Wisconsin and Illinois Interest Only Mortgage Loan


SAVE MORE MONEY WITH INTEREST ONLY!

What Are the Pros and Cons of this Type of Loan?

Cons. As previously mentioned, you will not build any equity in your home with this type of mortgage. Essentially, you are leasing your home indefinitely, or until there is a balloon payment, because you are not paying down the principal at all.

Pros. However, for someone with an irregular income (perhaps a smaller base income with significant bonuses once or twice per year) this could be a very workable option. Another reason some borrowers prefer this loan type is when they know they will need to sell within a relatively short period (maybe 2 - 5 years). In this situation, having the least amount invested in the home may make the most sense.

With Interest Only ARMs, borrowers pay only the interest during the initial fixed period of the loan (3 or 5 years)
Fixed rates also available for interest only
Then, payments adjust to fully amortize the mortgage over the remaining term as an adjustable rate mortgage (unless fixed rate is chosen)
Primary Residences, 2nd Homes and Investment properties available
Up to 95% LTV for Primary Residences - 100% financing available on some products
Up to 90% LTV for 2nd Homes

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