Interest Only Home Loans
Looking for an interest only mortgage? interest only home loans give you the option of paying just the interest or the interest and as much principal as you want at the time of each payment. Interest only loans can be 3,5,7,15, or 30-year fixed-rate mortgages or adjustable rate mortgages. We offer home loans that are interest only for the all years and we can build the product around your comfortable home payment.
Having the interest only payment, your monthly payment will be lower than it would be with an interest and principal payment. Your interest rate could be lower than a traditional mortgage, but you will have the option of flexible payments. Interest loans allow you to control your payment amount and your cash flow in any given month during the interest only period. Lots of investors are using the interest only option be buy investment properties to make sure they cash flow
There are some great reasons to consider an interest only mortgage. It might make financial sense. Here's how.
But what about my building equity in a home? A common misconception is that if you're not paying down the principal you're not building equity. Not necessarily true. Homes in the U.S. have been appreciating between 5% and 6% a year. Chances are that even if you're not paying down your principal, you're building equity in your home through appreciation, this rate is even higher for states like California and Nevada.
Interest only home loans may also be a good option for people who expect to be in their homes for less than ten years. The average homeowner stays in their home between five and seven years. As mentioned before mortgage payments are mostly interest for the first years of the loan. Many homeowners like the option of making interest only payments and using the extra money as they please. Saving for college tuition or to make home improvements.
If you would like to know more about the programs please call us at 888-694-0455 or Apply Online below.