3.99% Interest Only 3 Year Year Fixed Rate….yes, its not an error! I knew this day would come!
We are now seeing all the banks dropping their rates likes it’s going out of fashion as the Market really has had a massive hit!
This means that I can now secure you a 3.99% rate on an Interest only loan for investment. Finally, we are getting back to where we should be at.
What is an Interest Only Loan?
An interest-only loan allows you to only pay the interest on the amount you have borrowed. These loans are usually for a set period (for example, 3 years as the above) after which the loan changes to a principal and interest loan.
Advantages Of Interest Only Loans
There are pros and cons with each different type of mortgage. The advantages of having an interest only mortgage loan are:
- Monthly payments are low during the term.
- Placing extra money into investments to build net worth.
- During the interest-only period, the whole amount of the monthly payment (for mortgages up to $750,000) qualifies as tax-deductible.
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