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Buyer's interest key in loan plan.

Publication: The Washington Times
Publication Date: 16-JUL-04 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Buyer's interest key in loan plan.(FRIDAY HOME GUIDE)(MORTGAGE Q&A)

Article Excerpt
Byline: Henry Savage, SPECIAL TO THE WASHINGTON TIMES

Last week, I answered a reader's question about the hot trend in the mortgage business: interest-only loans.

Interest-only loans are mortgage programs that allow a monthly payment to be limited to the interest charged that month. Traditional loans require a principal-and-interest payment that is amortized over a specified period of time, usually 30 or 15 years.

This means part of the payment is applied toward the principal balance, so the mortgage balance drops...

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