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Mortgage Refinance
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Interest-Only Loan
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
- Qualifying for a higher loan amount
- Choosing to pay the full principal and interest
- Maximizing your tax deduction
- More cash available for paying down higher cost, nondeductible consumer debt
- Making a principal reduction to 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, use it to pay off consumer debt or simply improve your cash flow.
Learn More
– What would my payments be with an 80/20 or 1st and 2nd combination loan?
– What are the benefits of refinancing?
– Mortgage Refinancing Basics
– What is the maximum loan I can afford?
– What are the payments on a fixed vs. adjustable rate mortgage?
– Does it benefit me to consolidate my debt?
– What will my monthly payment be?
