Las Vegas Interest Only Mortgage Loans
Interest only mortgage loans are a terrific way to keep your mortgage payments lower during the first years of the loan and enable you to buy more home for the money. There are a variety of different interest only loan programs available, including variable rate interest only loans that may adjust every six months. But with economists predicting a rise in interest rates over the next few years, the best program currently on the market is the 10 year fixed rate interest only loan.
The interest rate of this loan is fixed in advance for all 30 years of the loan. The first 10 years of the loan the payments are interest only. Principal and interest payments are made for the remaining 20 years of the loan, and the principal balance is amortized over 20 years.
The loan amount is $200,000 at a fixed interest rate of 5.75%. For the first 10 years the payment is $958.33 which is the interest only payment. For the remaining 20 years of the loan the payment would be $1404.17 including both interest and principal. (Taxes and insurance are not included in the preceding payments but would need to be added on.)
To speak with a local Las Vegas mortgage lender about interest only loans, please contact us via email or call 702-985-7654 and we will be happy to recommend some local lenders with low rates and fees.