Interest Only Loans - Las Vegas Mortgages - Las Vegas Loans
Interest Only Home Loans
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| 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. For example: 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.) For more information about refinancing your existing loan or purchasing a new home with an interest only mortgage please call Glen at 702-524-7216 right away!
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Interest Only Mortgage Loans - Las Vegas Mortgages - Las Vegas Loans
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