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Interest Only Loans

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.

Interest Only Calculator Below

Advantages

	Greater Purchasing Power
	Payment Flexibility
	Reduced Qualifying Income
	Fixed or Adjustable Rates

Disadvantages

	Possible Payment Shock
	Possible Negative Amortization
	Short Term Security
	Minimal Principal Reduction

Step 1: New Loan Amount
Step 2: Interest Rate	%
Step 3: Term (Years)


= # of Payments
= Monthly Payment *

Fixed Rate Loans

The most popular home loan is the Fixed Rate mortgage providing the consumer with a guaranteed interest rate and a consistent monthly payment for the entire term of the loan.

Fixed Rate Calculator Below

Advantages

	Long Term Security
	Consistent Monthly Payments
	Automatic Principal Reduction
	Most Flexible Down Payments

Disadvantages

	Higher Income Needed to Qualify
	Reduced Purchasing Power
	Higher Monthly Payments
	No Payment Flexibility

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