Can I Request an Interest-Only Mortgage Extension?
An array of home loans exist in 2022. Each alternative to the conventional mortgage helps homebuyers in different financial situations become homeowners. Among their options is the interest-only home loan. This mortgage provides unique features and opportunities. For investors, the loan is a great way to overhead costs low. For homebuyers, it affords them time to get their finances in order while starting to build wealth.
Interest-only home loans allow the applicant to request two interest-only periods. The periods take place in five-year increments. Therefore, homeowners can request an interest-only mortgage extension. Beyond the two extensions, it becomes a challenge. Nonetheless, speaking with the lender before the first and second periods expire puts the homeowner in the best position.
Those who cannot obtain a third extension have other options at their disposal. Investors aim to find a tenant or sell the property before it expires. Homeowners can obtain a different mortgage or sell the property. The lending landscape has changed. It’s possible to leverage homeownership in many ways. That’s why the Australian government offers support to first-time homebuyers. Homeownership helps individuals start building wealth on paper. It’s still wealth that individuals can leverage.
Mortgage House offers interest-only mortgages. Plus, our loan specialists help clients optimise their financial position. We also offer several online tools with no strings attached such as the mortgage calculator.
Interest-Only Mortgage Extension Conclusion
Homeowners can request an interest-only mortgage extension. Keep in mind that a limit on extensions exists. To understand this home loan option, contact our Mortgage House loan specialists.