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Home Loans Advisor 10 Gotcha’s When Getting a Mortgage Part 1 > 1. Types of mortgages. · Interest mortgage (also called a capital-and repayment loan) requires monthly payments to pay off the loan amount as well as paying the interest on the loan. If all the payments are made on time and paid in full, the loan will be paid off at the end of the stated mortgage contract term. · Interest-only mortgage monthly payments cover only the interest on the loan for a specified amount of time. This time is usually dependent on the amount of time your rate is fixed. If the rate is 7% and is set for 5 years, then during those 5 years the payments are interest only. After the five year mark, the borrower will have to pay interest and principal payments at the current market rate. |
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