Interest Only Home Loans
You’re looking to buy a home, but you want to take more control over your loan repayments each month. While the security from a 15 Year Fixed Rate Mortgage or a 30 Year Fixed Rate Loan might be appealing to some borrowers, if your job offers bonuses or commissions on a regular basis, one of our Interest Only Home Loans could be the best fit for your borrowing needs. At New American Funding, we’re here to help you find the best loan option for your unique financial situation, and our Interest Only Loans could be the loan that meets your needs.
How can you tell whether one of our interest-only mortgages might be appropriate for you? Generally Interest Only Loans are beneficial if one of the following applies to you:
- You want to borrow money to purchase a home but you expect to sell your home or refinance prior to the interest-only period ending
- Your income relies heavily on bonuses or commission checks that come infrequently during the year
- You expect to earn significantly more income in the next few years
- You plan to invest your savings from interest-only rates by investing into something that would bring a higher rate of return
Interest Only Home Loans aren’t for every borrower, and you likely have questions about the loan option that will best suit your individual needs. New American Funding offers licensed mortgage specialists who can consult you on your loan options and can help you decided whether one of our Interest Only Mortgages will best meet your needs. Contact us today to see what loan is right for you.