Interest Only MortgageInterest Only Mortgage Payment
Apply today online to get a fast interest only mortgage
approval quote for lowest rates. We have access
to a wide variety of innovative financing available to us
for every type of borrower, and their special needs, which are available to you
through our nationwide network of approved mortgage lenders. This is a great way to
borrow money at the lowest mortgage rates. Give us a call or Email Us: (616)534-3104 or RBailey@Inter-Lake-Lending.com.
An interest-only loan is a loan in which, for a set term, the borrower pays only the interest on the loan; the principal remains owing. At the end of the term the borrower may renews the mortgage, repays the loan, or some lenders convert the loan to a
normal mortgage payment loan after the 10 year period. After this time,
the principal balance is amortized for the remaining term. On a thirty year mortgage and the first ten years were interest only, at the end of the first ten years, the principal balance would be amortized for the remaining period or twenty years
at the current mortgage rate. Most lenders require the highest credit scores to offer interest only mortgage loans, but we have loans available to less than prefect borrowers.
These loans are the same as a regular loan rates, and you can reduce your monthly payment up to 35% each month for the life
of the loan. We do all the shopping for you to find the best loan lenders across
this great country. When you visit our web site,
you get all the information you need to find. From home mortgage loan
information, loan rates, loan terms,
calculators,
forms and documents, your
credit report, and much more. You'll find everything you need right here on our web site! We work directly with leading lenders at wholesale rates. We help
find the best rates, lowest closing costs, and a program to meet your needs. We work to make sure you have the resources you need when researching
for a loan. We've developed tools to make it easier to find the right product including
finance calculators, that let you see the true total costs of a interest only loan and compare one loan product to
another, and compare rates and much more! Other useful tools on our Web site include: Remember, We are a Michigan discount finance broker that work directly with wholesale lenders. WE DO NOT SELL YOUR INFORMATION, YOUR INFORMATION IS ALWAYS PRIVATE AND SECURE.
Example of a Low Interest Payment Loan ($150,000 x .06125) / 12 = $765.63
- $150,000 (Loan Amount)
- 6.125% (.06125) (mortgage rate)
- 12 Months (number of payments for the year)
- = $765.63 (monthly payment amount)
This is a very popular program for many reasons. Here are a few reasons why
borrowers like this program;
- You can borrower more money for a more expensive
home,
- Borrowers can take the extra money they would pay on the principal and
invest it for their retirement. Reason for this is their home appreciates over
the years, meaning they are still building equity in their home without paying down
the loan.
($50,000 x .0550 / 12 = $229.19
- $50,000 (Loan Amount)
- 5.50% (.0550) (loan rate)
- 12 Months (number of payments for the year)
- = $729.19 (monthly payment amount)
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