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Also, your credit report will not
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Testimonial
"We're retiring early after our son completes college. Having
five years of very low payments allows us to finish paying for his
schooling without touching our retirement.". Thanks!
SK San Diego, CA |
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Credit Score Advice |
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Keep
your balance to limit ratio on your credit cards under 25% this
alone could improve your score by 50 to 70 points! |
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What is an interest only
mortgage loan?
An interest only mortgage loan is any mortgage loan where the required
minimum monthly payment is only enough to cover that months interest
charge. Unless you pay more than the minimum payment, your balance will
not change until your loan re-casts. "Interest only" is a
feature that will last for a set number of years. Usually 5, 7, 10 or 15
years. After the interest only period your loan will be re-cast into a
fully amortizing loan taking the number of years left and re-calculating a
new minimum monthly payment that is large enough to pay the loan off in
full by the maturity date.
| The Pros |
The Cons |
Lowest monthly payment
Pay extra principle if desired |
Payment will increase after interest
only feature ends. |
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The interest only loan does not contain significant negative
attributes that are not also found in non-interest only mortgage
loans of the same loan type.
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Why get an interest only
mortgage loan?
There are hundreds of reasons that someone may choose this
popular financing option. The common thread among them is wanting an
extremely low payment for a certain period of time.  Click
here to apply.
See the difference
The table below shows the difference in monthly payments for a $300,000
mortgage at a 4.50% rate.
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Interest only |
15 Year fixed |
30 Year fixed |
| $1,125.00 |
$2,294.98 |
$1,520.06 |
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Highlights
Lowest monthly payments
Available as fixed or adjustable
No doc loans
no problem
Credit scores of approximately 525+
Borrow up to 100% of homes value
Refinance, purchase, and HELOC
Bad
credit home loans OK
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Enter your loan requirements in our 60 second, no credit check
request form and ShopMyLoan.com will compare your needs with the
offerings of nearly 8,000 network members. Then, we'll provide you
with the top two. Click
here to apply.
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Why ShopMyLoan.com
ShopMyLoan.com provides consumers with unbiased financial research.
A one of a kind matching process allows consumers to access our nationwide network of nearly 8,000 top
lenders.
By providing ShopMyLoan.com with the requirements you have for a mortgage
loan, we can search our network of lenders and provide you with the top two
results saving you countless hours.
Best of all, no credit inquiry will be made and no sensitive information is
requested.
Consumers find unbiased information about the financial services currently
available in the marketplace, while lenders find borrowers that are highly
interested in the services that they provide. ShopMyLoan.com brings
borrowers together with the right lenders.
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