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Interest Only Loans
Some people have heard that interest only is a type of loan. This is incorrect. Interest only is actually a feature that can be tied to almost any type of mortgage loan. For example: you can add the interest only feature to a 30 year fixed rate, 20 year fixed, 15 year fixed or 1,3,5,7,and 10 year arm. This interest only feature will usually have a higher interest rate of about .25% on average. The interest only option allows flexibility in only paying the interest that has accrued on the mortgage without any principle payment applied. You can always pay extra to pay down your balance when you see fit. Compare mortgage lenders to get the best interest only loan.
Articles and Advice
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Free Mortgage Advisor. Use our online advice line to ask all you want from comparing mortgage quotes to the closing of your loan. This advisor is free when you this free service to compare interest only loans. Ask us questions about the home purchase or refinance that you are considering. You can even ask us which interest only option is better. This is a valuable service that may save you hundreds or thousands of dollars when going through the mortgage process with any lender.
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