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 Interest only mortgages are mortgages that only require borrowers to make interest payments, reducing there totally monthly obligation. These types of mortgages are great for heavily commissioned borrowers, or borrowers who don't want to pay down the principle on their loan. Be careful though, as most interest only mortgages will require you to start paying back principle once the adjustable period of the loan is up. Further, you'll need to pay it back over a shortened period of time. For example, say you lock into an interest only 5/1 ARM (Adjustable Rate Mortgage) and only pay the interest portion of your bill for the first five years. What happens in the sixth year is that the outstanding balance is amortized over a 25 year period, increasing your monthly bill. Of course you can always refinance at any time. Interest only ARMs can either be conforming or jumbo loans. Fixed rate interest only mortgages typically will have a rate that is locked for 30 years, the first 10 years of which the borrower only is obligated to pay interest payments. Contact one of our consultants to find out more.
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| 3/1 ARM |
4.125% |
| 5/1 ARM |
3.375% |
| 15 Year Fixed |
4.125% |
| 30 Year Fixed |
4.625% |
| 3/1 ARM |
4.125% |
| 5/1 ARM |
3.5% |
| 15 Year Fixed |
4.375% |
| 30 Year Fixed |
5% |
 | 5/26/10 11:20am |
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