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What is an interest-only 10/20 fixed-rate loan?

April 26, 2017fixed-rate interest-only loan

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What is an interest-only 10/20 fixed-rate loan?

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The interest-only 10/20 fixed-rate loan allows you to make interest-only payments for the first 10 years of your loan term. In the 11th year, your loan will become fully amortized and principal and interest payments will be required for the remainder of your loan term. Escrow payments will be included and required for the entire term.