Why would I want a 10/30 Year Interest Loan?
A 10/30 Interest Only Loan is helpful for people who want lower payments for the first ten years of their thirty year mortgage, but can afford higher payments for the latter twenty years of their term.
What can I use a 10/30 Interest Only Loan for, and what are my options
You can use a 10/30 Interest Only Loan to purchase any type of residence. If the 10/30 Year Interest Only Loan does not work for you, you might want to think about the 15/30 Interest Only, 10 Year Interest Only, 7 Year Interest Only, 5 Year Interest Only, 3 Year Interest Only, or 6 Month Interest Only Mortgage Loans.
Why should I get a 10/30 Interest Only Loan?
The 10/30 Interest Only Loan is a good idea if you want to have low payments for the first ten years of your mortgage, but can afford to make larger payments for the latter twenty years of your term. For the first ten years of your mortgage, you will only be paying the interest on your mortgage. You will pay off the principal in the last twenty years of your term. One drawback to this plan is that you will not build equity for the first ten years of your term. However, many lenders will allow borrowers to make voluntary payments on the principal in addition to their interest payments. If a borrower does so, his/her interest payments will be lower because the interest will be based on the new principal amount. If a borrower makes substantial payments on the principal during the interest period, he/she will also benefit by building equity.
How can I get a 10/30 Interest Only Loan
We would be happy to offer you a 10/30 Interest Only Loan. Click here for more info.
How can my FICO/Credit Score affect my mortgage rate
Your Credit Score is very important in determining your mortgage rate. You can get a free online credit report, but if you want to get an idea of where you would fit on a credit scale, you can self diagnose yourself with the following chart:
- You are eighteen and have no credit history.
- You have been reported to a collection agency within the last ten years.
- You have bankruptcies, liens, or judgments against credit with in the last seven to ten years.
- You have established a credit history with auto loans, mortgages, and/or credit cards.
- None of your payments were more than thirty days late.
- You have not missed a single payment in the last twelve months, but may have missed a few over the past seven years.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.