An Interest Only Mortgage is a home loan that only requires you to pay interest
for fixed period of time. Interest only loans allow you to:
Lower your initial mortgage rate
Lower your initial monthly payment
Qualify for a larger loan amount
Interest only mortgage rates adjust annually, bi-annually or monthly. Therefore, your
payments would adjust as well.
Once your interest only period (usually 10 years) is over, your loan amortizes like a
regular mortgage and you are required to start paying principal.
Interest only mortgages are great for those who wish to manage their monthly cash flow
closely. For example, if your income varies monthly due to bonuses and commissions, an
interest only mortgage may be a good fit for you. For a month with a lower income you
can just pay the interest, while during lucrative months you can put more down toward
your loan principal so you pay off your mortgage faster.
Live Customer Satisfaction Survey
Read what customers say about our level of service.
Posted: 03/12/10 1:53 PM
Both Dave Clark and Brian Knight were very responsive and genuinely interested in helping get this loan funded. It can be a very stressful time for customers and it's nice to talk to someone who is responsive and personable, it goes a long way toward reducing that stress level.
Posted: 03/12/10 1:33 PM
The service at Amerisave is fast and efficient. Although, I know my Loan Advisor and Loan Processor were handling several accounts at once, I always felt my loan was handled with top priority. I couldn't have asked for better service.
Posted: 03/12/10 1:02 PM
From the beginning, everything was just awesome. On line signing of documents, progress tracking, helpful folks... it wa. . .
