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Check Rates for your Interst Only Mortgage Loan Now!
This type of loan program is for those who would like to significantly lower their mortgage payments by allowing you to pay only the interest on the mortgage loan.
This type of loan is great for debt consolidation up to 100% LTV. Many people can then redirect the savings to payoff
higher rate loans or credit cards or find a better use for the money. Some excellent books about using your home as a part of your
weath building process should read the book below.
Example of how you may benefit from an Interest Only Mortgage Loan Program
...Before Refinance:
Mortgage Balance: 225,000
Rate: 7.5%
Term: 30 Year
Monthly Mortgage Payment: 1,573.23
...After Refinance:
New Loan: 225,000
New Rate: 3.75%
New Payment: 1,359.38
Old Payment: 1,573.23
Monthly Payment Savings: 213.85
Yearly Savings: 2,566.20
3-Year Savings: 7,698.60
5-Year Savings: 12,831.00
* Payments based on 30 Year Amortization, 80% ltv, 1st lien position, 7.25% rate, 7.389% APR.
APR may vary depending on term and amount.
Rates are subject to change.
Loan application subject to credit and underwriting guide lines
This type of program is very popular for those looking to do home improvements
and who are not interested in tapping into all of their home's equity at one time. A "Interest Only"
loan tied to the Libor Index and requires only interst payments for the first 10years
before principal payments are required.
Loan application subject to credit and underwriting guidelines
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