Interest 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.

There are many good reasons why this may be a good loan for you, but there are some not-so-good reasons to do this type of loan, too!

Contact Mitch Wilcox to find out if this is the right loan for you.

---

Mitch Wilcox - Response Mortgage Services -
Office Phone: 541-693-8827 Fax: 541-693-8819 Cell Phone: 503-939-6572
Toll Free Phone: 800-330-4606

---

:: APPLY NOW :: Pre-Qualify :: Purchasing :: Refinance :: Rent Vs. Buy Calculator :: Imperfect Credit? :: Interest Only :: For Sale by Owner :: Home Equity Loan :: Loan Programs :: Loan Process :: Library :: Glossary :: FAQ :: LENDING AREAS :: Mortgage Calculator :: Request Loan Status :: TELL-A-FRIEND :: SWEEPSTAKES :: My Current Featured Realtor :: Home :: Contact Mitch Wilcox :: About MiJoyMortgage ::

Mitch Wilcox

   Office: 541-693-8827

Toll free: 800-330-4606

E-mail: HomeLoansNow@hotmail.com

Central Oregon/State of Oregon Mortgage/Home Loans

Bend, Oregon 510 NE 3rd St. Bend, OR 97701

Redmond, Oregon 538 SW Highland Ave. Redmond, OR 97756

Corporate Website: responsemortgage.com/Mitch Wilcox  

  

© 2008 Myers Internet, Inc. All Rights Reserved

Powered by: Myers Internet, Inc. | Admin Login