Interest Only
Interest only loan programs provide the same features as fixed
and variable rate programs, and they additionally offer a lower
payment option. With an interest only loan payment option, you pay
only the interest portion of the payment but no principal.
| Interest Only Programs |
- 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
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- Higher rates
- Principal loan balance will not decrease during the interest only payment period
- Payment will be higher for the remaining term
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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.
 Carolina Equity Services - 1121 Pemberton Hill Rd - Apex, NC 27502 Office Phone: (919) 467-6192 Fax: (919) 467-1045 Toll Free Phone: 1-888-308-4405 email address: tony@carolinaequity.com email address: Christine@carolinaequity.com
Carolina Equity Services, Inc. is a proud member of:
- National Association of Mortgage Brokers (NAMB);
- NC Association of Mortgage Professionals (NCAMP).
- All members adhere to a strict code of business ethics
- We lend in the following states: NC
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