LOWER YOUR MONTHLY PAYMENTS WITH AN INTEREST ONLY LOAN
Interest only mortgage loans require the borrower to pay only the interest for a set term and not the principal*. The option to pay interest only lasts for a specified period of time and borrowers can pay more than the interest if desired. Therefore, monthly payments are less than they would be with conventional loans, such as a 15- or 30-year mortgages.
The Harbin Loans Team can offer some of the best interest rates available for interest only mortgage loans. An interest only mortgage loan may be a good option to consider if you:
- Have a fluctuating income and want payment flexibility
- Want a more expensive home (versus a starter home) now, in anticipation of a higher future income
- Would rather invest your money elsewhere instead of paying down your mortgage
- Want to keep your monthly payment as low as possible and are not concerned with paying off the loan quickly
Because the mortgage loan market is so competitive, interest only mortgage loans are promoted extensively by most mortgage lenders and mortgage brokers. Harbin Loans mortgage bankers typically recommend conventional loans, and only suggest interest only loans to people who meet the appropriate financial criteria and goals.
Interest only mortgage loans can be a good option for experienced borrowers, disciplined investors and savvy homebuyers.0