| Interest Only Loans |
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An Interest Only Loan is a mortgage
program where homeowners have an option to make interest only
payments for a pre-defined period of time. Both adjustable
and fixed rates are available. |
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Interest Only
Calculator Below |
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| Advantages |
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Greater
Purchasing Power |
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Payment
Flexibility |
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Reduced
Qualifying Income |
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Fixed or
Adjustable Rates
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| Disadvantages |
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Possible
Payment Shock |
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Possible
Negative Amortization
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Short Term
Security
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Minimal
Principal Reduction
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| Fixed Rate Loans |
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The most popular home loan is the Fixed Rate mortgage
providing the consumer with a guaranteed interest
rate and a fixed monthly payment for the entire term of the
loan. |
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Fixed Rate
Calculator Below |
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| Advantages |
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Long Term
Security |
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Consistent
Monthly Payments
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Automatic
Principal Reduction
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Most
Flexible Down Payments |
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| Disadvantages |
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Higher
Income Needed to Qualify |
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Reduced
Purchasing Power |
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Higher
Monthly Payments |
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No Payment
Flexibility
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