Let our interest only mortgage calculator help you understand your payments and savings. If you are not yet familiar with the interest only mortgage loan, let East West Mortgage provide you with some useful information on the loan. This type of home loan is not for everyone but it suits borrowers who earns occasional bonuses or commission with their income, someone who earns a modest income, if you are expecting to get paid more in the years to come, or you have a reasonable amount of equity in your home and will be able to use that money to go towards your principal payments. Interest only loans are not for ones who have a regular wage.
As far as payments goes, with an interest-only mortgage loan, consumer’s monthly payments for a fixed term is to pay only the interest on the mortgage. After an introductory term length that might vary w depending on the mortgage lender, the principal payments are factored into the loan, and your monthly payment will increase. The longer the mortgage loan term, the more interest you will have to pay. An interest-only payment period is typically from 3 and 10 years.
Get Started With an Interest Only Mortgage Today!
If you decide to obtain a mortgage loan with us, East West Mortgage won't let you down! Our knowledgeable mortgage brokers will be with you every step of the way. For any questions or concerns feel free to contact us either through EWMortgage.com, our toll free number 1-800-880-4202, or simply visit us at our East West Mortgage office.
