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Alabama Home Loans

GETTING A LOW MORTGAGE PAYMENT!

INTEREST ONLY PROGRAMS FOR ALABAMA

This product has become a very popular choice for mortgages over $150,000. It is also a great option to a Jumbo loan and investment properties. The Interest Only Program is most popular with sophisticated borrowers and professionals.

This great product for Alabama allows you to only pay the interest on the loan for the first 10 years. The biggest advantage to this product is the ability to payoff principal much faster than traditional fixed rate amortizations, and keeping your monthly mortgage payment very low. This would be a big help in the investment market where you rent a home and charge higher rents. The majority of your first payments on a fixed term mortgage are applied to interest. Most people do not reduce their balance by very much in the first year, thus not gaining much equity. By making the same payment on the Interest Only Program, you will reduce your balance must faster gaining additional equity!


The Savings are even better versus a 30 year mortgage! The Alabama Interest Only Program can literally save you thousands on Dollars in just the first year. Borrowers on Jumbo loans can easily save over $20,000 in just three years!

This program is also a good option for people who are expecting an increase in income in the near future. It will allow you to buy a higher priced home now without a payment that takes up all your present income. When your income increases you can start paying off the principal!

This is a special program that can really benefit the borrower. However, if only the required payment is paid each month, NO reduction of Principal occurs (in other words the balance stays the same). Therefore, we only recommend this product for stable borrowers with conservative control over their finances. Give us a call or fill out our short online inquiry


 

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