flexible payments.