Home loan terms and mortgage definitions
A loan where the borrower elects to make monthly repayments of interest and no principal reductions. The interest only period is limited to between 5 to 10 years depending on the product option selected by the customer and approved by the lender. More interest is paid over the term of the loan with an interest only loan. At the end of the interest only period, repayments will change to principal and interest for the remainder of the loan term.
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