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WHAT IS AN INTEREST ONLY MORTGAGE?
This type of mortgage is that payments are only made to cover the cost of interest charges. At the end of the mortgage when everything including the property is sold, the full amount borrowed will have to be repaid back to the mortgage.This is also when only some payments of the interest are paid to the lender during the timing of the loan. Some lenders however will allow the loans to be set up by without any certain or specific provision to repay the capital at the end of the period...which this is known as a pure interest only loan.
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