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Interest Only Mortgage Connecticut

An interest only mortgage is one type of home loan you can obtain. Here are the steps on how to get this type of loan, and most importantly, to decide if this loan structure right for you.

Local Companies

SETTLERS MORTGAGE COMPANY LLC
(203) 227-2422
Evergreen Parkway
Westport, CT
A STRAIGHT TO THE POINT FINANCING
(203) 576-6877
242 GODDARD AVENUE
BRIDGEPORT, CT
Founders Home Capital Corporation
860-667-1321
75 Johnson St
Newington, CT
William Pitt Sotheby's International Realty
203-245-6700
670 Boston Post Road
Madison, CT
WPI
860-656-7671
Silas Dean Hwy
Wethersfield, CT
Joanna Martin/Coldwell Banker
203-453-4477
226 East Main Street
Branford, CT
North Atlantic Mortgage Corp.
877-794-5363
1011 High Ridge Road
Stamford, CT
Scholastic Mortgage
203-453-5555
96 Broad Street
Guilford, CT
Wells Fargo Home Mortgage
203-458-0140
125 Water Street
Guilford, CT
Coldwell Banker Coast & Country
203 458-4100
1250 Boston Post Road
Guilford, CT

If you are thinking about purchasing a condo or a new home, you need to address one of the main elements involved in the buying process-financing. There are many types of loans you can get and several times as many lenders who will offer them to you at varying rates. An interest only loan is an example of one type of loan you can obtain. Here are the steps on how to get this type of loan, and most importantly, to decide if this loan structure is a good idea for you.

  1. What is an interest only loan? First of all, you need to know what an interest only loan is and what it entails. Most conventional loans are based on the mortgagee paying monthly installments that go toward both the principal balance and the interest. In an interest only loan, the borrower repays the interest only in equal installments. The principal is due in full at the end of the payment term.

  2. Who uses interest only loans? Wealthy clients often choose the interest only loans because they free up cash for investment purposes. Money that a client would be using to pay off principal in a conventional loan is now available to place in a maturing fund, a real estate property, or the stock market for gain. Some people with commission-based salaries choose the interest only loan because it allows them to make small payments in lean months, and larger ones when they have a fruitful season or earnings. Lastly, someone with a limited amount of income, but one that expects to see a significant increase in income may want to research the interest only loan. For instance, if you know you are going to get a large promotion, a higher paying job, or will have two incomes (marriage) in the near future, you may want to consider this type of loan.

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Author: Grace Bloodwell

Featured Local Company

SETTLERS MORTGAGE COMPANY LLC

(203) 227-2422
Evergreen Parkway
Westport, CT
Read more about Interest Only Mortgage

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