Interest Only - Mortgages

We can even do: 100% (one loan) Interest Only ARMS: No rate increase for jumbo loans or cash out and there isn't any PMI. Click here for many 100% financing options.

Here’s How It Works
The program is simple.

6% Rate interest only on $200,000 loan the monthly payment is $1,000.00

6% Rate 30 year fixed on $200,000 loan the monthly payment is $1,199.10

The interest only payment is almost $200 lower. Take that $200 and pay off high interest credit cards, or even put it back to a principal only payment and this could reduce you mortgage by many years.

The fixed loan term portion of the borrowers note is interest only during the specified period. The loan then re-amortizes the current principal balance over the remaining loan term.

Did you know one of the greatest ways to lower your monthly payments is by getting an interest only loan. This is a loan that allows you to pay only the monthly interest due. To calculate your interest only payment simply multiply your loan balance times your interest rate. divide this total by 12 and you get your monthly interest only payment. Pay as much extra as you choose each month towards principal.

How Do Interest-Only Mortgage Loans Work?

An interest-only mortgage loan is very simple. For an agreed period of time (generally the early years of a mortgage when most of the payment goes toward interest anyway), your monthly payment will consist of only the interest due for that month. At the end of the interest-only period, your loan reverts to its original terms, with the monthly payments adjusted upward to reflect full amortization over the remaining years of the loan (for instance, following a five-year interest-only loan, a 30-year mortgage would now fully amortize over 25 years).

We offer over 100 different interest only loan programs. The type of interest only loan you choose should be tailored to your short and long term needs. Our trained Mortgage Managers can help you determine which program is right for you. Request a no obligation customized mortgage quote from us today by calling (651) 528-5034.

For Example: Borrower chooses a 3/27 Interest Only option at 5% interest. During the initial 3 years the borrower would pay 5% interest only. Based on a $100,000 loan this would equate to monthly mortgage payments equal to $416.66 versus a payment of $537.00 if the borrower were to choose a typical interest and principal loan product ( $100,000 x 5% = $5,000 in annual payment obligation divided by 12 months = $416.66). Once the loan reaches month 37 it would re-amortize the $100,000 balance over the remaining 27 year term.

Criteria Include: *

ALL States apply
Owner Occupied Purchase or Refi
Full Doc min. 580 middle credit score
Stated Self Employed or Wage Earner min 625 score
Full Doc to 100% LTV/CLTV (One loan or Combos)
Stated Income to 95% LTV/CLTV / Combo Loans to 100% CLTV
All Property types, exclusive of 3-4 Units
Interest Only 1st Mortgage (2nd mortgage P & I)
2/28, 3/27 or 30/30 term only
Standard Pre-payment penalties apply
Borrower has the right to pay additional principal as desired during the loan term. (Limited to 20% pay down per year during the pre-pay penalty period).
Add 25 bp to 1st mortgage
Remaining standard product underwriting criteria applies

*Rates and APR subject to change because interest rates/APR and loan terms can and do change daily.

No Documentation Loans

We offer a number of loan programs for borrowers who are unable to or choose not to verify their income or assets in a traditional fashion. We have a number of loan products designed specifically for these borrowers.

No Income Verification Loans

No Income Verification mortgages are available for people purchasing or refinancing residential real estate. we will lend up to 90% of the value or sales price of a home with no questions about income. Generally, the better the credit the more one can borrow. Talk to one of our specialty mortgage consultants today and see how we can help.

No Income & No Asset Verification Loans

The No Income & No Asset Loan program take the no income verification loan one step further. In addition to not verifying a borrower's income, we will also not verify assets needed for down payments and closing costs. We will lend up 90% of the sales price or appraised value in many instances.

Stated Income Loans

Our Stated Income Loan program has a number of similarities with our other No Documentation loan products. We don't actually verify what a borrower earns, rather he or she states his earnings and we will only verify that the borrower currently works at that employer. The Stated Income Loans are available to W-2 employees and to the self-employed.

Light Documentation Loans

The Light Documentation Loan program works very easily. The borrower provides us with six (6) or twelve (12) or twentyfour (24) months of bank statements and the average of the deposits over that time frame will be used as monthly income. Our specialty loan officers are available help you with your financing needs. (more bank statements the better)