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What’S The Prime Interest Rate A: The prime rate is an interest rate that most banks use to set the annual percentage rate (APR) on credit cards, which determines how much interest you’ll pay on purchases and other transactions made with your credit card. You can find the current prime rate in the print or online edition of The Wall Street Journal.
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In other words, if you have a $500,000 home loan with $50,000 in an offset account, interest will only be calculated on $450,000. For an interest-only home loan, this can be a handy tool to reduce your repayments.
However, with interest-only loans, borrowers only pay interest, which means their principal doesn’t get reduced. For example, imagine you wanted to buy a $440,000 property. You might borrow $350,000 at an interest rate of 5 per cent, with the mortgage spread over 30 years and repayments scheduled for each month.
Interest-Only Mortgage Advantages. Most interest-only mortgages require only the interest payments for a specified time period, for example five years. After that, the loan converts to a standard schedule and the borrower’s payments will increase to include both interest and a portion of the principal.
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Annual Percentage Rate (APR) The cost to borrow money expressed as a yearly percentage. For mortgage loans, excluding home equity lines of credit, it includes the interest rate plus other charges or fees. For home equity lines, the APR is just the interest rate.
Interest Only Mortgages . The borrower only pays the interest on the mortgage through monthly payments for a term that is fixed on an interest-only mortgage loan. The term is usually between 5 and 7 years. After the term is over, many refinance their homes, make a lump sum payment, or they begin paying off the principal of the loan.
See how an interest only mortgage differs from traditional loans.. Mortgage rate increases in an ARM loan may cause the payment to become unaffordable.
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Interest-Only Mortgage Calculator. This tool helps buyers calculate current interest-only payments, but most interest-only loans are adjustable rate mortgages (arms). When the housing market is hot many people chase it, buying near the peak with interest-only loans.
At Mortgage House, we offer a range of interest only loans, with interest rates varying depending on the type of loan. Our mortgage calculator can help you compare the different kinds, and give you an overall picture of what might be best for you.