CTV Morning Live: Mortgage Minute August 14, 2018
The new Interest-Only Mortgages can be very beneficial when it comes to cash-flow.
The new Interest-Only Mortgages can be very beneficial to those with investment and rental properties when it comes to cash-flow.
As opposed to a standard mortgage where principal is repaid when each payment is made, the Interest-Only Mortgage requires just that- simply repaying the interest. It may also be a fit for individuals that are carrying large amounts of unsecured debt which would allow them to focus on repaying the debt and then, once repaid focusing their efforts back onto the mortgage. The Interest-Only Mortgage come with pre-payment privileges like most mortgages which allow you to make lump sum payments and increase your payment amount.
Contact your Mortgage Broker today to see if an Interest- Only Mortgage may be right for you.