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question on mortgage ( interest only and interest/principal repayment) [复制链接]

Aus

皮靴族

发表于 2006-7-28 15:47 |显示全部楼层

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--Sorry that I can't input Chinese at the moment.

Can anyone tell me the main difference between interest only repayment and
interest/principal repayment in mortgage if the interest only mortgage allows
extra repayment?

I asked for an interest & principle mortgage but lender provided an interest only
repayment contract for initial 5 years ( interest only period). also I was told that I can repay
as much as I can --- that mortgage has one offset account facility so it seems like
there is no big difference in terms of repayment and interest amount.

Many thanks for any advice.