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Interest OnlyInterest only loan programs provide the same features as fixed and variable rate programs, and they additionally offer a lower payment option. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.
An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option. Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan. You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option. :: Featured Properties :: Triangle MLS Search :: Daily Listings Alert :: Property Organizer Login :: Buyer's Resources :: Dream Home Finder :: Free Buyer Reports :: Seller's Resources :: Market Analysis :: Free Seller Reports :: Calculators :: Mortgage Rates :: Credit Report :: My Blog :: Marketplace :: Library :: Glossary :: Schools :: Weather :: Newsletter :: Contact :: About Me :: Testimonials ::
An Equal Opportunity Company. Equal Housing Opportunity.  You can find great local Durham, North Carolina real estate information on Localism.com Elizabeth Nieves - Bilingual Raleigh - Durham North Carolina Real Estate Team is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
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