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Other Programs available

Interest Only  - No Lender Fee  - No PMI

  These programs provide the same features as fixed and variable rate programs, and they additionally may offer a lower payment option and/or no pmi for loans over 80% loan to value. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.  With No Lender Fee Option, you pay a higher rate and Lender Fees are calculated over the life of loan (Yield Spread). With the no pmi option, you pay a slightly higher interest rate depending on individual qualification.

Complete a Quick Quote for rates on these programs.

Loan Programs Advantages Disadvantages

Interest Only Payment

No Lender Fee

No PMI to 100%

  • Several payment options
  • Lower monthly payments
  • Qualify for a higher loan amount
  • Qualify at the interest only payment
  • Option to pay the full principal and interest payment
  • Interest only payments for up to ten years
  • Slightly Higher rates
  • Principal loan balance will not decrease during the interest only payment period
  • Payment will be higher for the remaining term

       

An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option.

Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan.

You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option.