Many consumers still seek interest only home loans because it maximizes the affordability factor for people buying or refinancing. Word on the street is that interest only loan terms have changed and many mortgage lenders are seeking more equity or more significant down-payments because they consider the interest-only home loan to be a higher risk.
Find out which Mortgage Lenders have the best interest only loan products. I/O mortgages do not require any principal to be paid so the monthly payment remains low. Interest Only loans can help you increase cash flow by decreasing your mortgage payment. Home Loan Wholesale will help you find a lender for every possible niche.
Interest home loan refers to a popular feature offered by many mortgage lenders that only requires borrowers to make a minimum payment covering the interest. This helps many homeowners who may be having an affordability issue with their current mortgage payment. Homeowners look to Home Loan Wholesale for no hassle interest only home loans for mortgage refinancing or purchasing a new home. Interest only mortgages are available with conventional and sub-prime loans but are not available with government loans like FHA or VA.
Alternative home loans are increasing in popularity as homeowners are always looking for clever ways to buy a home with lowest possible mortgage payments. Borrowers enjoy the flexibility of being able to pay a minimum payment when needed. The interest only payment feature is offered with both purchase and refinancing transactions.
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Interest Only loans help investors, 1st time homebuyers and homeowners who plan on selling their house or moving in the near future. HLW always encourages borrowers to make extra payments towards their principal balance when they can afford it. By doing this, people can actually pay their mortgage down faster with an interest only mortgage than they could with a principal and interest loan that is amortized over a long period like thirty years. Many borrowers like home equity lines and 2nd mortgage products because they offer the ability to access quick money while only paying interest on the used portion.
Balloon Payments. Predatory lenders frequently structure loans so that the borrower's payments are applied primarily to interest, and at the end of the loan period the borrower still owes most or all of the principal amount borrowed. The last payment balloons to an amount often equal to 85% or so of the original principal amount of the loan. The homeowner cannot afford to pay the balloon payment, and either loses the home through foreclosure or is forced to refinance with the same or another lender for an additional term and additional points, fees, and closing costs.
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