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Interest Only Mortgage Loans

Interest only mortgage loans allow consumers to make interest only payments or payments of combined interest and some principle for a specific period of time. This can decrease your monthly mortgage payments by almost 50% compared to a traditional amortizing loan that includes principle.

This type of loan is for people who want to purchase an existing home, refinance their current mortgage, or obtain a home equity loan. Benefits include the ability to make smaller monthly payments, afford a larger home, and obtain a mortgage payment plan that is flexible enough to meet your needs. Loan Choice Direct (LCD) will work with the hundreds of lenders in our national network to find the best rate for you.

New Home Purchase

An interest only home mortgage can get you the cash you need to buy a new home. The great thing about this loan is that you may be able to buy a larger home because your mortgage payment will be smaller to start with, since there is no principle included.

Just think - you won’t have to work two or three jobs just to pay your mortgage if you want to live in a nice house. This could also mean mom can stay home with the kids instead of getting a job; this situation is becoming less and less possible with amortizing loans. Also, being able to buy a larger, more expensive, piece of real estate can lead to more profit in the future if you sell your home. Interest rates tend to be more important with this loan and that is why LCD will help find the most competitive one for your needs.

Refinancing Your Current Mortgage

With interest only refinancing you can pay off an existing home loan with the proceeds of another loan using the same property as collateral to get a lower payment. Moving from an amortizing loan to interest only financing can save you a lot of money. If you already have an interest only loan and it is time for you to start paying back the principle, you may be able to refinance back into lower payments.

Also, if you include credit card debt consolidation, you will not have to worry about remembering who you owe money to and when you owe it anymore because all of your outstanding credit will be rolled into ONE loan.

Second Mortgages/Home Equity Loans

Your financial situation can be improved with the extra cash from a second mortgage (also known as a Home Equity loan). These loans come after the first mortgage and are secured against the same property as the first lien. These loans are based on the amount of equity you have, which is the difference between the market value of the property and any outstanding amount(s) due on your mortgage balance(s).

They are great when you need extra cash to take a vacation or get out of a poor financial situation. Plus, if you use the loan to make renovations and then sell your home, you can really benefit from having lower mortgage payments while you renovate. This loan can also be a good addition to refinancing because then you can save cash AND get cash too!

Interest only loans let you get more home for your buck, keep your payments low and affordable, and help increase the amount of extra spending money you have. Although this mortgage is not for everyone, LCD’s Lender Network will assist you in deciding if it is right for you.

	Rates are the lowest they've been in close to 30 years. Refinance now to get a lower rate, save on your monthly payments and turn your adjustable into a fixed rate!

If you have an unstable income, expect a large increase in your income in the next few years (example: a college student who will be graduating soon), or are going to invest the savings, this could be the best option for you. Just fill out our online mortgage application to see how much you can qualify for.

You should carefully weight the savings you can earn by refinancing against the possible costs or penalties. Any homeowner can refinance their mortgage; the key is to weight your options to determine if refinancing is the best option for your situation.

A professional consultant is always available at Loan Choice Direct, so please call us (1-888-523-8523) today to find the best solution for your needs.

You can also apply with our quick and easy application and one of our loan specialists will be in touch with you shortly to discuss your options.

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