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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. :: MLS Property Search :: Communities Served :: MAR Housing Reports :: Schools Information :: Area Newspapers :: Annual Credit Report :: 9 Online Calculators :: Realty Times News :: IRED-The Buyer's Corner :: Buyer's Resources :: Buyer Agency :: The Many Benefits in Using an EBA :: 10 Questions to Ask Any Buyer's Agent :: New R. E. Agency Relationship Disclosure :: R.E. Internet Warning :: Real Estate Library :: MBTA-Train & Boat :: P & B Street Railway Co. :: Is Your Home Alone? :: Glossary :: The Marketplace :: Link Exchange Partners :: Contact Me :: Privacy Statement :: Personal Information :: An Equal Opportunity Company. Equal Housing Opportunity. All information is deemed credible, but is not guaranteed. Independent verification is recommended.
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