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Interest OnlyInterest only loan programs provide the same features as fixed and variable rate programs, and they additionally offer a lower payment option. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.
An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option. Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan. You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option. Legacy Mortgage Associates, LLC - 2205 Riverstone Blvd - Canton, GA 30114 Office Phone: 770-704-8056 Fax: 770-704-4863 Cell Phone: (770) 500-0909 Toll Free Phone: 866-704-7730 :: Apply Now :: Pre-Qualify :: Loan Programs :: Purchasing :: Refinance :: May I cancel my PMI mortgage insurance? :: Request Loan Status :: Calculators :: Loan Process :: ARM Loans :: Debt Consolidation :: Home Equity Loan :: Imperfect Credit? :: Interest Only :: Need Cash? :: Zero Down :: Library :: FAQ :: Glossary :: Forms :: About Us :: Contact Us :: Tell-A-Friend :: Sweepstakes :: Testimonials :: Credit Report :: Marketplace :: Home :: We lend in the following states: Georgia Residential Mortgage Licensee # 20186 Florida Residential Mortgage Licensee # 484259 sitemap
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