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Interest Only Loan Program

Afford more home by paying just the interest for a set term. If you want to buy more home (up to 25% more!) with a lower monthly payment, consider an interest-only loan.  Interest-only mortgages have a set period during which you pay only the loan's interest, not the principal.  This means for the first 3, 5, 7 or 10 years, your monthly payment is considerably lower than it would be for a 'traditional' mortgage that included both principal and interest. 

Begin paying principal and interest after your initial interest-only period expires; you'll start paying off the entire balance of the principal, in addition to interest that is amortized for the remainder of the loan period.  If you want to pay toward the principal during the interest-only period, there aren't penalties or fees.

Interest-only mortgages are perfect for those looking for the tax deductible benefits of mortgage interest, or those looking to put monthly monies toward other investments, home improvements, retirement contributions or even paying off high-interest debt. 

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