Interest Only Mortgage Rates
If you are self employed or have a fluctuating monthly income, check out the interest only mortgage rates that may allow you to purchase your dream home.
Loan programs with low interest only mortgage rates are especially suited for people whose income fluctuates with the seasons, commissions or bonuses such as the self-employed, sales persons or executives.
Because borrowers are required only to pay the interest each month, those with fluctuating monthly incomes can pay the principal in lump sums throughout the year when their income is highest.
Those persons who expect their income to increase as their career grows may also consider these interest only mortgage rates because it allows them to buy a more expensive house now, paying only the interest each month for a set number of years and paying the principal from that future income.
Borrowers taking advantage of low interest only mortgage rates must consider that after the interest only term of the loan expires, usually between two and ten years, the borrower is required to pay off the loan balance or refinance the loan. In cases of interest only mortgages with a fixed rate second term, after the interest only term of the loan expires the second term of the loan consists of regular monthly payments of interest and principal at a fixed interest rate until the loan is repaid.
On Best Mortgage Rates, you can find the best interest only mortgage rates.
You can find the best interest only mortgage rates available in your area here, all in one place here where you can compare the rates of different participating lenders then request your free personalized mortgage quote. To find out if you qualify and lock in your rate, contact a lender today.
