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An interest-merely financial (IO home loan) was a mortgage which enables one to generate just attention costs getting a primary months. From there several months, you may either refinance, spend the money for leftover harmony for the a lump sum payment otherwise start making normal monthly payments. The main benefit of an attraction-simply mortgage is you can reach lower monthly installments during the original several years you own our home – however, there are various downsides, and you will desire-simply mortgage loans are believed risky. Continue reading