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7 Year Fixed Rate Interest Only (7/1 ARM)
Nationwide Mortgage Loans offers various fixed rate loan programs. Take a look at the 7/1 ARM that provides an introductory interest rate that is fixed for the first 7 years of the loan. After that, the mortgage rate becomes adjustable for the remaining term. The interest rate will be adjusted & calculated on the origin of the average yield on U.S. Treasury securities adjusted to a constant maturity of one year, plus an additional fixed margin. Nationwide offers home equity, second mortgage and refinance loans with a fixed or adjustable interest rates. With the 7 year fixed rate interest only, you can benefit from a lower rate than the traditional 30 year fixed rate for the 1st 7 years of the loan. Top loan experts believe that it is important for borrowers to be confident when taking a loan on against your home. 7 years of a fixed rate with the ability to conserve cash flow with low interest only payments for the first ten years.
Finance Tips and Loan Advice
Benefits:
Lower monthly payment for 7 years can save you thousands of dollars. During the adjustable period, the interest rates can be lowered if the market trend improves.
Lower payments increase purchase power.
Concerns:
Mortgage Rates could be higher when the adjustable period kicks in.
Monthly payments can increase significantly.
- Refinance for Cash Out
- Interest Only
- Low Rate Second Mortgages
- Debt Consolidation of High Rate Credit
- Home Equity Lines
Example:
$400,000 7 Year Fixed at 5.875%
84 Interest Only Payments = $1958.33
Don't wait any longer, Call 1-800-242-6986 to speak with a seasoned loan professional live. We offer a helpful consultation that includes a free loan quotes with no obligation. |
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ARM vs. Fixed Rate Calculator
How does a fixed rate 1st or 2nd mortgage compare to an adjustable rate mortgage or home equity line of credit? |
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