Why would I want an Interest Only 15/30 Year Mortgage
An Interest Only 15/30 Year Mortgage will be a good option for you if you want low payments for the first fifteen years of your mortgage.
What can I use an Interest Only 15/30 Year Mortgage for and what are my options
You can use an Interest Only 15/30 Mortgage to purchase any type of residence. If the Interest Only 15/30 Year doesn’t sound quite right for you, consider the 10/30 Year 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 an Interest Only 15/30 Year Mortgage
An Interest Only 15/30 Year Mortgage is a good option to consider if you want low payments for the first half of your mortgage payments. For the first fifteen years, you will only be paying the interest portion of your mortgage. In the second half of your mortgage, you will begin paying on the principal. One drawback to consider is that you will not start building equity until you begin paying on the principal. However, many lenders will let you make voluntary payments on your principal during the first half of your mortgage. Doing so can benefit you in two ways; your interest payments will reduce to reflect the new principal balance, and if you make substantial principal payments, you will start to build a little equity. Therefore, if you get a sizeable income tax return, it may be a good investment to put it on your principal.
How can I get a 15/30 Year Interest Only Mortgage
Unfortunately, few lenders offer the 15/30 Year Interest Only Mortgage, and none of the lenders in our network have this product. Please click here to consider other options.
How can my FICO/Credit Score affect my mortgage rate
Credit Scores always have an important influence on mortgage rates. Below is a description of different levels of credits. See which profile you fit best:
- You have had only late payment reported to the credit bureau within the last seven years, and none within the last year.
- You have note been reported to a collection agency within the last en 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.
- You are eighteen and still establishing your credit history.
- You normally pay bills on time.
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