Interest Only Loans

These popular loans allow you to buy a bigger house, lower your monthly payment and keep more cash in your pocket every month. You can use the extra cash for anything, even to pay down the principal on your mortgage. This type of loan is especially beneficial to the person who plans on selling the house before the fixed interest-only period ends.

• You get a low fixed rate payment for the initial fixed rate period of 3 - 7 years.
• After the fixed rate period, you begin making principal and interest payments while the interest rate adjusts every 6 months.
• The interest rate adjustment is generally capped at 2% per adjustment and 6% for the lifetime of the loan.

Call 734-260-2660 or email me today to see if an Interest Only loan is right for you.

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