# Interest Only Mortgage Definition

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· Three Advantages. The second advantage is that a borrower can pay off an interest-only mortgage faster than a conventional loan. Extra payments go directly toward the principal in both loans. But, in an interest-only loan, the lower principal then generates a slightly lower payment each month.

With interest-only mortgages, you only pay off the interest on the amount you borrow. You use savings, investments or other assets you have (known as ‘repayment vehicles’) to pay off the total amount borrowed at the end of your mortgage term.

What is an interest only mortgage? In an interest-only mortgage, the borrower only pays the mortgage’s interest through some monthly repayment for a term fixed on the interest-only of the mortgage loan. This term can be for a period of 5 to 7 years. After the term has elapsed, many choose to refinance their homes, making a lump sum payment.

Interest-Only Mortgage (Option) An option attached to a mortgage, which allows the borrower to pay only the interest for some period. A mortgage is "interest only" if the monthly mortgage payment does not include any repayment of principal. So long as the payment remains interest only, the loan balance remains unchanged.

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Discover simple Interest only mortgage definition, qualification requirements, and effective tips to pay low interest rates from the top lenders.

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An interest-only adjustable-rate mortgage (ARM) is a type of mortgage loan in which the borrower is only required to pay the interest owed each month, for a certain period of time. During the.

Interest Only Mortgages. The borrower only pays the interest on the mortgage through monthly payments for a term that is fixed on an interest-only mortgage loan.