Resources > Glossary > Interest-Only Loan Option
Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.
0-9 A B C D E F G H [I] J K L M N O P Q R S T U V W X Y Z Common Terms 1 Common Terms 2
Interest-Only Loan OptionFunction: noun Definition 1: Loan payments have two components, principal and interest. An interest-only loan has no principal payments required for a specified period of time. The interest only loan option minimizes your monthly payments by eliminating the need to pay down your balance during the interest-only period, giving you greater cash flow control and/or increased purchasing power. A balloon loan / balloon mortgage would be an example of an interest only loan. Thesaurus / Related Terms Principal Balloon Mortgage
|