Interest Only Mortgage

An Interest Only mortgage is a loan for which only payments of interest are paid to the lender during the term of the loan. By utilizing an Interest Only Mortgage Loan, you reap the benefit of only paying the interest on the Mortgage for a set period of time, usually less than 10 years.

Interest-only payment mortgages are rapidly becoming more popular. Freddie Mac and Fannie Mae both purchase these types of loans. Interest only mortgages have been around for some time.

After the set period of only paying the interest on the MortgageLoan you then the prinicpal balance of the loan amount is amortized (owed to the lender) for the remaining length of the Mortgage Loan.

Loan Features:

• For purchases, refinances, primary residences, 2nd homes, investment properties.
• No prepayment penalty option, LTV's to 95% Credit Scores from 600.
• Loan amounts from $50,000 to over $1.5 million.
• No negative amortization and no teaser start rate options.
• Available in 1 month, 6 month, 1, 3, 5, 7,10 year fixed periods.

Our interest-only mortgages are designed to give you lower monthly payments. For homebuyers, low interest-only mortgage payments means lowered monthly payments and the ability to purchase "more house".