Understanding interest only or interest first loan Video

Understanding Interest Only Or Interest First Loans

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Understanding interest only or interest first loan -

Jeff Thomas, mortgage advisor, explains the steps you have to go through when buying a house, like what is an...

Understanding interest only or interest first loan -

Jeff Thomas, mortgage advisor, explains the steps you have to go through when buying a house, like what is an interest only or interest first loan

Added: 8/3/09

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Understanding Interest Only Or Interest First Loans

Host: What is an interest only or interest first loan? Jeff Thomas: An interest only or what we call interest first loans, it gives you the consumer the home buyer, the option of when you want to repay your principle balance. So you going to have interest only loans, can have interest first loans, they have a define to period of when interest in only part that’s doing the loan and then at the end of that define period typically 10 years if it’s a library base loan that they’re going to start to pay principle back. So an interest only loan is when you can pay, you decide when you want to pay your principle back on the loan.

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Host: What is an interest only or interest first loan?

Jeff Thomas: An interest only or what we call interest first loans, it gives you the consumer the home buyer, the option of when you want to repay your principle balance. So you going to have interest only loans, can have interest first loans, they have a define to period of when interest in only part that’s doing the loan and then at the end of that define period typically 10 years if it’s a library base loan that they’re going to start to pay principle back.

So an interest only loan is when you can pay, you decide when you want to pay your principle back on the loan.

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