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Interest OnlyInterest only loan programs provide the same features as fixed and variable rate programs, and they additionally offer a lower payment option. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.
An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option. Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan. You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option. :: MLS Search :: Featured Listings :: Buyer Resources :: Federal Housing Tax Credit :: Build Your Dream Home :: Homebuyer Education :: Home Buying Process :: Dream House Finder :: Free Buyer Reports :: Steps to a Successful Puchase :: The Closing Process :: Seller Resources :: Home Selling Process :: Market Analysis :: Free Seller Reports :: Staging A Home To Sell :: Expired Listing Help :: For Sale By Owner :: Short Sale / Foreclosure :: Military Resources :: Naval Sub Base New London :: US Coast Guard Academy :: US Coast Guard R & D Center :: Military Pay Rates :: BAH Rates :: Mortgage Resources :: ARM vs. Fixed :: FHA Mortgage :: FHA Mortgage Limits :: VA Mortgage :: CHFA Mortgage Program :: Mortgage Rates :: ERA Mortgage :: ERA Seller's Security Plan :: ERA Home Protection Plan :: ERA Select Consumer Services :: ERA National Military Broker Network :: ERA - Home in on a Cure (MDA) :: Town Information :: Real Estate Tax Rates :: Area Attractions :: Marketplace :: Library :: Glossary :: Local Utility Companies :: Schools :: Connecticut :: Weather :: Newsletter :: Contact :: Personal Info :: Why Hire Me? ::
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