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A destination-simply mortgage (IO financial) was home financing which enables that generate just focus repayments to have a primary period. After that months, you can either refinance, spend the money for kept equilibrium in the a lump sum or start making regular monthly premiums. The benefit of a destination-simply financial is you can get to lowest monthly payments while in the the first a decade you possess our home – however, there are numerous cons, and you may attention-merely mortgages are believed risky. The following is everything you need to understand the way they really works and you may how you can be considered.