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Interest Only Mortgage

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Virginia Interest Only Mortgage

A Virginia interest only mortgage can be an excellent choice for many Virginia residents. I am a Virginia mortgage broker specializing in Virginia interest only mortgage products. Virginia Interest only Mortgage products are designed to offer the lowest payment possible with no principal payment in your interest only mortgage. With a lower payment, the Virginia interest only mortgage allows you to buy more home than an amortizing mortgage.

The interest only mortgage was designed for individuals with cyclical income. For example, a sales executive with a low base salary and bonus payouts would benefit from an interest only mortgage. You have the lowest possible payment when no bonus is paid and you may make contributions to the principal when the bonus is paid. However, I am seeing individuals in many situations choosing to lower their mortgage payment, sometimes significantly.

Interest only mortgage products are available for a 30 year term, with the first 10 years interest only and the final 20 years fully amortizing although I am now seeing some progressive lenders offering this option on ARMs. Some lenders who offer an interest only mortgage require a prepayment penalty for the first 1-3 years and have caps on the amount your rate can change over the life of the loan. I always try very hard to avoid prepayment penalties on these and other types of loans and can usually avoid the requirement.  Another useful feature of the interest only mortgage is that if you choose to make a principal payment during the interest only period, your balance is reduced the following month lowering your payment further.

Again, an interest only 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 simple interest payment is, Loan Amount x Interest Rate / 12.

Please email me with any specific questions about a Virginia interest only mortgage

Learn more about Virginia interest only mortgage closing costs.

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

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.

I hope the information on this page was useful to you. Please scroll down to view my Mortgage Market Guide.Virginia Interest Only MortgagePrequalify for your Virginia interest only mortgage.

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