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30 Year Fixed Interest Only Mortgage Programs
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| Are you looking to keep your monthly mortgage
payment to a minimum without giving up the security of a long term fixed rate
product? If this sounds like your ideal scenario, then a interest only 30 year
loan might be the right product for you. 30 year interest only mortgages
typically come with a ten year (often referred to as a 30/10 year interest only
loan) or fifteen year fixed (30/15) interest only period. After the 10-15
interest only period expires, the loan is then re-amortized so that the payment
includes both principal and interest being paid for the remaining term of the
loan. The rate does not change after the interest only term which makes the
products less volatile than adjustable rate mortgage products. Give us a call
today at 877-RATE-LOW (877-728-3569) for more information. |
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Request a 30 interest only mortgage loan
rate quote
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Call us toll free at 877-RATE-LOW (877-728-3569) for a
consultation |
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How much could I save with a 30 year fixed interest
only mortgage vs. a traditional fixed rate mortgage (P&I)?
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| Let’s take look at one example:
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| Traditional 30 year fixed rate mortgage
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| Rate: 6.375%
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| Loan Size: $200,000
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| Monthly principal and interest payment: $1,247.74
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| Interest only loan 30 years
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| Rate: 6.500%
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| Loan Size: $200,000
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| Monthly interest only payment for first 10-15
years: $1,083.33
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| With the interest only option, you would save $164.41
per month. That would translate to a total savings of $19,729.00 over
the first ten years of the loan. However, you would still owe the full $200,000
loan balance unless you made additional principal payments from time to time.
The beauty of these loans is that you can do just that. The months where you
can make extra payments you can choose to do so and the months were you prefer
to spend money elsewhere, you can go that route as well. The choice is yours to
make.
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Is a 30 Year Mortgage Interest Only Right For You?
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| Interest only loans are ideal for those who
anticipate future earnings growth and for those for like flexibility in
managing their personal finances. We encourage you to speak with a mortgage
professional to discuss the benefits and pitfalls of these products to ensure
that you are making a well educated decision. Feel free to give us a call at
877-RATE-LOW (877-728-3569) for answers to your home financing questions.
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Other Interest Only Loan Options:
Option
ARM Mortgage
100% Interest only loans
3 year interest only loan
5 year interest only mortgage loan
10 year and 7 year interest only mortgages
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