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Interest Only Mortgage

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Interest Only Jumbo Mortgage

Interest only jumbo mortgage products have a loan amount above $417,000 and are an excellent choice. Interest only jumbo mortgage products are designed to offer the lowest payment possible as you are not paying toward the principal. Interest only jumbo mortgage products may allow you to buy more home than with a fully amortizing mortgage. You may make additional payments toward your mortgage at any time. If you do, your next payment will be lower as it is calculated on the current mortgage balance. This is different than with a fully amortizing mortgage where any additional payments are not accounted for until the end of the mortgage. Email interest only jumbo mortgage questions.

Interest only jumbo mortgage products were originally designed for individuals whose income is cyclical. For example, a sales executive with a relatively low base salary and commissions would benefit from an interest only jumbo mortgage. You have the lowest possible payment during months when no bonus is paid and you can make contributions to the mortgage balance when the bonus is paid. However, I am seeing individuals in many situations choosing an interest only jumbo mortgage as a method of lowering their payment, sometimes significantly.

Interest only jumbo mortgage products are available for a 30 year term, with the first 5 or 10 years interest only and the final 20 to 25 years fully amortizing. I am now seeing some progressive lenders offering this option on Interest only jumbo mortgage ARMs. Reduced documentation Interest only jumbo mortgage products are readily available as well.

Again, an interest only jumbo mortgage is not the right choice for everyone, but it can be a very effective choice for some individuals. Please give me a call or send an email and I will be happy to discuss this alternative with you.

An example of how powerful this tool can be:
On a $250,000 mortgage at 6.000% for 30 years-
Principal and Interest payment= $1498.88
Interest Only mortgage payment at 6%= $1250.00
Total Monthly savings= $248.88

If you want to make the comparison for your own specific situation, calculators to find the amortizing payment are available on this website. The math to find the  interest only jumbo mortgage payment is, Loan Amount x Interest Rate / 12.

Many lenders offering interest only jumbo mortgage products are now basing them on the LIBOR Index. There are many variations of this important product group. Read more about Libor ARMS.

Of all of the interest only jumbo mortgage programs available, the Cash Flow Interest Only Jumbo Mortgage offers the greatest flexibility by far.

I have just developed a short PowerPoint presentation in .pdf format on interest only jumbo mortgage products, some real world examples, and some suggestions on how best to use them available by email

Read more about Interest Only Jumbo Mortgage Closing Costs

As a Certified Mortgage Planning Specialist, I offer an analysis of your situation today can make suggestions on how small changes in how your consumer and mortgage debt is structured today can have a life changing effect in the years to come.  Read more about this free, no obligation service.

Interest Only Jumbo MortrgagePrequalify for your interest only jumbo mortgage.

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