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Unlike most home financing, a Christian interest only mortgage loan gives borrowers the option of not paying principal amounts until after a specific period, usually the first five to ten years. A typical fixed or adjustable rate mortgage is financed by multiplying the cost of the house by the interest rate, or finance charge, over the term of the loan, usually fifteen, twenty, thirty, or forty years. Mortgage payments reflect the computed principal and interest, or P&I.
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