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.
| Interest Only Programs |
- Several payment options
- Lower monthly payments
- Qualify for a higher loan amount
- Qualify at the interest only payment
- Option to pay the full principal and interest payment
- Interest only payments for up to ten years
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- Higher rates
- Principal loan balance will not decrease during the interest only payment period
- Payment will be higher for the remaining term
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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.
3601 Hempstead Turnpike, Suite 300 - Levittown, NY 11756
Office Phone: (516) 520-5700 Fax: (516) 520-9374
Toll Free:: (888) 267-7869
New York State Banking Dept. - Licensed Mortgage Banker – License #100724 ♦ New Jersey Dept. of Banking and Insurance – Mortgage Lender – License #L0046623 Pennsylvania Dept. of Banking – Mortgage Lender – License #20887 Connecticut Dept. of Banking - Mortgage Lender - License #20372 ♦ Massachusetts Div. of Banks and Loan Agencies - Mortgage Lender & Mortgage Broker – License #MC5070 ♦ North Carolina Commissioner of Banks – Mortgage Lender – License #L140365 ♦ South Carolina State Board of Financial Institutions – Supervised Lender – License #S7,461 ♦ Florida Dept. of Financial Institutions - Mortgage Lender - License #ML0700679
Senior Security Home Advantage is a lending area of United Northern Mortgage Bankers, Ltd.
Direct FHA Endorsed Lender
 
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