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.
Interest Only available on conforming and jumbo loan sizes
Interest Only available on both Primary and Second Homes
rate term refinance and cash-out refinance
financing (2nd mortgage) available
rising interest rates:
interest rate never changes for the life of loan, regardless of what happens
in the market.
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
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:
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.
Mortgage Corporation allows you to refinance your loan at any time with no
mortgage payments will vary based on individual situation and current mortgage
Who it's for:
wants a 30-year fixed-rate mortgage with a lower payment
also want monthly payment flexibility.
homebuyers: Use the monthly savings to help furnish a new home
missed the refinance boom and want a lower payment
with irregular income who desire cash management flexibility
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
MORTGAGE PROGRAMS - CLICK