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Fixed Rate - Interest Only |
| Fixed Rate - Interest Only - The 30 Year Interest Only Loan is an exciting, yet relatively new loan program, that can be used to plan your investment choices and realestate options. One Great way this loan can be used, is to purchase a new home, when you may still be waiting to sell your previous home. When your previous home sells, you can transfer the proceeds to pay down the principal balance on your new Interest Only Loan, and your mortgage payment will decrease accordingly! The interest-only option can also be useful when you are consolidating credit card debt and need to keep your monthly payments to a minimum. In months when you have extra cash, make an additional payment toward principal. As you retire debt, make that extra principal payment a monthly habit! Generally the interest rate on an interest only loan is slightly higher than that of a loan that includes interest and principal. The interest only payment may also let you afford a slightly more exspensive house then you could afford with a standard principal and interest payment. Ask your mortgage broker for information on interest only programs and there benifits.
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Mortgage Broker | Mortgage Broker vs Your Local Bank | Why choose a mortgage Broker | Prepaid Interest |
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