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Interest Only
Interest only loan programs provide the same features as fixed
and variable rate programs, and they additionally offer a lower
payment option. With an interest only loan payment option, you pay
only the interest portion of the payment but no principal.
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Interest Only Programs |
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Several payment options
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Lower monthly payments
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Qualify for a higher loan amount
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Qualify at the interest only payment
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Option to pay the full principal and interest payment
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Interest only payments for up to ten years
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An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option.
Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan.
You pay interest based on your principal balance. On an interest
only loan, your principal balance does not decrease, therefore, you pay more
interest with this option.
Official Mortgage Vermont News
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Merrimack Mortgage Co. Inc.
660 Forest Avenue
Portland, ME 04103 U.S.A.
Call us at: 1-800-600-3007 |
