Why should I choose an interest only mortgage? Laura Sillano Pod Financial 169

Why should I choose an interest only mortgage? Laura Sillano Pod Financial 169. 15 vs 30 Year Fixed Mortgage (Comparison by Realtor at eXp Realty)

Why should I choose an interest only mortgage? Laura Sillano Pod Financial 169 video duration 8 Minute(s) 17 Second(s), published by eCentral Marketing Managers on 07 12 2018 - 22:51:55.

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When it comes to getting loans, there are two primary ways of repayment, either you get a principal and interest loan where the payments are directed to both principal and interest, making the debt payable in a more precise time frame given the payments are made on time. And then there's the interest-only payment where the interest is paid in the first few years of the payment term, and the rest of the principal is paid for the rest of the term.

For Laura, it's usually the best case to go for an interest-only loan since most of the people nowadays have mixed-purpose debt. Translate that into a particular circumstance and you can imagine a family still paying their debts on a house where they live, and fund a property investment at the same time.

Getting an interest-only loan can enable the borrower to redirect the money supposed to be paid for the principal of the investment property into the home where they live so they can pay off the debt quicker. Just make sure the money is redirected. In addition, the interest of the investment property is automatically deducted to income that arrives regularly. In a way, the interest-only loan is paying off both the home and the investment property.

The worst that any homeowner/property investor needs to expect is how much more expensive it's going to be compared to the principal and interest type of loan. Through the help of the right people, partnered with the discipline in finances, anything is possible. Just make sure that this repayment strategy is something you understand and know with yourself that you can live with this worldview.

Before considering getting an interest-only loan, it's wise to talk to your mortgage broker about these things. Call on Laura Sillano, the most passionate mortgage broker out there. You can reach her at 0422 320 497, or visit Pod Financial's website to know more.

DISCLAIMER: The topics discussed in the video and its accompanying media are shared for general information purposes only. If you can see that these talks appeal to your particular situation in any way, please don't hesitate to reach Laura Sillano at 0422 320 497.