Interest-Only Loans

You've found your dream home. Great! Yet the monthly payments on a traditional mortgage are beyond your budget. Don't worry. There's another way. You may want to consider an interest-only loan where you only pay on interest for a defined period of time. That way you can finance your home with lower monthly payments.

How does it work? Compared to a more traditional mortgage loan where your monthly payment goes to both principal and interest, an Interest-only loan allows you to only pay on the interest for a specified period of time.

You can use this option to lower your monthly payments, increase the size of your loan, or combination of both.

There are several reasons you may want to consider an Interest-Only loan:

• Buy a more expensive home
• Lower payments for extra cash in your pocket
• More control over what you do with your money
• Flexibility of choice in interest rates

While it does carry the benefits mentioned above, an Interest-Only loan is not for everyone. If you have questions about whether or not an Interest-Only loan is right for you, contact one of our agents today.

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