How it works
An interest-only mortgage lets you pay only the interest for a specified period. During that time, required payments do not reduce the principal balance. When that period ends, the payment structure changes under the loan agreement.
Who it may suit
Borrowers comparing flexible initial payments who can plan for higher payments later.
Potential benefits
The initial required payment can be lower because principal repayment is deferred. Additional principal payments may be possible, subject to the loan terms.
What you’ll typically need
Credit, income, assets and ability to repay are reviewed. Lenders may require stronger reserves and other qualifications for this payment structure.
All programs are subject to lender availability, credit, income, property and eligibility requirements. Information is educational and is not a commitment to lend.
Quick Quote
Tell us about your home and your goals. A Legacy loan officer will help you explore your options.
This is a request for a conversation, not a rate quote, loan application or commitment to lend.
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