Interest Only Mortgage Options

There are many different types of mortgages available. Learn if you would be a good candidate for an interest-only mortgage or an option adjustable-rate mortgage (ARM). Interest-only loans are generally adjustable rate mortgages allowing you to pay only the interest part of.

Although new interest-only mortgage lending is far lower than in the past, there are still plenty of homeowners who took one of these products before 2008. In 2009, existing interest-only mortgage balances peaked at an average over the year of 37.83% of total existing mortgage balances.

The option to only make interest payments lasts for a fixed term, usually between 5 to 10 years. Since each monthly payment only goes toward the interest, your loan balance does not decrease unless you make additional payments toward the principal loan amount.

Compare mortgage options.. Offer may not be combined with any other mortgage offers and can only be applied once per property within a 12-month period.. Interest rates and program terms are subject to change without notice. Visit usbank.com to learn more about U.S. Bank products and services.

Interest Only Home Loan Rates Interest Only Refinance Most borrowers have a principal and interest (P&I) loan on their primary place of residence. A P&I loan allocates some of the mortgage repayment to the principal loan amount and some to the interest.Learn more about Navy Federal Credit Union interest only mortgages and see if an interest only home loan is right for you. Get pre-approved for your loan today!

Interest Only vs Repayment Mortgages vs Making Mortgage Overpayments jumbo interest-only arm Our Jumbo Interest-Only ARM is ideal for homebuyers who prefer a lower monthly payment during their first years of their loan. Buyers who plan to sell a property after a short period of ownership may also benefit from interest-only financing.

All Adjustable-Rate Mortgages and the 15-year fixed-rate jumbo Loan are eligible for investor advantage pricing. Plus, for a limited time, the interest rate on the 15-Year Fixed-Rate Jumbo Loan is discounted up to 0.250%3 (interest rate discount is reflected in the current rates below).

Exotic Mortgages “We had a national need to do this.” Nontraditional loans, also known as exotic mortgages, once were marketed to the wealthy as a cash-management tool but have expanded to the mass market because they.

 · Q I have an interest-only mortgage from a well known high street bank. The balance outstanding is £139,000.

Some of the loan types that offer an interest only option include: Adjustable Rate Mortgages. Fixed Rate Mortgages. 30 Year Interest Only Mortgage Learn More About 30-year fixed rate mortgages What is a 30-year fixed mortgage? A 30-year fixed mortgage is a loan whose interest rate stays the same for the duration of the loan.

What are the mortgage options if I want to buy-to-let? You can get special buy-to-let mortgages which are usually interest-only – the idea being that you use the rental income to cover the interest.