Interest-only Loans
Interest-only Loans
Interest-only Loans
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Interest-only Loans 2017-09-27T00:50:42+00:00

The interest-only home loan was widely used during the housing boom of the early to mid 1990s. They were primarily used to lure in home buyers who could not otherwise afford their monthly payments. But this type of loan has some major drawbacks, as well. As the name implies, interest only home loans are loans that include an option of only paying the interest every month.

The principal balance of the loan is paid only when convenient. These loans usually have a fixed or adjustable mortgage rate. Since these loans are higher risk, they usually come with a higher interest rate, even though the payments are lower. The difference is you’re not paying the loan balance down unless you do it voluntarily.

These types of loans are best for short term loans or if you plan on moving within a few years. The risk here like all non-fixed rate loans is that you can’t predict the future and you might be stuck with a non-desirable loan while you wait for the real estate cycle to come back around to gain enough equity to either refinance or sell.

Other Types of Mortgages:

Fixed Rate Mortgages

Adjustable Rate Mortgages

Balloon Loans

Government-backed Loans

Home Equity Loans and HELOCs

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Mortgage
Calculator

Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.
Interest-only Loans 2017-09-27T00:50:42+00:00

The interest-only home loan was widely used during the housing boom of the early to mid 1990s. They were primarily used to lure in home buyers who could not otherwise afford their monthly payments. But this type of loan has some major drawbacks, as well. As the name implies, interest only home loans are loans that include an option of only paying the interest every month.

The principal balance of the loan is paid only when convenient. These loans usually have a fixed or adjustable mortgage rate. Since these loans are higher risk, they usually come with a higher interest rate, even though the payments are lower. The difference is you’re not paying the loan balance down unless you do it voluntarily.

These types of loans are best for short term loans or if you plan on moving within a few years. The risk here like all non-fixed rate loans is that you can’t predict the future and you might be stuck with a non-desirable loan while you wait for the real estate cycle to come back around to gain enough equity to either refinance or sell.

Other Types of Mortgages:

Fixed Rate Mortgages

Adjustable Rate Mortgages

Balloon Loans

Government-backed Loans

Home Equity Loans and HELOCs

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools
Interest-only Loans 2017-09-27T00:50:42+00:00

The interest-only home loan was widely used during the housing boom of the early to mid 1990s. They were primarily used to lure in home buyers who could not otherwise afford their monthly payments. But this type of loan has some major drawbacks, as well. As the name implies, interest only home loans are loans that include an option of only paying the interest every month.

The principal balance of the loan is paid only when convenient. These loans usually have a fixed or adjustable mortgage rate. Since these loans are higher risk, they usually come with a higher interest rate, even though the payments are lower. The difference is you’re not paying the loan balance down unless you do it voluntarily.

These types of loans are best for short term loans or if you plan on moving within a few years. The risk here like all non-fixed rate loans is that you can’t predict the future and you might be stuck with a non-desirable loan while you wait for the real estate cycle to come back around to gain enough equity to either refinance or sell.

Other Types of Mortgages:

Fixed Rate Mortgages

Adjustable Rate Mortgages

Balloon Loans

Government-backed Loans

Home Equity Loans and HELOCs

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.