Re-Financing with an Interest Only Mortgage Interest only re-finance loans are in most cases offered with an adjustable rate mortgage (ARM) this means the interest rate is not fixed and will change with the rise and fall of the prime index. This risk can be very costly for the homeowner if the interest rate increases dramatically. There is usually a cap placed on the amount, in terms of percentage, the interest rate can rise in a certain period but this is usually very costly mistake for the homeowners.Keywords:
Rick James, re-financing, re-finance, mortgage re-finance
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