30 Year Fixed Rate Interest Only Mortgage :: Florida Property    















  


30 YR Fixed  -  Interest Only

 

The Fixed Interest Only is a 30 year fixed rate mortgage with a 10 year interest only period followed by a 20 year fully amortized period. At the 10th year, the monthly payment changes to include both the principal and interest due. The interest rate remains fixed for the entire loan term.

  •  30 year Interest Only available on conforming and jumbo loan sizes

  •  30 year Interest Only available on both Primary and Second Homes

  •  Purchase, rate term refinance and cash-out refinance

  •  Subordinate financing (2nd mortgage) available

Security against rising interest rates:

  •  Your interest rate never changes for the life of loan, regardless of what happens in the market.

Lower your monthly payment when you need to:

  •  In any given month during the first 10 years of the loan, you can choose to pay only the interest portion of your  mortgage payment or interest  plus principal.

  •  Paying less on your mortgage gives you great financial flexibility when money is tight.

  •  You can use the increased cash flow toward remodeling your home, paying off high interest rate bills, financing  college, or increasing your retirement savings.

How the Florida Mortgage Corporation 30 year fixed "Interest Only" mortgage works:

  •  Your interest rate is fixed for the life of the loan.

  •  You can pay only the interest for the first 10 years of the loan or interest, plus as much principal as you wish.  After 10 years, the full monthly interest plus principal is due.

  •  Florida Mortgage Corporation allows you to refinance your loan at any time with no pre-payment penalties  

  •  Actual mortgage payments will vary based on individual situation and current mortgage rates.

Who it's for:

  •  Borrower who wants a 30-year fixed-rate mortgage with a lower payment

  •  People who also want monthly payment flexibility.

  •  First time homebuyers:  Use the monthly savings to help furnish a new home

  •  Borrowers who missed the refinance boom and want a lower payment

  •  Borrowers with irregular income who desire cash management flexibility

  •  Relocation borrowers:  Expands purchasing power in a high cost real estate market

  •  The 30 year fixed Interest Only offers a lower payment to borrowers and thus enables other options with the principal savings

 

OTHER "INTEREST ONLY" PROGRAMS

 

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