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What Is An Interest-Only 2nd Mortgage?
(presented by www.refinance-refinance.net - mortgage lenders)



By Carrie Reeder

Interest-only second mortgages differ from traditional second mortgages in that they do not require fully-amortized payments for the entirety of their term. Interest-only second mortgages have a certain period of time when monthly payments are based solely on the interest accrued on the loan.

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The period of time in which interest-only payments are allowed is established by either the borrower or the lender. The interest-only period is usually between one and five years.

However, after the period of interest-only payments, the loan converts to a traditional second mortgage. The borrower is then responsible for fully-amortized payments for the remainder of the loan

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This entry was posted on Friday, May 26th, 2006 at 5:50 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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