Give me my interest-only options- rates, fees, good faith estimate

mta, option ARMs
mortgage calculators- interest only

Click for today's mortgage indexes:
today's 12 month LIBOR
today's 6 month LIBOR
today's 12 month MTA
today's 12 month CMT
today's COFI index
today's Prime rate
today's 10 year yield


Are these long term loans?

Unless your risk level is high, then interest-only loans are generally not long-term loan programs. Interest-only loans can provide a great option for homebuyers such as:

  • High Net Worth Individuals: Consumers who generally do not wish to tie up the equity in their home and would prefer to invest the extra money into markets of better return
  • Young Professionals: Consumers who are sure their income will grow, but would like greater purchasing power today, e.g., young lawyers & doctors
  • Short Term Homeowners: Consumers who know the time frame for home ownership is within a certain window of time and are more concerned with payments than equity
  • Real Estate Investors: Consumers purchasing investment property find interest only loans very valuable in areas where real estate appreciation is high

This is not to say that an interest-only loan may not be right for you but every program has a certain profile of consumers that tend to show the majority of interest. If you think an interest only loan can benefit your life it would be a good idea to contact us to make the best decision for you and your family.

How can you measure your risk level?

It is extremely important to note that your risk level is not always judged by how you feel. Many factors determine if an interest-only loan is right for you. It is imperative that you understand the following points before searching for a loan officer:

  • A Loan Officer can not advise you. Many mortgage professionals are only trained in one area of the financial sector and can not advise you If an interest-only loan is the best financing program for you and your family. He/she can answer your questions on interest only loan programs and help guide you towards making a better informed decision.
  • Loan Officers are not financial advisors. If you are seeking financial advice you need to seek the assistance of a trained professional such as a CPA, retirement planner or investment advisor.
  • Expect service, not advice. The most you should hope to achieve by speaking with a loan officer is to gain more knowledge on how interest only loans work, to get current rates and to learn what advantages and disadvantages exist for these home loans.

If you are on a fixed income and are pretty sure that your income will not rise in the future then interest-only loans will bear a much greater risk for you. As with all matters with your finances you should consult a financial advisor who is aware of your unique situation before entering into any agreement.


Interest-Only mortgage loans (page one)

Give me my interest-only options- rates, fees, good faith estimate