If you are looking for a low payment offered by interest only mortgage financing but are leery of the volatility of short-term ARM products, then a 10 year interest only loan or 7 year interest only mortgage might be the right program for you. Rates for these products may be slightly lower than that of thirty year fixed interest only loans and are traditionally a fraction higher than that of three year and five year products. These loans provide a good middle ground for balancing risk and reward. You get a rate that is fixed for an extended duration of time while enjoying low monthly payments.
To request information on interest only mortgage loans, simply contact several of the lenders and brokers listed in the rate survey on ForTheBestRate.com. They can help you weigh the pros and cons of an interest only loan so that you can make a well informed decision.
Potential Benefits of 10 Year & 7 Year Adjustable Rate Mortgage Interest Only Loans:
- Stability of introductory rate that remains the same for seven to ten years
- Low monthly payments offered by interest only financing
- Extra principal payments can be made when desired to help decrease principal balance
- Various index options may exist for investors
- Programs often available for primary residences, second homes, and investment properties
These mortgage programs are typically available for mortgage types of properties including detached single family homes, duplexes and 3-4 unit multi-family homes, condos, and townhouses.
ForTheBestRate.com makes finding mortgage lenders and brokers quick and easy. Simply call a few of the companies listed on the site’s rate tables and request a free rate quote and consultation. Whether you are seeking a jumbo loan for a house in the mountains or Colorado, a 15 year fixed mortgage for a starter home in the plains of Kansas, or an investment property loan for a duplex on the coast in North Carolina, ForTheBestRate.com is here to help you find competitive rates from some of the Nation’s leading financial institutions.More Interest Only Loan Information