Many people are looking for financing products that enable them to minimize their monthly payments without having to take on the risk of an adjustable rate mortgage. A 30 year jumbo interest only mortgage may accomplish just that. With this program, a borrower can make interest only payments for the first ten years to fifteen years of the loan before having to payback any principal. Of course, borrowers may be able to pay down their principal balance anytime by making an additional principal payment whenever they choose. The choice is yours to make and that is the beauty of this product. Terms and conditions may apply and vary by provider. Be sure to ask the various companies for their guidelines.
Who may want to look into a 30 year jumbo interest only mortgage?
- A person who is looking for a low monthly payment option
- Someone who envisions their income increasing in the coming years
- Borrowers who likes the security of a fixed rate product
- Property owners who plan on being in their homes for close to ten years
Compare rates and closing costs – View today’s mortgage rates from competing lenders and brokers
ForTheBestRate.com is pleased to be able to offer visitors the ability to connect with some of the most innovative mortgage companies in the industry. You can find mortgage pricing for 30 year IO loans using the rate tables on ForTheBestRate.com. We’ve found that many lenders and brokers who participate in the rate tables do not post rates for their interest only loan programs despite offering them. Therefore, you may need to look at the pricing for fully amortizing 30 year mortgages and then contact the various companies for information on their 30 year jumbo interest only mortgage products.
1. Call the brokers, lenders, and banks listed in the rate survey about their products.
2. Check out the providers’ web sites for information on their programs and services.
What happens after the first 10 to 15 years?
After the initial interest-only ten year period, the remaining balance will likely re-amortized over the remainder of the loan. Essentially, the loan then becomes a 20 year fixed jumbo mortgage because the remaining balance must be paid off during the last twenty years of the loan. If a borrower does not think that they will be able to afford the increase in payments, they might want to stick with a traditional 30 year jumbo mortgage. As previously stated, these products can and do vary by lender. Be sure to ask for specific details before entering into a transaction.