Interest Only Loan definition

Interest Only Loan means a Mortgage Loan which only requires payments of interest for a period of time specified in the related Mortgage Note.

Interest Only Loan means a Loan repayable in accordance with clause 6.6(a);

Interest Only Loan means a Loan which, by its terms, requires the related Mortgagor to make monthly payments of only accrued interest for a certain period of time following origination. After such interest-only period, the loan terms provide that the Mortgagor’s monthly payment will be recalculated to cover both interest and principal so that such Loan will amortize fully on or prior to its final payment date.

Examples of Interest Only Loan in a sentence

• For any Interest Only Loan, Freddie Mac instructed us to use “0” for the “Amortization Term (Remaining)” characteristic.

• For any Interest Only Loan, the applicable Mortgage Loan Seller(s), on behalf of the Depositor, instructed us to use “0” for the “Original Amortization Term (Mos.)” characteristic.

• Interest on an Interest Only Loan or a Principal and Interest Loan will be added to the Loan on each Date for Payment (or on such other date as the Lender shall elect).

• Default Interest on an Interest Only Loan or a Principal and Interest Loan will be added to the Loan on each Date for Payment (or on such other date as the Lender shall elect).

• For any Interest Only Loan, Freddie Mac instructed us to use “0” for the “Amortization Term (Original)” characteristic.

More Definitions of Interest Only Loan

Interest Only Loan. Each Mortgage Loan that only has interest payable on each Due Date until its initial Adjustment Date.

Interest Only Loan means any Mortgage Loan as to which scheduled payments only include interest for an initial period of not more than 10 years, after which such Mortgage Loan will fully amortize to maturity.

Interest Only Loan means a Mortgage Loan which only requires payments of interest for a period of time specified in the related

Interest Only Loan means the Borrower makes monthly payments of interest but not of principal so that, when the Loan matures, the entire principal amount of the Loan is still outstanding and is payable in one lump sum;

Interest Only Loan means a first Lien Prime Loan or a first Lien Alt-A Loan originated by a Company that provides for payment of accrued interest only (with no principal reduction requirement) for a term of months specified in its Loan Papers. Construction/Permanent Loans shall not be deemed or considered to be Interest Only Loans.

Interest Only Loan. A loan which, by its terms, requires the related Borrower to make monthly payments of only accrued interest for the certain period of time following origination. After such interest-only period, the loan terms provide that the Borrower’s monthly payment will be recalculated to cover both interest and principal so that such loan will amortize fully on or prior to its final payment date. Each Interest-Only Loan shall be identified as such on the Loan Schedule, and shall have an interest-only period of five years or as otherwise designated in the Loan Schedule.

Interest Only Loan means a Loan that will require interest only debt service payments with no amortization of principal prior to the Maturity Date (as defined in the applicable Note).