An interest-only mortgage is a type of loan where, for a set period, you pay only the interest on the principal balance, with the principal amount remaining unchanged. In Vancouver, this can be an attractive option for those looking to minimize their monthly mortgage payments in the short term. This type of mortgage can be particularly suitable for buyers who anticipate a significant increase in income in the future or investors who plan to sell the property for profit before the interest-only period ends. However, it's crucial to plan for the future as once the interest-only period expires, the payments increase significantly, covering both principal and interest. The suitability of an interest-only mortgage depends on your financial goals, cash flow stability, and long-term plans. Consulting with a mortgage broker like Elvira Kurmisheva can be immensely helpful. Elvira can provide a detailed analysis of your financial situation, help you understand the potential benefits and risks, and determine if an interest-only mortgage aligns with your financial objectives in Vancouver's real estate market. Her expertise ensures you make an informed decision, considering both current affordability and future financial commitments.