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Interest-Only Mortgage
With interest only loans, you can pay a low minimum payment that only covers loan interest, not the loan principal. You get to decide how much or how little of the loan principal to repay each month.
The advantages of interest only loans include:
- Monthly payments are lower
- You qualify for a higher loan amount
- You can choose to pay the full principal and interest
- You maximize your tax deduction
- More cash is available for paying down higher cost, nondeductible consumer debt
- At any time you can make a principal reduction and lower your monthly payment
By making interest only payments during the first ten years of your loan, you can save significant amounts of cash. You can then invest that cash and use it to pay off consumer debt or simply improve your cash flow.
Learn More
– Get pre-approved!
– Should I consolidate my debt?
– What is a bad credit home loan?
– Buying and owning a home
– How much of a home loan can I qualify for?
– How much would I save by using an adjustable rate? Is it worth it?
– How much can I save in taxes?
– What will my monthly payment be?
– Should I rent or buy my home?
