Mortgage Loan Canada

Everything you need to know about Canada Mortgage

Why Interest Only Mortgage?

In Canada interest only mortgage is considered to be popular as they allow the borrowers to take the high amount in the form of loan and approval of loan is very simple. In interest only mortgage, the borrower need not have to make the payment for principal amount. If borrower is making payment to lenders according to interest only mortgage, then he can purchase the property for $300,000 instead of $200,000.

Borrowers opt for interest only mortgage in canada as it allows them to stay in the same home by making small monthly payments on loan, which includes interest only amount. If the borrower is making payments of interest rate amount, then he is paying less as compared to monthly payments for other mortgage. Hundred of thousand dollars can be saved by borrower if he makes payment according to interest only loan. Interest only loan or interest only mortgage depends on the market value of the property.

According to some mortgage experts, there is a risk involved while taking interest only mortgage into consideration. In interest only mortgage, borrower has to pay the interest for particular loan tenure. After that borrower need to pay both interest amount as well as principal amount, which proves to be costly for borrowers as monthly payments are increased two times as compared to older monthly payments (in which only interest amount was to be paid).

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