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An Interest Only
Program is a fixed rate program designed to help Borrower's
purchase a home with as little as 5% down and minimizing
your payment. Not only does it save you money, it also
maximizes your tax benefits.
This example is particularly useful for making a minimal
investment while realizing your homes appreciation. This can
also be combined with a first and second mortgage to avoid
mortgage insurance.
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INTEREST
ONLY |
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The
Interest Only option is a 10 year only and the
remaining 20 years fully amortized. |
| Program
Comparison |
30
Yr. Fixed |
Interest
Only |
|
|
|
|
80%
LTV |
80%
LTV |
| Sales
Price |
$300,000 |
$300,000 |
| First
Mortgage |
$240,000 |
$240,000 |
| P:I
Payment 1st |
$1325.29 |
N/A |
| Interest
Only Payment |
N/A |
$1075 |
| Monthly
Savings |
-0- |
$250.29 |
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|
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*Taxes
and insurance not included in payment calculations* |
Benefits to Borrower:
Enhanced tax benefits,
interest on 2nd is 100% tax deductible, mortgage insurance
is not.
- Allows
for expanded ratios.
- Low
monthly payments
- When
combined with 2nd borrowers allowed to waive escrows.
- No
pre-payment penalty.
HOW CAN YOU GET QUALIFIED?
1) Click
here to fill out a Good Faith Estimate.
Now we may get you approved
and give you a detailed estimate showing the interest rate
offered, the loan amount, the estimated monthly payment, all
of the costs of the loan and what they are for, and how much
money you will need to close.
2) If you like the estimate, we
will issue you an APPROVAL LETTER and you can go house
shopping!
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