Once the mark months comes to an end, the brand new installment several months begins. You are accountable for and come up with appeal and you may principal loan repayments when you look at the this stage.

• Qualifications requirements. Whether or not eligibility criteria differ, most loan providers wanted borrowers to possess a credit rating, debt-to-earnings (DTI) ratio, and you may earnings. And if you are offered making an application for a property security financing, HELOC or bucks-away re-finance, you need some security of your property.