Low Monthly Payment Interest Only Mortgages

Interest Only mortgages allow you to make interest-only payments until the first rate adjustment, which can be either three or five years away, depending on the particular program you choose. After the first rate adjustment monthly payments increase and are fully amortizing.  

An Interest Only mortgage is a great choice if you need a flexible payment plan and the amount you can afford to spend on mortgage payments varies from month to month. During the Interest Only period, the choice is yours. Keep your extra cash available for other uses and simply make the required interest only payment, or you can choose to pay down your balance faster by making additional payments, without penalty.  

Many members today are purchasing a new home with the intention of selling it in a few years for a profit. If this sounds like your situation, Interest Only may be the right choice for you. Selecting an Interest Only mortgage and making extra principal payments each month will pay down your loan balance faster than a traditional fixed rate mortgage. The lower your current mortgage balance is when it comes time to sell, the more profit you can make! 

Consult one of our experienced loan officers today to see if an Interest Only mortgage is right for you at 1-888-562-6865.

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