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Loan Type Mortgage Refinance
Debt Consolidation
Home Equity Loan or Line
New Home Loan

Credit Rating Excellent
Good
Fair
Poor
State

Property type


Interest Only Loans

An Interest Only Loan is a mortgage program where homeowners have an option to make interest only payments for a pre-defined period of time.  Both adjustable and fixed rates are available.

 
Interest Only Calculator Below
 
 
Advantages
 
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Greater Purchasing Power

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Payment Flexibility

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Reduced Qualifying Income

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Fixed or Adjustable Rates

 
 
Disadvantages
 
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Possible Payment Shock

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Possible Negative Amortization

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Short Term Security

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Minimal Principal Reduction

 


 
Step 1:    New Loan Amount 
Step 2:    Interest Rate %
Step 3:    Term (Years) 
   
=  # of Payments
=  Monthly Payment *

Fixed Rate Loans

The most popular home loan is the Fixed Rate mortgage providing the consumer with a guaranteed interest rate and a fixed monthly payment for the entire term of the loan.

 
Fixed Rate Calculator Below
 
 
Advantages
 
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Long Term Security

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Consistent Monthly Payments

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Automatic Principal Reduction

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Most Flexible Down Payments

 
 
Disadvantages
 
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Higher Income Needed to Qualify

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Reduced Purchasing Power

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Higher Monthly Payments

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No Payment Flexibility



 

New Loan Amount
Loan Term in Months (i.e. 360,180)
Interest Rate
Mortgage Payment *