Michigan Interest Payment MortgageWe specialize in all types of financing programs.
Apply today online to get a
fast approval quote for lowest
mortgage interest
rates. We have access to a wide variety of innovative financing available for
every type of borrower, and their special needs. Which are available to you
through our nationwide network approved mortgage lenders. This is a great way to
borrow money at the lowest interest rates. So, if you plan to sell within that period, why pay principal when the first 10 years of a mortgage
payments are mostly towards interest.
Most lenders require the highest credit
FICO scores to offer interest only
refinance loans, but we have loans available to less than prefect borrowers.
Interest only loans are the same as a regular mortgage
rates, and you can reduce your monthly mortgage payment up to 35% each month for the life
of the loan. We do all the shopping for you to find the best mortgage loan lenders across
this great nation. When you
visit our web site,
you find all the information you need, from home
mortgage loan
information, business rates, loan terms,
calculators,
forms and documents, your
credit report, and much more. You'll find everything you need right here on our Web site! We work directly with leading mortgage lenders at
discount rates. We help
find the best rates, lowest closing costs, and a
program to meet your needs. We work to make sure you have the resources you need when researching
for a loan. We've developed tools to
make it easier to find the right interest only mortgage product including
mortgage calculators, that let you see the true total costs of
a interest only mortgage loans and compare one mortgage product to
another and compare interest rates and more!
Other useful tools on our Web site include:
Remember, we are a mortgage broker that works directly with wholesale lenders.
WE DO NOT SELL YOUR INFORMATION, YOUR INFORMATION IS ALWAYS PRIVATE AND SECURE. Example of a Interest Only Payment($150,000 x .06125) / 12 = $765.63
- $150,000 (Loan Amount)
- 6.125% (.06125) (mortgage rate)
- 12 Months (number of payments for the year)
- = $765.63 (Interest only monthly payment amount)
This is a very popular program for many reasons. Here are a few reasons why
borrowers like this program; 1. You can borrow more money for a more expensive
home, 2. Borrowers can take the extra money they would pay on the principal and
invest it for their retirement. The reason for this is their home appreciates over
the years, meaning they are still building equity in their home without paying down
the loan. ($50,000 x .0550 / 12 = $229.19
- $50,000 (Loan Amount)
- 5.50% (.0550) (mortgage rate)
- 12 Months (number of payments for the year)
- = $729.19 (Interest only monthly payment amount)
With this type of mortgage loan, the borrower takes out a 30-year mortgage, electing to pay interest only for a set period of time, such as 3, 5, 7
or 10 years. After the end of that period, the monthly amount reads to include
the principal, and the loan is re-amortized for the remaining years which can
cause the month change to rise substantially. At this point, most people either
refinance, start paying off the principal, or sell their property.
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