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1). Loan Comparison: Interest Only Home Equity Loans Versus Balloon 2nd Mortgage By : Mary Stras
What is an interest only home equity loan? This is a loan where the principal borrowed is not paid back each month only the interest is repaid. The principal borrowed may be due in 10, 15 or 20 years. A borrower may decrease the amount of principal due in the future by making payments on the principal.
Interest only mortgages may be adjustable rate mortgages (ARM) or fixed rate mortgages.
Article Related to: interest only home equity loans, home equity credit lines, second mortgage balloon, second mortgages, 2nd mortgages, negative amortization loans, neg am loans, deferred interest loans, refinance, bridge
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