Save money and make improvements with an interest-only mortgage.
Getting a mortgage is no easy feat these days. With property costs skyrocketing and rent costs rising as well, it can be difficult to save up for a home anywhere. If you are looking into buying a home, it can be beneficial to look at all of your options for your mortgage, including the option of an interest-only mortgage. At Centum Mortgage Store, Ltd., we can tell you everything you need to know about this option.
An interest-only mortgage is just what it sounds like– for a short term (usually somewhere between 5-10 years), you only pay the interest on your mortgage. In a standard, fixed-rate loan, your payment will be the same throughout the life of the loan, with a percentage allocated towards principle and a percentage going towards interest. At the beginning of the loan, your interest percentage is higher, and then it flips towards the middle of the loan. With an interest-only loan, you are only paying that interest portion, so your monthly payment will be significantly lower.
After your term of paying interest-only, you’ll have to work with your lender to determine how you’ll start paying the principal on your mortgage. Sometimes this can be required in one lump-sum. We want to help ensure that you get the best possible deal on any mortgage options, including interest-only mortgages. When we work with you, together we can work with over 20 lenders that we have access to. With our help, you can get the best deals when it comes to an interest-only mortgage in the Kelowna, British Columbia area. Contact us at Centum Mortgage Store, Ltd. today to learn more.