3.99% Interest Only 3 Year Fixed Rate

3.99% Interest Only 3 Year Year Fixed Rate….yes, its not an error! I knew this day would come!

We are now seeing all the banks dropping their rates likes it’s going out of fashion as the Market really has had a massive hit!

This means that I can now secure you a 3.99% rate on an Interest only loan for investment. Finally, we are getting back to where we should be at.

What is an Interest Only Loan?

An interest-only loan allows you to only pay the interest on the amount you have borrowed. These loans are usually for a set period (for example, 3 years as the above) after which the loan changes to a principal and interest loan.

Advantages Of Interest Only Loans

There are pros and cons with each different type of mortgage. The advantages of having an interest only mortgage loan are:

  • Monthly payments are low during the term.
  • Placing extra money into investments to build net worth.
  • During the interest-only period, the whole amount of the monthly payment (for mortgages up to $750,000) qualifies as tax-deductible.

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