LOAN PROGRAMS - INTEREST ONLY
Interest Only loan programs are designed to provide maximum borrowing capacity with a minimum monthly payment. The mortgage payment includes only the interest you pay to the bank, no principal amount is applied. If you’re a first time homebuyer, a borrower with a limited budget, or someone with specific needs, you’ll find these programs especially helpful.
Ideally, this program should not be used for a long-term commitment. It should be considered as a short-term solution that enables you, the borrower, to maximize your individual buying or borrowing capacity with the lowest monthly payment available.
Examples of Interest Only Savings:
Conforming Loan
Loan Amount $200,000 |
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30 Year Fixed Rate Fully Amortized |
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30 Year
Interest-Only |
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Note Rate
Monthly Payment |
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5.50%
$1135.58 |
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5.75%
$958.33 |
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YOUR MONTHLY SAVINGS  $ 177.25 |
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Jumbo Loan
Loan Amount $500,000 |
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5/1 Fixed to ARM
Fully Amortized |
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5/1
Interest-Only |
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Note Rate
Monthly Payment |
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3.875%
$2351.19 |
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4.125%
$1718.75 |
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YOUR MONTHLY SAVINGS $ 632.44 |
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With the market's historically low interest rates, there is no reason to wait for tomorrow--and plenty of reason to act today. Complete our Quick App or call one of our loan analysts at 1-888-397-66639, to find out what is the right program for you!
Interested? Click HERE to find out how you can get your rate secured today!
Not the program you are looking for? Don’t forget to check out our other options. |
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Here are the some of our program highlights:
- Stated Income/No Documentation (Perfect for self-employed individuals or borrowers who may have difficulties documenting income via traditional methods: 2 years of tax returns, pay stubs, and W2 forms)
- 1st time home buyers
- 2nd homes or vacation homes
- Investment properties
- 1-4 unit properties
- Less than perfect credit
- Interest only option
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