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Resources > Glossary > Interest Only Mortgage

Glossary of Notary Public, Mortgage, Signing Agent, and Loan Signing Terms.

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Interest Only Mortgage

A type of mortgage where the borrower's payments are purely interest for a specified period of time which is usualy five to ten years. Some borrowers use this type of mortgage so they can get a more expensive house. Others use this so they can have more available cash to invest in the stock market. A balloon mortgage is a type of Interest Only Mortgage.

Thesaurus / Related Terms
Balloon Mortgage
Interest Only Loan Option