An interest-only mortgage is an option if you want to buy or refinance a home but are worried about making the monthly mortgage payment. Since you’re only paying the interest with an interest-only program, your monthly payments will be smaller than with a traditional mortgage. If you don’t pay more than the required minimum each month, none of your payments will go toward reducing the loan’s main balance.
A shorter loan term and lower monthly payments are two benefits of an interest-only mortgage.
If you plan to sell your property quickly, a short-term mortgage may be a good option. There are a number of paths open to you once the interest-only mortgage term ends.
- Resolving a mortgage with a single payment
- Loan Refinancing
- Repaying the loan’s principle
- Borrowers who have been turned down for a traditional loan can turn to us for an interest-only mortgage.
Our interest-only plan features, among other things:
- Required Minimum: 660 FICO
- The maximum loan amount is $1 million.
- Full-documentation loans with an 80% LTV/CLTV
- Loans requiring comprehensive documentation require a debt-to-income ratio of 50% or less.
- Bank statement loans with a 75% LTV/CLTV
- For loans based on a bank statement, the debt-to-income ratio must be below or equal to 43%.
- Minimum reserves of 12 months with a 10 year term
- The home must be lived in by the owner.
- Inability to take out cash or consolidate debt
- Inaccessible to non-U.S. citizens
- Get in touch with a sales rep to discuss the specifics of an interest-only mortgage with us.
If you’re a first-time buyer but you don’t think you’ll be able to make the monthly payments on a traditional mortgage, an interest-only program could be a viable alternative for you. It’s also a viable choice if you’d want to invest or pay down debt with the money you’d save on your mortgage payments each month.
Our mission is to assist you in finding the most suitable mortgage program to meet your individual requirements. We offer solutions that work for a wide range of budgetary predicaments. Contact us now!
Call Steven Jackson at 813-616-9411 now!
