Interest Only Mortgage

Many new home buyers have benefitted from the low monthly payment derived from an interest only mortgage. Let our lenders help you compare low interest loans online for home buying or refinancing. The interest only mortgage has become very popular refinance options in the last few years. Interest only loan features offer borrowers a reduced payment option for home refinancing with cash out opportunities like second mortgage and home equity credit lines that include low rate payments for people with good and bad credit. Whether you are purchasing a home, refinancing your mortgage or taking out a new second mortgage, interest only loans have become popular features for almost every loan program today.

Compare Low Payments with an Interest Only Loan or Credit Line.

People love interest only features because it keeps their monthly payments as low as possible. Unlike negative amortization loans, interest only loans do not defer any interest so you will never have a mortgage lender adding debt to your principal loan balance. Nationwide Mortgage Loans offers hybrid loans that feature a fixed interest rate for 2,3,5,7, or 10-years with interest only payment options. Take advantage of increased cash flow and benefit from the reduced monthly payments created by interest only mortgages from the premiere refinancing leader online.

Interest Only Mortgage Refinance
Home Purchase Loan with Interest Only Options
Interest Only Home Equity Line of Credit
Interest Only with Payment Option ARM
Fixed Rate-Interest Only Loans
Interest Only 2nd Mortgages

It's not too late to refinance and a lower your monthly payment with the interest only mortgage loan. Nationwide Mortgage Loans offers many interest only programs for second mortgage, home equity loans and 1st mortgage loans. Refinancing your mortgage can save you thousands of dollars a year.

Are Interest Only Mortgages Too Risky?
Interest only home loans have been the topic of many industry conversations when considering risk factors. Interest only payments have lower monthly payments for the introductory period which lasts between 1 and 10 years in most cases. Since interest only payments do not pay down any portions of the principal balances, and then borrowers must budget accordingly to pay off their balances.

Linda's Advice for Interest Only Mortgages
Ask Linda?

Interest only loan require some discipline. If you make a little extra payment towards principal each month, then your loan can be paid off earlier. Get a plan, and request a few amortization schedules for 15, 20 & 30 years.

Should I Get a Refinance Loan With a Fixed or Adjustable Rate?

Home equity can be converted into money through one of several different instruments. The chore is to find out which one loan is right for your situation.

Need A Lower Payment? Check out our Interest Only Mortgages
Get lower monthly payment for your purchase or refinancing!

Mortgage Term Options

Loan Type

1 Year Fixed Rate- Interest Only

Bad credit OK

2/28 Fixed Rate- Interest Only

Jumbo Mortgage Refinance

3/27 Fixed Rate- Interest Only

VA Refinance Mortgages

5/1 Fixed Rate- Interest Only

FHA Refinance Mortgages

7/1 Fixed Rate- Interest Only

Fixed Rate Mortgages

10/1 Fixed Rate- Interest Only

Cash Out for Debt Consolidation

30 Fixed Rate- Interest Only

Low Rate Adjustable Mortgages


Mortgage Rate Statistics

Mortgage Rate News

The avg. contract interest rate for 30-year fixed-rate mortgages decreased to 6.18% from 6.22%

The avg. contract mortgage interest rate for 15-year fixed-rate mortgages decreased to 5.84% from 5.87%.

The avg. contract mortgage interest rate for 15-year fixed-rate second mortgages increased to 8.125% to 8.375%.

The avg. contract interest rate for 1-year ARMs increased to 5.64% from 5.60%.

For more information, please visit mbaa.org

Loan Facts - Popularity is Increasing for No Money Down Mortgages

Surveys recently found that almost 43% of first time homebuyers obtain their mortgage using 100% mortgage financing.

According to the National Association of Realtors 43 percent of first-time home buyers obtained no money down mortgages last year and that the average first-time home buyer made only a 2 percent down payment on a $150,000 property.

Typically there were 2 loans totaling 100% 80% first mortgage and a 20% second mortgage.

For more information, please visit realtor.com

 

Resource Tools

Loan Comparison Calculator
This calculator will help you to compare the total mortgage interest charges of 4 types of loans.

Refinancing Calculator
Analyze the benefits of refinancing. Get help calculating the monthly payment and discover the net interest savings. It will also calculate how many months it will take to get a return on investments for the mortgage loan costs.


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Free Finance Guides & Helpful Consumer Reports

Take advantage of our free guides and disclosures that help 1st time homebuyers.

Equity Credit Line Fed Tips
Home Purchase Guide
Understanding Credit Scores
ARM Rate Mortgage- Guide
Consumer Guide -Rate Locks
Unique Home Mortgage Programs and 1st Mortgage Refinance Products:
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Credit Card Debt Consolidation | Home Finance | Purchase Loan | New Home Loan | Conventional Loan | Home Loan for Bad Credit |
How to Refinance a Mortgage | Home Loan Interest Rates | Top Home Refinance Loans in 2013 | Bad Credit FHA Mortgage
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