Sentences with phrase «payments after the introductory period»
To keep this from happening to you, make sure you understand your mortgage terms and are capable of making higher monthly payments after the introductory period.
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But be careful, your interest rate and monthly payment will increase after the introductory period, which can be 3, 5, 7 or even 10 years, and can climb substantially depending on the terms of your specific loan.
Your payment may go up after an introductory period, so that you would be paying down some of the principal — or you may end up owing a «balloon» payment, a lump sum usually due at the end of a loan.
After the introductory period expires your interest rate and payment shoot back up high again.
After the introductory period, if the rate goes up, your monthly payment goes up.
In addition, although you aren't charged any penalty APR on missed payments, the applicable interest rate after the expiry of introductory 0 % APR period can be as high as 23.24 %, depending on your credit score at that time.
People who're regular with their credit card payments and use their credit responsibly often find themselves at the lower end of this APR (after the introductory period).
If the interest rate increases after the introductory period of the ARM ends, your monthly payments will increase, too.