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Today's Mortgage Rates
November 20, 2009
Loans up to $417,000 Rate APR
30 Year Fixed 4.250 4.478
15 Year Fixed 3.750 4.183
3 Year ARM 2.500 3.451
Loans up to $1,000,000 Rate APR
5 Year Interest Only ARM 3.625 3.623
FHA Rates Rate APR
30 Year Fixed 4.250 4.861
15 Year Fixed 4.000 4.668
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Interest Only Mortgages

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.
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