Is An Interest-Only Loan Right For You?


principal,” says Dunagan.

If you already have an interest-only loan, Dunagan recommends speaking with a specialist to determine your refinance options, taking into consideration how much longer you plan to stay in the property and how much you can afford to pay. Kinney says you should pay extra toward the principal before the interest-only period ends to offset the increase in the payment. And maintain a good credit rating so that you can maintain the upper hand in determining your options when it comes time to refinancing into a traditional loan.


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